Green Lake Duplex For Sale
Another agent in my office put his own duplex on the market after having owned it for 16 years. He put it on our weekly office tour for new listings and I have to say I was very impressed. I'd love to find a client and write an offer on this property. Ken gave me permission to advertise it how ever I wanted and he hopes I do find a buyer for this great Green Lake Duplex.
I asked Ken a few more questions about this property. Back in 1994 he was looking for a duplex or triplex so that he could live in one unit and rent out the other(s). I know there are buyers around today looking for the same thing. Ken also wanted a terrific location, one that he could enjoy and something that would also be easy to rent out. He didn't want a property with small, chopped up rooms. Spaciousness would be a plus. Although the units are only one bedroom and one bath they are each approximately 1000 square feet in size. Another important thing to him was having off street parking and preferably, a garage or garages.
After looking for a long time he finally located this duplex just three blocks from Green Lake. An added bonus turned up when he realized that this duplex has a lot size of only 1927 square feet. Less yard work for Ken while he lived there and also when he was able to move on. This property is a legal duplex; both units can be rented out without the owner living in one of them. There is a large basement garage and extra storage space there for the tenants' use.
Over the years I've seen Ken painting the exterior of this property and when we toured it last week I could see he took good care of the insides as well. In 2009 he had a new torch-down roof installed. Current rents are $2,170 per month. He is asking $525,000. According to King County tax records the assessed value of this property is $635,000.
I looked around at what has sold recently and what is currently on the market as far as small multis go and was surprised to see that only 3 comparable duplexes have sold in the past 9 months. All properties are about the same square footage as Ken's duplex, but the lots are at least twice as large. These three sold for $570,000, $550,000 and $535,000.
As to the active listings, there are currently only 3 fairly close to Green Lake. They are priced at $499,950, $540,000, and a much larger property at $859,900.
If this sounds like something of interest to you, please give me a call and I'll make arrangements to show it to you.