Bought with John L. Scott, Inc.
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Key Details
Sold Price $4,050,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 7,976 sqft
Price per Sqft $507
Subdivision Downtown
MLS Listing ID 1736207
Sold Date 04/21/21
Style 55 - 5-9 Units
Year Built 1959
Annual Tax Amount $24,226
Lot Size 0.319 Acres
Property Description
Island Lanai Apts features 9 2-bed units, including 1 penthouse suite. Built in 1959, this well-maintained building has received updates to systems and units. The building features off street parking for 11 vehicles, storage lockers for each unit and a common laundry are provided on-site. This building has enjoyed very stable occupancy and even more so now with increased demand for two-bedroom units. Within Mercer Island’s Town Center, the property is blocks from both retail and I-90 access ramps. Residents enjoy walkability to amenities and connectivity to both Seattle & Bellevue employers. Island Lanai presents investors a rare opportunity to own a stabile a pride of ownership asset in the coveted 98040.
Location
State WA
County King
Area 510 - Mercer Island
Interior
Fireplace No
Exterior
Exterior Feature Cement/Concrete, Wood Products
Utilities Available Sewer Connected, Electric
Waterfront No
View Y/N Yes
View City, Lake, Mountain(s), Territorial
Roof Type Flat
Building
Lot Description Corner Lot, Cul-De-Sac, Dead End Street
Sewer Sewer Connected
New Construction No
Schools
School District Mercer Island
Others
Senior Community No
Acceptable Financing Cash Out, Conventional
Listing Terms Cash Out, Conventional
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