Friday, September 16, 2011
Seattle Multifamily Sales
There have been 78 sales of duplexes, triplexes and 4-plexes in Seattle in the past six months. These smaller multifamily properties may be financed as residential, rather than commercial properties; so new investors and owner-occupants looking to save on mortgage costs love them.
The $500K - $600K price range is the most popular for small multifamily sales in Seattle, with the median price being $470,000.
46 of the 78 sales (59%) were for duplexes. The median duplex of 2100sf sold for $377,500 ($179.76/sf)in 61 days. One-third of these sales were in the 705 NWMLS area of Ballard, Green Lake, Phinney Ridge, Fremont and Woodland Park. The median duplex there had 1860sf and sold for $430,000 ($231.18/sf)in 60 days.
21 sales (27%) were for triplexes. The median triplex of 2600sf sold for $542,000 in 50 days ($208.46/sf). Ballard had the most transactions for triplexes, with the median Ballard tri going for $599,500 in 7 days for a 2925sf property ($204.96/sf).
The remaining 11 sales (14%) were for 4-plexes, with median size of 3864sf that sold in 96 days for $785,000. Three of these transactions were located in Ballard, where the median price was $875,000 for the same square footage, and which sold in 31 days.