2820 75th Place Southeast
2820 75th Place Southeast
Mercer Island, WA 98040
$4,050,000
Last Sold Price
4
Beds
3
Baths
7,976 Sq. Ft.
$508 / Sq. Ft.
7,976
Sq. Ft.
$508
per Sq. Ft.
Sold 4/21/21
Sold 4/21/21
Listing provided courtesy of Lee & Associates Commercial RE, John L. Scott, Inc.
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....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.
- Listed by Daniel Lim • Lee & Associates Commercial RE
- Listed by Candice Chevaillier • Lee & Associates Commercial RE
Property Details for 2820 75th Place Southeast
Community Name
Downtown
School DistrictMercer Island
ViewCity, Lake, Mountain(s), Territorial
Number of Assigned Spaces11
Total Covered Parking0
Offers Review Date03-18-2021
Entry Date03-02-2021
Energy SourceElectric
Location
Listing Courtesy of Lee & Associates Commercial RE![]()
Sold By John L. Scott, Inc.
Add your commute
LISTING UPDATED: 04/22/2021 03:26 PM
Property Details for 2820 75th Place Southeast
| Status | Sold |
|---|---|
| MLS # | 1736207 |
| Days on Market | 28 |
| Cumulative Days on Market | 1093 |
| Taxes | $24,226 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1959 |
| Lot Size | 0.32 AC / 13,900 SF |
| County | King County |
Location
Listing Courtesy of Lee & Associates Commercial RE![]()
Sold By John L. Scott, Inc.
Add your commute
Building Information for 2820 75th Place Southeast
Stories3Residences2Year Built1959Building Size-Lot Size0.32 AC / 13,900 SF
Payment Calculator
$24,121 per month
30 year fixed, 7.25% Interest
Principal and Interest
$22,103
Property Taxes
$2,019
HOA Dues
$0
The Payment Calculator is for illustrative purposes only.
Property Information for 2820 75th Place Southeast
Summary
Location and General Information
- Style: 55 - 5-9 Units
- Area: 510 - Mercer Island
- Directions: Heading south on 76th Ave SE from I-90, turn right staying on 76th Ave SE. Turn right on SE 29th St. Building is on right.
- Leased Items: Washer/Dryer
- Property Sub Type: MULT
- View: Yes
- Waterfront: No
Taxes and HOA Information
- Tax Year: 2020
Parking
- Number of Carport Spaces: 8.0
- Carport: No
- Open Parking Spaces: 3.0
- Open Parking: Yes
Virtual Tour
- Virtual Tour URL Unbranded: http://www.lee-associates.com/northwest/properties/?property
- Virtual Tour URL Description: Property Website
Interior and Exterior Features
Interior Features
- Furnished: Unfurnished
- Fireplace: No
- Heating: Yes
Exterior Features
- Exterior: Cement/Concrete, Wood Products
- Roof: Flat
Property
Utilities
- Electric On Property: No
- Heating and Cooling: Baseboard
- Water/Sewer/Garbage: 12771
- Power Production Type: Electric
- Utilities: Sewer Connected, Electricity Available
Property and Assessments
- New Construction YN: No
- Preliminary Title Ordered: Yes
- Senior Community: No
- Special Listing Conditions: None
- Photos Count: 9
Lot Information
- Lot Details: Corner Lot, Cul-De-Sac, Dead End Street
- Lot Size Source: County
- Parcel Number Free Text: 5453800010
- Calculated Square Footage: 7976
- Structure Type: Multi Family
- Square Footage Finished: 0
- Square Footage Unfinished: 0
- Building Area Total: 7976.0
- Building Area Units: Square Feet
- Property Type: Residential Income
- Elevation Units: Feet
- Irrigation Water Rights: No
Multi Family
Building Details
- Number of Uncovered Spaces: 3
- Number of Stories in Building: 3
- Vacancy Rate: 3
- Number Of Units Total: 2
- Units Below Grade: false
- Units In Building Total: 9
Financing / Income and Expenses
- Electric Expense: $0
- Total Expenses: 60168
- Gross Adjusted Income: 168716
- Gross Rent Multiplier: 21
- Gross Scheduled Income: $173,923
- Insurance Expense: $5,411
- Net Operating Income: $108,548
- Other Expenses: $17,757
- Total Monthly Income: 14497
- Fuel Expense: $0
Unit 1
- Name Unit 1: 8
- Washer/Dryer Unit 1: false
- Range/Oven Unit 1: true
- Refrigerator Unit 1: true
- Dishwasher Unit 1: true
- Square Feet Unit 1: 850
- Rent Unit 1: $1,546.00
- Bedrooms Unit 1: 2
- Fireplaces Unit 1: 0
- Bathrooms Unit 1: 1
Unit 2
- Name Unit 2: PH
- Washer/Dryer Unit 2: true
- Range/Oven Unit 2: true
- Refrigerator Unit 2: true
- Dishwasher Unit 2: true
- Square Feet Unit 2: 1500
- Rent Unit 2: $2,100.00
- Bedrooms Unit 2: 2
- Fireplaces Unit 2: 0
- Bathrooms Unit 2: 2
Rental
Rent Information
- Occupant Type: Tenant
- Leasable Area: 8300.0
- Leasable Area Units: Square Feet
Property History for 2820 75th Place Southeast
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 2820 75th Place Southeast
Taxable ValueLand$1,070,300Additions$2,761,700Total$3,832,000
Tax Record2022$23,505 ($1,959 / month)
Home Facts
Total Finished SqFt8,298 SqFtAbove Ground SqFt8,298 SqFtStories3Lot Size13,900 SqFtStyleMulti-Family Dwelling (2-4)Year Built1959Year Renovated1988ZoningMF-2CountyKINGAPN545380-0010
Schools near 2820 75th Place Southeast
This home is within Mercer Island School District.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Private - | 8 to 12 |
Rating | School | Distance |
|---|---|---|
West Mercer Elementary School PublicK to 5 | ||
Islander Middle School Public6 to 8 | ||
Mercer Island High School Public9 to 12 | ||
Privett Academy Private8 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
Similar Homes
Sorry, we can't find any similar homes at this time. Please check back later.
Similar Sold Homes
Sorry, we can't find any similar sold homes at this time. Please check back later.
Homes for Sale near Downtown Mercer Island
Neighborhoods
Cities
No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.
Listing Courtesy of Lee & Associates Commercial RE
Listing provided courtesy of NWMLS, RMLS or Yakima MLS. The information contained in this listing has not been verified by Compass or the MLS and should be verified by the buyer. The DOM value represents the number of days this listing has been Active on this website.