The Regan Lees 24 spacious studio and one-bedroom units showcase original hardwood floors, mahogany doors, rich wood trim, arched entryways, and abundant natural light, preserving the elegance of a bygone era. The property also features eight garage stalls along the alley, providing both parking convenience and additional income. With current rents well below market, The Regan Lee offers a compelling opportunity to increase NOI through strategic renovations and rent optimization. Additionally, investors may explore redevelopment potential of the existing garage space to add units and further maximize value (buyer to verify).
Property Features
Bedrooms
Interior Features
- Ceramic Tile
- Hardwood
- Flooring: Ceramic Tile, Hardwood
Bathrooms
Heating and Cooling
- Heating Features: Baseboard
- Heating Fuel: Electric
- Heating: Yes
Exterior and Lot Features
Garage and Parking
- Carport Spaces: 8
- Parking Total: 8
Land Info
- Lot Description: Corner Lot, Curbs, Paved Street, Sidewalk
- Lot Size Acres: 0.2365
- Lot Size Square Feet: 10300
Home Features
- View: City
- Security Features: FullyFenced
Amenities and Community Features
Rental Info
- Gross Scheduled Income: 442199
- Leasable Area: 12510
- Leasable Area Units: Square Feet
Multi-Unit Info
- Number of Units: 24
- Bedrooms in Unit-1: 1
- Bedrooms in Unit-2: 1
- Bedrooms in Unit-6: 1
- Bedrooms in Unit-7: 1
- Bedrooms in Unit-8: 1
- Bedrooms in Unit-9: 1
- Bedrooms in Unit-10: 1
- Total Bathrooms in Unit-1: 1
- Total Bathrooms in Unit-2: 1
- Total Bathrooms in Unit-3: 1
- Total Bathrooms in Unit-4: 1
- Total Bathrooms in Unit-5: 1
- Total Bathrooms in Unit-6: 1
- Total Bathrooms in Unit-7: 1
- Total Bathrooms in Unit-8: 1
- Total Bathrooms in Unit-9: 1
- Total Bathrooms in Unit-10: 1
- Unit-1 Square Feet: 555
- Unit-2 Square Feet: 555
- Unit-3 Square Feet: 470
- Unit-4 Square Feet: 470
- Unit-5 Square Feet: 475
- Unit-6 Square Feet: 495
- Unit-7 Square Feet: 595
- Unit-8 Square Feet: 595
- Unit-9 Square Feet: 555
- Unit-10 Square Feet: 555
- Unit 1 Total Actual Rent: 1450
- Unit 2 Total Actual Rent: 1500
- Unit 3 Total Actual Rent: 1310
- Unit 4 Total Actual Rent: 1300
- Unit 5 Total Actual Rent: 1320
- Unit 6 Total Actual Rent: 1375
- Unit 7 Total Actual Rent: 1295
- Unit 8 Total Actual Rent: 1295
- Unit 9 Total Actual Rent: 1425
- Unit 10 Total Actual Rent: 1275
School Information
- High School District: Seattle
Homeowners Association
- Calculated Total Monthly Association Fees: 0
Other Property Info
- Fenced-Partially
- Annual Tax Amount: 50397
- Source Listing Status: Active
- Country Region: US
- County: King
- Cap Rate: 4.08
- Directions: From I-5, take exit 167 for Mercer St towards Seattle Center. Turn right onto 3rd Ave W. Site is on the corner of Mercer St and 3rd Ave W.
- Tax Year: 2025
- Other Expense: 70324
- Source Property Type: Multi-Family
- Insurance Expense: 45539
- Area: 700 - Queen Anne/Magnolia
- List Development Name: Queen Anne
- Source Neighborhood: Queen Anne
- Parcel Number: 3876900030
- Street Suffix Modifier: Avenue
- Subdivision: Queen Anne
- Source System Name: C2C
Commercial Info
- Net Operating Income: 220279
- Operating Expense: 199809
Utilities
- Power Production Type: Electric
- Sewer: Sewer Connected
Building and Construction
- Building Area Total: 12510
- Building Area Units: Square Feet
- Building Exterior Type: Brick, Wood
- Foundation Details: Poured Concrete
- Living Area Units: Square Feet
- Property Age: 96
- Roof: Flat
- Building Total Stories: 3
- Structure Type: Multi Family
- House Style: 10+ Units
- Elevation Units: Feet
