4526 S Henderson Street, Seattle, WA 98118

Property Description

The property is positioned just south of Columbia City and within the broader Rainier Valley submarket, served by the Sound Transit Link light rail and direct bus access to downtown Seattle. The offering is an operational value-add opportunity. The asset has been updated over the years and does not require a large capital investment to perform. Current scheduled rents sit below market and the property does not currently bill back utilities to tenants. A new ownership group can grow income through natural lease turnover and the implementation of a utility recapture program, lifting NOI from $58,979 to $73,386 without renovation expense. The Henderson 7-Unit is priced at $1,100,000, or $157,143 per unit and $252 per rentable square foot, reflecting a 6.0% current cap rate and a 7.4% market cap rate. The asset offers an investor a meaningful cap rate spread, durable in-place income on a 1978 wood-frame building that has been fully updated over the last five years.

Listing Status:

Active

Data Last Updated:

July 5, 2026 at 6:19AM

Listing Office:

Paragon Real Estate Advisors : 206-623-8880

Listing Agent:

Ben Douglas : 206-623-8880

MLS ID:

2534478

Interior

• Flooring: Laminate
• A/C: None
• Heating: Baseboard
• Fireplace: Fireplaces: 0

Exterior

• General: Wood Products
• Parking: Parking spaces: 7

Construction

• Roofing: Composition
• General: 55 - 5-9 UnitsPoured Concrete

Location

• HOA Amenities: 0.0
• Originating MLS: nwmls
• School District: Seattle
• County: King

Lot

• Zoning: 6804100175

Utilities

• Water: Public
• Sewer: Sewer Connected

Financial

• Source: nwmls