551 S Sullivan Street, Seattle, WA 98108
- $985,000
- 2,760
- SqFt
Listing Broker: Inspire Realty; Autumn Allen; ; Selling Office: COMPASS.
- Sold Price
- $985,000
- List Price
- $988,000
- Status
- SOLD
- MLS#
- 2432505
- Closing Date
- Feb 20, 2026
- Days on Market
- 119
- Style
- 53 - Tri-plex
- Building Condition
- Updated/Remodeled
- Finished SqFt
- 2,760
- Area Total SqFt
- 2760
- Annual Tax Ammount
- 6664
- Lot Size (sq ft)
- 4,500
- Sewer
- Sewer Connected
Property Description
New Price, $10,000 Buyer Bonus, Motivated Seller! Step into an exceptional income-producing property that blends comfortable living w/ cash flow. Current annual income is over $86,000 w/planned rent increase May 2026. This 2003 building is well-maintained, fully-fenced, & just minutes from the vibrant hubs of Georgetown & SoDo. It comprises of 3 units, 7 beds & 3 baths across 2,760 SF making it perfect for owner-occupant living while generating significant rental income. Main building hosts 2 spacious, identical 3-bedroom light-filled flats, updated finishes, & plus charming 1-bed cottage (DADU). This property ensures peace of mind w/ newer systems, ample off-street parking, & extra upside via redevelopment. Don’t wait to secure this one!
Additional Information
- List Date
- 2025-10-24 00:00:00
- Community
- South Park
- Net Operating Income
- $78,188
- Gross Adjusted Income
- $94,428
- Gross Scheduled Income
- $94,428
- Total Monthly Income
- $7,869
- Insurance Expenses
- $2,381
- Water/Sewer/Garbage Expenses
- $7,195
- Gross Rent Multiplier
- 10.43
- Total Expenses
- $16,240
- Cap Rate
- 6.9
- Total Number of Units
- 3
- Unit Name
- 551
- Potential Terms
- Cash, Conventional, FHA, VA Loan
- Year Built
- 2003
- View
- Territorial
- Roof
- Composition
- Site Features
- Fenced-Partially, High Speed Internet
- Energy Source
- Electric, Natural Gas
- School District
- Seattle
- Total Monthly Income
- $7,869
- Gross Scheduled Income
- $94,428
- Gross Adjusted Income
- $94,428
- Tax Year
- 2025
- Insurance Expense
- $2,381
- W/S/G Expenses
- $7,195
- Total Expenses
- $16,240
- Net Operating Income
- $78,188
- Gross Rent Multiplier
- 10.43
- Cap Rate
- 6.9
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.