All Forum Posts by: Pat Riley

@Sippy Hira - They have in the past. One example, 3 years ago Seattle passed an mandatory inspection of all multifamily properties within 10 years, soon after Tacoma enacted the same policy. But these new policies have seem too controversial for cities out of the core of Seattle, and haven't heard any talk of enacting them.

@Sippy Hira - @Nathan Miller is correct. Seattle also requires landlords to rent their housing units to qualified applicants on a first-come, first-served basis. A law just passed in August. However, these laws dont apply to the surrounding areas, like Shoreline, Bothell, Lynnwood, Bellevue, Renton.  Happy to help, feel free to contact me. We sell multifamily up and down the Puget Sound region. 

Patrick Riley

@David Hanson in regards to your question on whether CAP rates are a good indicator for comparison properties. Commercial agents (in the Puget Sound region) and investors will use CAP rates, GRM (gross rent multiplier) (sales price/gross annual rents), Price Per Unit, Price Per Sqft, and Cash Flow. Every investor wheighs them differently, and has their preferences. A well marketed property will try to come close to or slightly above these market rates in these categories.

@David Hanson how long has the property been marketed? If the seller is motivated they'll negotiate price and their seller financing. For the limited details provided, a 5.8% CAP seems fair for South King, but Id need to see more details. 7%-8% CAPs are in Lakewood.

Fellow Seattle Real Estate Investment Broker. Looking forward to networking and learning more about the industry that I love!