West Seattle Multifamily Investment
0 4022-4028 California Ave SW Seattle, WA 98116
0 4022-4028 California Ave SW, Seattle, WA, 98116
$3,395,000
For Sale
$3,395,000
16-unit apartment building in the heart of West Seattle.
Property Size9,048 SF
Price / SF$375.22
Days on Market246
Property Features for 0 4022-4028 California Ave SW
General Information
- Standard status
- Active
- Size
- 9,048 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1954
Listing Agency
CAPSTONE COMMERCIAL REAL ESTATE ADVISORS
Listed by
RYAN DOWNING
Source
Corcoran
Added: Nov 14, 2025 Checked: Jul 17 at 2:57 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CAPSTONE COMMERCIAL REAL ESTATE ADVISORS
Investment Insights
Based on property information with market context.
The Monterey Apartments present a unique opportunity to acquire a 16-unit multifamily property in West Seattle, situated two blocks from the Junction on California Avenue. This stabilized property is located in a dynamic and desirable neighborhood. West Seattle is experiencing steady growth while maintaining its character. The Monterey Apartments offer investors strong in-place cash flow and the potential to add value through the installation of in-unit washer and dryers. Constructed in 1954, the property has a size of 9048 square feet.
Key Highlights
- 16‑unit multifamily asset in the heart of West Seattle
- Located just two blocks from the Junction on California Avenue
- Strong in‑place cash flow
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $287.7k | $31.80 |
| − Vacancy | −$10.1k | −$1.11 |
| EGI | $277.7k | $30.69 |
| − OpEx | −$124.9k | −$13.81 |
| NOI | $152.7k | $16.88 |
9,048 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.55M
NOI $152,711 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.72M
$2.38M – $3.18M
NOI $190,548 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - 16-unit apartment building in the heart of West Seattle.
Where is this apartment building located?
The property is located at 0 4022-4028 California Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $3,395,000.
What are key features of this property?
This property features: 16‑unit multifamily asset in the heart of West Seattle; Located just two blocks from the Junction on California Avenue; Strong in‑place cash flow
