Queen Anne View
New
For Sale
$1,600,000
1001 1st Avenue N, Seattle, WA 98109
Three independently entered apartments include private outdoor space, laundry, parking, and individual storage lockers.
Property Size3,000 SF
Days on Market5
Property Features for 1001 1st Avenue N
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
2
Property subtype
Multi Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$14,198
Amenities
coin-operated laundry room
private decks
stone fireplaces
storage lockers
Building Details
Building Size
3,000 SF
Year Built
1953
Buildings
1
Construction
wood frame
Listing Agency:
Blake Investment Advisors
Listed By:
Gabe Blake
(206) 618-2207
Source:
Marypong
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:49PM
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 Blake Investment Advisors
Investment Insights
Based on property information with market context.
This 1953 triplex contains three apartments, each with its own exterior entrance. Two units offer two bedrooms, one bathroom, and approximately 1,080 square feet apiece, with fireplaces, separate dining areas, and private decks. The third apartment has one bedroom and approximately 840 square feet. Hardwood floors are present in two units; the remaining apartment has carpet in its living areas and bedrooms. Electric baseboard heat and separately metered electricity serve the building.
The decks capture views of the Seattle skyline and Puget Sound. Residents have access to a coin-operated laundry room, a covered carport, one additional uncovered parking stall, and a storage locker for each apartment.
The decks capture views of the Seattle skyline and Puget Sound. Residents have access to a coin-operated laundry room, a covered carport, one additional uncovered parking stall, and a storage locker for each apartment.
Key Highlights
- Three‑unit building constructed in 1953
- Two 2‑bedroom, 1‑bath apartments of approximately 1,080 square feet each
- One 1‑bedroom apartment with approximately 840 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,149
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,082,980
$1.1M
Cap Rate 7%
$773,557
$773.6K
Cap Rate 9%
$601,656
$601.7K
Market Conditions
NOI Build-Up for 3,000 SF
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.
Gross rent
$81.0K $27.00/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$77.4K $25.79/SF
− OpEx
−$23.2K −$7.74/SF
NOI
$54.1K $18.05/SF
Area
Seattle, WA
Vacancy
4.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,082,980
Cap Rate 7%
$773,557
Cap Rate 9%
$601,656
Alternative Uses
Best Use
Multifamily LT 5
$773.6K
$676.9K – $902.5K
NOI $54,149 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$723.3K
$632.9K – $843.9K
NOI $50,634 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$902.6K
$789.7K – $1.05M
NOI $63,179 @ 7.0% cap · market cap 3.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,583
Businesses Nearby
Explore this area
Business Placement
Demographics for 98109, WA
34,551
Population
23,162
Households
1.5
Avg Household Size
32
Median Age
78%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
18,185
Density / Sq Mi
$130,845
Median Household Income
$104,202
Median Earnings
$2,329
Median Rent
$986,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three independently entered apartments include private outdoor space, laundry, parking, and individual storage lockers.
Where is this triplex located?
The property is located at 1001 1st Avenue N Seattle, WA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Three‑unit building constructed in 1953; Two 2‑bedroom, 1‑bath apartments of approximately 1,080 square feet each; One 1‑bedroom apartment with approximately 840 square feet
