Triplex with Skyline
For Sale
$1,600,000
1001 1ST, Seattle, WA 98109
Three separately entered apartments include private decks, a coin-operated laundry room, and off-street parking.
Property Size3,000 SF
Price / SF$533.33
Days on Market8
Property Features for 1001 1ST
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
2
Property subtype
Multi-family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Amenities
coin-operated laundry
storage lockers
private decks
stone fireplaces
Building Details
Year Built
1953
Buildings
1
Construction
wood frame
Listing Agency:
Blake Investment Advisors
Listed By:
Gabe Blake
(206) 522-3400
Source:
Skylineproperties
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 3:06PM
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 wood-frame triplex contains three apartments with exterior entrances. The two matching units each have two bedrooms, one bathroom, and approximately 1,080 square feet, with living rooms, stone fireplaces, dining areas, and private decks. The third apartment offers one bedroom and approximately 840 square feet. Hardwood flooring is present in Units 2 and 3; Unit 1 has carpet in its living areas and bedrooms. The property also has a coin-operated laundry room, unit-specific storage lockers, a covered carport, and an uncovered parking stall. Electricity is separately metered, and each apartment uses electric baseboard heat.
Situated on Queen Anne Hill, the property offers walkable access to major employers, dining, shopping, the Space Needle, Seattle Center, and Climate Pledge Arena. The decks at Units 1 and 2 provide views of the Seattle skyline and Puget Sound.
Situated on Queen Anne Hill, the property offers walkable access to major employers, dining, shopping, the Space Needle, Seattle Center, and Climate Pledge Arena. The decks at Units 1 and 2 provide views of the Seattle skyline and Puget Sound.
Key Highlights
- Three apartments: two two‑bedroom, one‑bath units and one one‑bedroom unit
- Units 1 and 2 each offer approximately 1,080 square feet; Unit 3 has approximately 840 square feet
- Private decks at Units 1 and 2 with Seattle skyline and Puget Sound views
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
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,471
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three separately entered apartments include private decks, a coin-operated laundry room, and off-street parking.
Where is this triplex located?
The property is located at 1001 1ST 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 apartments: two two‑bedroom, one‑bath units and one one‑bedroom unit; Units 1 and 2 each offer approximately 1,080 square feet; Unit 3 has approximately 840 square feet; Private decks at Units 1 and 2 with Seattle skyline and Puget Sound views
