4-Unit Apartment
For Sale
$1,690,000
10016 NE 117th Court, Kirkland, WA 98034
Each apartment includes in-unit laundry, a fireplace, and a private deck.
Property Size3,376 SF
Price / SF$500.59
Days on Market74
Property Features for 10016 NE 117th Court
General Information
Standard status
Active
Size
3,376 SF
Total Parking Spaces
8
Property subtype
Multi Family
Zoning
RM 2.4
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Road Access
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$14,706
Amenities
scenic territorial southwest views
granite countertops
stainless steel appliances
individual in-unit washers/dryers
fireplace
private deck
Building Details
Building Size
3,376 SF
Year Built
1977
Buildings
1
Tenancy
Multi
Listing Agency:
Wilson Northwest Investments
Listed By:
Sharon Cunnington
(206) 235-3190
Source:
Seattleafloat
Added: Aug 22
Changed: Oct 31
Last Checked: Oct 31 at 2:27PM
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 Wilson Northwest Investments
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Investment Insights
Based on property information with market context.
Built in 1977, this fourplex contains four two-bedroom, one-bathroom apartments averaging approximately 804 square feet each. Unit features include granite countertops, stainless steel appliances, a fireplace, a private deck, and an in-unit washer and dryer. Improvements include a newer roof, double-pane windows, sliding glass doors, and water heaters. The property also has dedicated parking in an 8-stall lot.
The building is on a dead-end street in Kirkland, within walking distance of Lake Washington. RM 2.4 zoning is identified for the property.
The building is on a dead-end street in Kirkland, within walking distance of Lake Washington. RM 2.4 zoning is identified for the property.
Key Highlights
- Four apartments, each configured with 2 bedrooms and 1 bathroom
- Approximately 804 square feet per apartment
- In‑unit washer and dryer, fireplace, and private deck in each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,941
Cap Rate
3.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,138,820
$1.1M
Cap Rate 7%
$813,443
$813.4K
Cap Rate 9%
$632,678
$632.7K
Market Conditions
NOI Build-Up for 3,376 SF
Gross rent
$86.1K $25.50/SF
− Vacancy
−$4.7K −$1.41/SF
EGI
$81.3K $24.09/SF
− OpEx
−$24.4K −$7.23/SF
NOI
$56.9K $16.87/SF
Area
King County, WA
Vacancy
5.51%
Lease Rate
$25.50 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,138,820
Cap Rate 7%
$813,443
Cap Rate 9%
$632,678
Alternative Uses
Best Use
Multifamily LT 5
$813.4K
$711.8K – $949.0K
NOI $56,941 @ 7.0% cap · market cap 3.37%
Second Best
Apartment 5plus
$749.6K
$655.9K – $874.6K
NOI $52,473 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,652 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
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Business Placement
Demographics for 98034, WA
51,464
Population
22,488
Households
2.3
Avg Household Size
38
Median Age
58%
College-Educated
96%
High-School Grad
9.8 sq mi
ZIP Area
5,251
Density / Sq Mi
$128,974
Median Household Income
$67,343
Median Earnings
$2,324
Median Rent
$875,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Each apartment includes in-unit laundry, a fireplace, and a private deck.
Where is this quadplex located?
The property is located at 10016 NE 117th Court Kirkland, WA.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Four apartments, each configured with 2 bedrooms and 1 bathroom; Approximately 804 square feet per apartment; In‑unit washer and dryer, fireplace, and private deck in each apartment
