17-Unit Garden-Style Apartment
For Sale
$3,950,000
1031 122ND, Seattle, WA 98146
RapidRide H Line access connects the property with Downtown Seattle, shopping, dining, and grocery services.
Property Size15,888 SF
Price / SF$248.62
Days on Market67
Property Features for 1031 122ND
General Information
Standard status
Active
Size
15,888 SF
Property subtype
Multi-family
Zoning
R4
Units
Unit Mix
1 x studio, 2 x 1BR, 12 x 2BR, 2 x 3BR
Multifamily Units
17
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
private yards
Building Details
Year Built
1979
Buildings
5
Construction
garden-style
Listing Agency:
Kidder Mathews
Listed By:
Dan S. Swanson
(253) 520-3780
Source:
Skylineproperties
Added: Aug 1
Changed: Oct 6
Last Checked: Oct 5 at 9:19PM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
This garden-style apartment property contains 17 units across five buildings on one parcel, with structures dating from 1954 through 1979. The mix is predominantly two-bedroom homes, along with a studio, two one-bedroom units, and two three-bedroom units. Unit layouts include several townhome-style residences, and most have private yards. Eight units offer in-unit laundry, while the average unit measures 896 SF. The property totals 15,888 SF and includes an off-street parking lot.
The asset is approximately ±2 miles from Downtown Burien and ±7 miles from Downtown Seattle, with immediate access to the RapidRide H Line. Average tenant tenure is 7+ years, including after a 25% gross rent increase. The parcel carries R4 zoning, and the source information identifies potential options including additional parking or storage income, adding bedrooms to select units, garage-to-ADU conversion, construction of another building, or full-parcel redevelopment, subject to buyer verification.
The asset is approximately ±2 miles from Downtown Burien and ±7 miles from Downtown Seattle, with immediate access to the RapidRide H Line. Average tenant tenure is 7+ years, including after a 25% gross rent increase. The parcel carries R4 zoning, and the source information identifies potential options including additional parking or storage income, adding bedrooms to select units, garage-to-ADU conversion, construction of another building, or full-parcel redevelopment, subject to buyer verification.
Key Highlights
- 17‑unit property spanning 5 buildings on a single parcel
- 15,888 SF total building area with units averaging 896 SF
- Unit mix includes mostly 2‑bed units, a studio, 2 one‑beds, and 2 three‑beds
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$268,155
Cap Rate
6.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,363,100
$5.4M
Cap Rate 7%
$3,830,786
$3.8M
Cap Rate 9%
$2,979,500
$3.0M
Market Conditions
NOI Build-Up for 15,888 SF
Gross rent
$505.2K $31.80/SF
− Vacancy
−$17.7K −$1.11/SF
EGI
$487.6K $30.69/SF
− OpEx
−$219.4K −$13.81/SF
NOI
$268.2K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,363,100
Cap Rate 7%
$3,830,786
Cap Rate 9%
$2,979,500
Alternative Uses
Best Use
Apartment 5plus
$3.83M
$3.35M – $4.47M
NOI $268,155 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.78M
$4.18M – $5.58M
NOI $334,597 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Explore this area
Business Placement
Demographics for 98146, WA
28,845
Population
10,986
Households
2.6
Avg Household Size
39
Median Age
37%
College-Educated
86%
High-School Grad
4.6 sq mi
ZIP Area
6,271
Density / Sq Mi
$108,460
Median Household Income
$52,373
Median Earnings
$1,721
Median Rent
$642,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - RapidRide H Line access connects the property with Downtown Seattle, shopping, dining, and grocery services.
Where is this apartment building located?
The property is located at 1031 122ND Seattle, WA.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 17‑unit property spanning 5 buildings on a single parcel; 15,888 SF total building area with units averaging 896 SF; Unit mix includes mostly 2‑bed units, a studio, 2 one‑beds, and 2 three‑beds
