17-Unit Garden Apartment
For Sale
$3,950,000
1045 Sw 122nd St 1031, Seattle, WA 98146
Five buildings offer varied apartment layouts, private yards, off-street parking, and transit access.
Property Size15,888 SF
Price / SF$248.62
Days on Market24
Property Features for 1045 Sw 122nd St 1031
General Information
Standard status
Active
Size
15,888 SF
Property subtype
Multi-Family
Zoning
R4
Units
Unit Mix
1 x studio, 2 x 1BR, 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
(206) 296-9610
Listed By:
Dan S. Swanson · License #13533
Source:
Nwwashingtonhomesforsale
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 25 at 7:29AM
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 includes 17 units across five buildings on a single parcel. Construction dates range from 1954 to 1979, with most units completed in 1979. The unit mix is weighted toward two-bedroom apartments and also includes a studio, two one-bedroom units, and two three-bedroom units. Layouts feature either 1.5 or 2 baths, while several residences use townhome-style configurations. Eight units have in-unit laundry, and most include private yards. Average unit size is 896 SF.
An off-street parking lot serves the community, with immediate access to the RapidRide H Line. The property is approximately ±2 miles from Downtown Burien and ±7 miles from Downtown Seattle, with shopping, dining, and grocery options connected by transit. R4 zoning supports consideration of additional development concepts, including an added building, garage-to-ADU conversion, or parcel redevelopment; buyers are to verify feasibility.
An off-street parking lot serves the community, with immediate access to the RapidRide H Line. The property is approximately ±2 miles from Downtown Burien and ±7 miles from Downtown Seattle, with shopping, dining, and grocery options connected by transit. R4 zoning supports consideration of additional development concepts, including an added building, garage-to-ADU conversion, or parcel redevelopment; buyers are to verify feasibility.
Key Highlights
- 17‑unit apartment community spanning 5 buildings on a single parcel
- Buildings constructed between 1954‑1979; most units date to 1979
- Unit mix includes mostly 2‑bed units, plus a studio, 2 one‑beds, and 2 three‑beds
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
$268,155
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
6.79%
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%
$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
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
$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 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%
$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
Property Profile
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five buildings offer varied apartment layouts, private yards, off-street parking, and transit access.
Where is this apartment building located?
The property is located at 1045 Sw 122nd St 1031 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 apartment community spanning 5 buildings on a single parcel; Buildings constructed between 1954‑1979; most units date to 1979; Unit mix includes mostly 2‑bed units, plus a studio, 2 one‑beds, and 2 three‑beds
