Duplex with Waterfront
For Sale
$900,000
10451 Rainier, Seattle, WA 98178
One-story duplex with two one-bedroom units, unfinished basement, and deeded waterfront access.
Property Size1,750 SF
Lot Size0.16 Acres
Price / SF$514.29
Days on Market107
Property Features for 10451 Rainier
General Information
Standard status
Active
Size
1,750 SF
Lot size
0.16 Acres
Property subtype
Multi-family
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
basement storage
patio space
deeded waterfront access
Building Details
Year Built
1943
Stories
1
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HS NW
Listed By:
Martin J. Ho
(253) 520-3780
Source:
Skylineproperties
Added: Apr 22
Changed: Jul 28
Last Checked: Aug 6 at 3:36AM
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 Berkshire Hathaway HS NW
Investment Insights
Based on property information with market context.
This one-story duplex includes two separate one-bedroom, one-bath units, along with an unfinished basement for additional storage. Interior finishes include hardwood, vinyl, and carpet, and the property also offers basement storage plus patio space. Off-street parking is provided via multiple uncovered parking spaces.
The home is located on a paved, dead-end street with sidewalks and curbs, within an established residential setting. Views extend to territorial, city, and lake vistas, and the property comes with deeded access to community waterfront/private beach.
Built in 1943, the duplex presents a value-add opportunity for an owner-occupant or investor seeking a long-term hold and potential renovation to improve the property and optimize unit performance.
The home is located on a paved, dead-end street with sidewalks and curbs, within an established residential setting. Views extend to territorial, city, and lake vistas, and the property comes with deeded access to community waterfront/private beach.
Built in 1943, the duplex presents a value-add opportunity for an owner-occupant or investor seeking a long-term hold and potential renovation to improve the property and optimize unit performance.
Key Highlights
- One‑story duplex built in 1943 with two separate 1 bed/1 bath units
- Approx. 1,750 sq ft with an unfinished basement and basement storage
- 7,040 sq ft lot with patio space and uncovered off‑street parking
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
$31,587
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
3.51%
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%
$631,740
$631.7K
Cap Rate 7%
$451,243
$451.2K
Cap Rate 9%
$350,967
$351.0K
Market Conditions
NOI Build-Up for 1,750 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
$47.3K $27.00/SF
− Vacancy
−$2.1K −$1.22/SF
EGI
$45.1K $25.79/SF
− OpEx
−$13.5K −$7.74/SF
NOI
$31.6K $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%
$631,740
Cap Rate 7%
$451,243
Cap Rate 9%
$350,967
Alternative Uses
Best Use
Multifamily LT 5
$451.2K
$394.8K – $526.5K
NOI $31,587 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$421.9K
$369.2K – $492.3K
NOI $29,536 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$526.5K
$460.7K – $614.2K
NOI $36,854 @ 7.0% cap · market cap 4.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
Explore this area
Business Placement
Demographics for 98178, WA
26,122
Population
10,018
Households
2.6
Avg Household Size
39
Median Age
36%
College-Educated
86%
High-School Grad
4.9 sq mi
ZIP Area
5,331
Density / Sq Mi
$93,786
Median Household Income
$52,123
Median Earnings
$1,836
Median Rent
$628,200
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?
Duplex - One-story duplex with two one-bedroom units, unfinished basement, and deeded waterfront access.
Where is this duplex located?
The property is located at 10451 Rainier Seattle, WA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: One‑story duplex built in 1943 with two separate 1 bed/1 bath units; Approx. 1,750 sq ft with an unfinished basement and basement storage; 7,040 sq ft lot with patio space and uncovered off‑street parking
