Charming 29-Unit Apartment
For Sale
$6,500,000
Pending
1052 Thomas St, Seattle, WA 98102
Well-maintained 29-unit building with period charm and modern upgrades.
Property Size16,744 SF
Days on Market366
Property Features for 1052 Thomas St
General Information
Standard status
Pending
Size
16,744 SF
Property subtype
Commercial
Building Details
Year Built
1909
Listing Agency:
PARAGON REAL ESTATE ADVISORS
(206) 623-8880
Listed By:
CATHY JENEY
Source:
Corcoran
Added: Aug 20, 2025
Changed: Jul 6
Last Checked: Jul 23 at 10:03AM
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 PARAGON REAL ESTATE ADVISORS
Investment Insights
Based on property information with market context.
This 29-unit apartment building features a mix of studio and one-bedroom units. Many studios include an alcove, often utilized as a sleeping area. All units are spacious and feature tall ceilings, original hardwood floors, period details, and natural light. The building provides a secure entry and a common laundry room with designated storage bins for each unit. The building has been meticulously maintained, with significant upgrades including unit renovations upon turnover, updated electrical and plumbing systems, a recently replaced TPO membrane roof, and modern double-pane vinyl windows. The building is wood framed and has a total size of 16744 square feet.
Key Highlights
- Well‑maintained building with significant upgrades: updated electrical and plumbing, recently replaced TPO roof, and modern double‑pane vinyl windows.
- Spacious units with period charm: tall ceilings, original hardwood floors, and abundant natural light.
- Mix of studio and one‑bedroom units, with studios featuring alcoves that function as "junior one‑bedrooms."
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
$282,603
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
4.35%
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%
$5,652,060
$5.7M
Cap Rate 7%
$4,037,186
$4.0M
Cap Rate 9%
$3,140,033
$3.1M
Market Conditions
NOI Build-Up for 16,744 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
$532.5K $31.80/SF
− Vacancy
−$18.6K −$1.11/SF
EGI
$513.8K $30.69/SF
− OpEx
−$231.2K −$13.81/SF
NOI
$282.6K $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%
$5,652,060
Cap Rate 7%
$4,037,186
Cap Rate 9%
$3,140,033
Alternative Uses
Best Use
Apartment 5plus
$4.04M
$3.53M – $4.71M
NOI $282,603 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.04M
$4.41M – $5.88M
NOI $352,624 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,491
Businesses Nearby
Explore this area
Business Placement
Demographics for 98102, WA
25,066
Population
17,944
Households
1.4
Avg Household Size
34
Median Age
79%
College-Educated
99%
High-School Grad
1.3 sq mi
ZIP Area
19,282
Density / Sq Mi
$114,395
Median Household Income
$80,130
Median Earnings
$1,920
Median Rent
$988,700
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 - Well-maintained 29-unit building with period charm and modern upgrades.
Where is this apartment building located?
The property is located at 1052 Thomas St Seattle, WA.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Well‑maintained building with significant upgrades: updated electrical and plumbing, recently replaced TPO roof, and modern double‑pane vinyl windows.; Spacious units with period charm: tall ceilings, original hardwood floors, and abundant natural light.; Mix of studio and one‑bedroom units, with studios featuring alcoves that function as "junior one‑bedrooms."
