36-Unit Apartment
For Sale
$8,000,000
10790 16th Ave SW, Seattle, WA 98146
Three-building property with two-bedroom residences, in-unit laundry, and 61 parking stalls.
Property Size27,890 SF
Price / SF$286.84
Days on Market8
Property Features for 10790 16th Ave SW
General Information
Standard status
Active
Size
27,890 SF
Net Rentable
27,890 SF
Total Parking Spaces
61
Property subtype
Multi-Family
Financials
Asking Price
$8,000,000
Cap Rate
5.83%
Units
Unit Mix
35 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
36
Additional Details
Public Transit
Yes
Sprinkler System
Yes
Amenities
in-unit washer and dryer
Building Details
Year Built
2009
Buildings
3
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Sep 20
Changed: Sep 24
Last Checked: Sep 26 at 6:40AM
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 Ron Rougeaux
Investment Insights
Based on property information with market context.
This 36-unit apartment property comprises three buildings totaling approximately 27,890 rentable square feet. Constructed in 2009, the community features an exclusively two-bedroom unit mix: 35 residences have two bedrooms and two bathrooms, while one has two bedrooms and one bathroom. Every unit includes a washer and dryer. Residents also have access to 61 parking stalls.
Building systems and improvements include fire sprinkler protection, copper supply lines, double-pane windows, and individual hot water tanks. The property is located at 10790 16th Ave SW in the White Center area of unincorporated King County, near downtown White Center, Westwood Village, public transportation, and major employment centers. The in-place cap rate is 5.83%.
Building systems and improvements include fire sprinkler protection, copper supply lines, double-pane windows, and individual hot water tanks. The property is located at 10790 16th Ave SW in the White Center area of unincorporated King County, near downtown White Center, Westwood Village, public transportation, and major employment centers. The in-place cap rate is 5.83%.
Key Highlights
- 36 units across three apartment buildings
- Approximately 27,890 rentable square feet; built in 2009
- Unit mix includes 35 two‑bedroom/two‑bathroom units and one two‑bedroom/one‑bathroom unit
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
$470,723
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
5.88%
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%
$9,414,460
$9.4M
Cap Rate 7%
$6,724,614
$6.7M
Cap Rate 9%
$5,230,256
$5.2M
Market Conditions
NOI Build-Up for 27,890 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
$886.9K $31.80/SF
− Vacancy
−$31.0K −$1.11/SF
EGI
$855.9K $30.69/SF
− OpEx
−$385.1K −$13.81/SF
NOI
$470.7K $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%
$9,414,460
Cap Rate 7%
$6,724,614
Cap Rate 9%
$5,230,256
Alternative Uses
Best Use
Apartment 5plus
$6.72M
$5.88M – $7.85M
NOI $470,723 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.39M
$7.34M – $9.79M
NOI $587,355 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
36
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
545
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-building property with two-bedroom residences, in-unit laundry, and 61 parking stalls.
Where is this apartment building located?
The property is located at 10790 16th Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 36 units across three apartment buildings; Approximately 27,890 rentable square feet; built in 2009; Unit mix includes 35 two‑bedroom/two‑bathroom units and one two‑bedroom/one‑bathroom unit
