Duplex with One-Bedroom
New
For Sale
$848,800
108 NE 61st St, Seattle, WA 98115
The upper-level apartment has one bedroom and a three-quarter bath, with shared laundry in the basement.
Property Size1,700 SF
Price / SF$499.29
Days on Market3
Property Features for 108 NE 61st St
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Multi-Family
Amenities
leaded glass windows
hardwood floors
wood burning fireplace
grand porch
country style kitchen
formal dining room
box beamed ceiling
shared washer/dryer
Building Details
Year Built
1913
Listing Agency:
Wilson Realty Exchange, Inc.
Listed By:
Charles A. Carosella · License #23977
Source:
Basedinbham
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 3 at 2:42AM
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 Wilson Realty Exchange, Inc.
Investment Insights
Based on property information with market context.
This duplex in Seattle’s Greenlake neighborhood combines a main-floor living area with a one-bedroom apartment upstairs. The main level includes a formal dining room, a country-style kitchen, hardwood floors, leaded-glass windows, and a wood-burning fireplace. A porch spans the width of the home. The upper apartment has a three-quarter bath, while the full basement includes shared washer and dryer facilities and unfinished space. The property was built in 1913 and has alley access.
Key Highlights
- Upper‑level apartment with 1 bedroom and a 3/4 bath
- Built in 1913
- Main floor features a formal dining room, hardwood floors, leaded‑glass windows, and a wood‑burning fireplace
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
$29,477
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
3.47%
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%
$589,540
$589.5K
Cap Rate 7%
$421,100
$421.1K
Cap Rate 9%
$327,522
$327.5K
Market Conditions
NOI Build-Up for 1,700 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
$43.9K $25.80/SF
− Vacancy
−$1.8K −$1.03/SF
EGI
$42.1K $24.77/SF
− OpEx
−$12.6K −$7.43/SF
NOI
$29.5K $17.34/SF
Area
ZIP 98115
Vacancy
3.99%
Lease Rate
$25.80 /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%
$589,540
Cap Rate 7%
$421,100
Cap Rate 9%
$327,522
Alternative Uses
Best Use
Multifamily LT 5
$421.1K
$368.5K – $491.3K
NOI $29,477 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$367.0K
$321.1K – $428.2K
NOI $25,690 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$680.9K
$595.8K – $794.4K
NOI $47,663 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,699
Businesses Nearby
Explore this area
Business Placement
Demographics for 98115, WA
54,322
Population
24,966
Households
2.2
Avg Household Size
36
Median Age
78%
College-Educated
99%
High-School Grad
6.6 sq mi
ZIP Area
8,231
Density / Sq Mi
$148,190
Median Household Income
$82,332
Median Earnings
$2,118
Median Rent
$1,041,500
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?
Duplex - The upper-level apartment has one bedroom and a three-quarter bath, with shared laundry in the basement.
Where is this duplex located?
The property is located at 108 NE 61st St Seattle, WA.
What is the asking price?
The asking price for this property is $848,800.
What are key features of this property?
This property features: Upper‑level apartment with 1 bedroom and a 3/4 bath; Built in 1913; Main floor features a formal dining room, hardwood floors, leaded‑glass windows, and a wood‑burning fireplace
