Turnkey Quadplex with In-Unit
For Sale
$2,700,000
109 & 115 30th Ave, Seattle, WA 98122
Turnkey two-parcel quadplex with updated systems, in-unit laundry, and secured entry for each residence.
Property Size5,240 SF
Lot Size0.34 Acres
Price / SF$544.35
Days on Market132
Property Features for 109 & 115 30th Ave
General Information
Standard status
Active
Size
5,240 SF
Class
C
Total Parking Spaces
9
Lot size
0.34 Acres
Property subtype
Multifamily
Zoning
LR1 (M)
Additional Details
Business Included
Yes
Sprinkler System
Yes
Multifamily Units
8
Building Details
Building Size
5,240 SF
Year Built
1929
Year Renovated
2012
Buildings
2
Tenancy
Multi
Listing Agency:
Kidder Mathews - Seattle
Listed By:
Dan Swanson · License #13533
(206) 296-9610
Source:
Kidder
Added: Jun 11
Changed: Sep 4
Last Checked: Sep 1 at 8:40PM
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 - Seattle
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Investment Insights
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Leschi Flats is a turnkey quadplex property comprised of 2 side-by-side fourplexes on individual parcels, built around a vintage aesthetic and enhanced by a 2012 remodel. The renovation included all new plumbing and electrical systems, along with fully updated kitchens, baths, and living spaces. Each unit is equipped with in-unit laundry and dishwashers, and many homes include Andersen Fibrex windows. Fire sprinklers are installed throughout, and each residence has secured entry with both front and back access. The unit mix includes 4 one-bedroom and 4 two-bedroom units, all configured as corner units with high ceilings and abundant natural light.
The property offers views of Lake Washington and convenient access to nearby parks, dining, and major employers. Each unit is individually metered for water with dedicated shutoffs already in place, supporting a straightforward path to utility bill-back. Parking totals 9 spaces, including 8 off-street stalls and a large garage, plus a BBQ area and Zen Garden. Additional amenities include an owner’s office and storage space.
With LR1 (M) zoning and a 14,711-SF lot size, the asset provides an opportunity to evaluate future development options. The two fourplexes can also be financed separately with residential financing, offering flexibility for buyers and lenders while retaining the turnkey nature of the renovations and unit amenities.
The property offers views of Lake Washington and convenient access to nearby parks, dining, and major employers. Each unit is individually metered for water with dedicated shutoffs already in place, supporting a straightforward path to utility bill-back. Parking totals 9 spaces, including 8 off-street stalls and a large garage, plus a BBQ area and Zen Garden. Additional amenities include an owner’s office and storage space.
With LR1 (M) zoning and a 14,711-SF lot size, the asset provides an opportunity to evaluate future development options. The two fourplexes can also be financed separately with residential financing, offering flexibility for buyers and lenders while retaining the turnkey nature of the renovations and unit amenities.
Key Highlights
- 2 side‑by‑side fourplexes on individual parcels, with LR1 (M) zoning and a 14,711‑SF lot size
- 2012 remodel with all‑new plumbing and electrical systems, plus updated kitchens, baths, and living spaces
- Unit mix: 4 one‑bed and 4 two‑bed units; all corner units with high ceilings and abundant natural light
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$89,526
Cap Rate
3.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,790,520
$1.8M
Cap Rate 7%
$1,278,943
$1.3M
Cap Rate 9%
$994,733
$994.7K
Market Conditions
NOI Build-Up for 4,960 SF
Gross rent
$133.9K $27.00/SF
− Vacancy
−$6.0K −$1.22/SF
EGI
$127.9K $25.79/SF
− OpEx
−$38.4K −$7.74/SF
NOI
$89.5K $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 Rate 5%
$1,790,520
Cap Rate 7%
$1,278,943
Cap Rate 9%
$994,733
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,526 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,714 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$1.49M
$1.31M – $1.74M
NOI $104,456 @ 7.0% cap · market cap 3.87%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,182
Businesses Nearby
Explore this area
Business Placement
Demographics for 98122, WA
41,646
Population
24,942
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
18,107
Density / Sq Mi
$106,479
Median Household Income
$69,673
Median Earnings
$1,991
Median Rent
$929,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Turnkey two-parcel quadplex with updated systems, in-unit laundry, and secured entry for each residence.
Where is this quadplex located?
The property is located at 109 & 115 30th Ave Seattle, WA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 2 side‑by‑side fourplexes on individual parcels, with LR1 (M) zoning and a 14,711‑SF lot size; 2012 remodel with all‑new plumbing and electrical systems, plus updated kitchens, baths, and living spaces; Unit mix: 4 one‑bed and 4 two‑bed units; all corner units with high ceilings and abundant natural light
