Turnkey Quadplex with In-Unit
For Sale
$2,490,000
109 30TH, Seattle, WA 98122
Turnkey two-parcel quadplex with updated systems, in-unit laundry, and secured entry for each residence.
Property Size6,080 SF
Lot Size0.34 Acres
Price / SF$409.54
Days on Market148
Property Features for 109 30TH
General Information
Standard status
Active
Size
6,080 SF
Total Parking Spaces
9
Lot size
0.34 Acres
Property subtype
Multi-family
Zoning
LR1 (M)
Additional Details
Business Included
Yes
Sprinkler System
Yes
Multifamily Units
8
Building Details
Year Built
1929
Year Renovated
2012
Tenancy
Multi
Listing Agency:
Kidder Mathews
Listed By:
Dan S. Swanson
(206) 363-8509
Source:
Century21northhomes
Added: Mar 17
Changed: Aug 11
Last Checked: Aug 11 at 10:33AM
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
Investment Insights
Based on property information with market context.
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 = 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
$109,741
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
4.41%
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%
$2,194,820
$2.2M
Cap Rate 7%
$1,567,729
$1.6M
Cap Rate 9%
$1,219,344
$1.2M
Market Conditions
NOI Build-Up for 6,080 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
$164.2K $27.00/SF
− Vacancy
−$7.4K −$1.22/SF
EGI
$156.8K $25.79/SF
− OpEx
−$47.0K −$7.74/SF
NOI
$109.7K $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%
$2,194,820
Cap Rate 7%
$1,567,729
Cap Rate 9%
$1,219,344
Alternative Uses
Best Use
Multifamily LT 5
$1.57M
$1.37M – $1.83M
NOI $109,741 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$1.47M
$1.28M – $1.71M
NOI $102,617 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $128,043 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 30TH Seattle, WA.
What is the asking price?
The asking price for this property is $2,490,000.
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
