Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Shoreline 23-Unit Apartment Building Title is generated by Realmo AI

    1115 183rd St, Shoreline, WA 98133

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $4,350,000

    23-unit apartment building in Shoreline with value-add renovation potential.

    Type:Commercial
    Added:
    Feb 3, 2025
    Days on Market:
    464
    Last Refresh:
    Apr 5 at 8:59 pm

    Property Features for 1115 183rd St

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1963

    We can help!

    Listing Contact
    RYAN DOWNING

    Listing agent RYAN DOWNING

    Listing office CAPSTONE COMMERCIAL REAL ESTATE ADVISORS

    Listing date Feb 3, 2025

    Source Corcoran

    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 CAPSTONE COMMERCIAL REAL ESTATE ADVISORS

    HighLights

    • Value‑add renovation opportunity to increase rents.
    • Prime location near shopping, dining, and public transportation.
    • Spacious floor plans designed for comfortable living.
    • Solid, mid‑60s construction.
    • Opportunity to add in‑unit washers and dryers.
    • Upgrade kitchens with sleek cabinets and stylish countertops.

    Overview

    This 23-unit apartment building in Shoreline presents an investment opportunity with value-add renovation potential. Constructed in the mid-1960s, the property offers investors the chance to increase rental income through strategic unit renovations. Potential upgrades include adding in-unit washers and dryers, modernizing kitchens with sleek cabinets and stylish countertops, and upgrading appliances to a premium package. The building features spacious floor plans designed for comfortable living. Its location provides convenient access to shopping, dining, and public transportation, attracting quality tenants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Shoreline
    County
    King
    State
    Washington
    Longitude
    -122.345
    Latitude
    47.761

    Nearby Similar for Sale

    • $3,200,000
      6,308 SF

      Shoreline Automotive Center For Sale

      6,308 SF automotive center with three suites and 20 stalls.
      14711 15th Ave NE, Shoreline, WA 98155
      View Details
    • $3,500,000
      11,825 SF

      Highland Terrace Apartments For Sale

      Value-add apartment opportunity near Seattle with below-market rents.
      14520 Phinney Ave N, Shoreline, WA 98133
      View Details
    • $1,700,000
      1,364 SF

      Free-Standing Retail/Office Building Available

      Free-standing retail/office building for sale in Shoreline, Washington.
      17211 15th Ave NE, Shoreline, WA
      View Details
    • $999,000
      2,000 SF

      Professional/Medical Office in Shoreline

      Professional/medical office in a park-like setting with easy access.
      701 182nd St, Shoreline, WA 98133
      View Details
    • $1,700,000
      1,364 SF

      Free-Standing Retail/Office Building Available

      Free-standing retail/office building for sale, ready for immediate occupancy.
      17211 15th Ave NE, Shoreline, WA 98155
      View Details
    • $5,000,000
      9,044 SF

      Shoreline Professional Center For Sale

      Two-story office building with long-term tenant and upside potential.
      16001 Aurora Ave N, Shoreline, WA 98133
      View Details
    • $9,000,000
      15,746 SF

      Turnkey 22-Unit Apartment Investment

      Newly constructed 22-unit apartment building near upcoming Light Rail Station.
      2152 185th St, Shoreline, WA 98133
      View Details
    • $999,000

      Professional/Medical Office in Shoreline

      Professional/medical office in a tranquil, park-like setting with easy access.
      715 N 182nd Street, Shoreline, WA 98133
      View Details
    • $6,400,000
      26,647 SF

      Established Auto Repair Shop For Sale

      Profitable auto repair business with real estate in Shoreline, WA.
      15544 Aurora Ave N, Shoreline, WA 98133
      View Details
    • Contact for pricing
      1,340 SF

      Turnkey Office Suite in Shoreline

      Turnkey office suite for professional, dental, or medical use.
      1207 N 152nd Street #C, Shoreline, WA 98133
      View Details
    • $1,775,000
      6,446 SF

      Shoreline Apartments Near Light Rail

      Apartment building near Seattle with modernized units and light rail access.
      1728 145th St, Shoreline, WA 98155
      View Details
    • $1,700,000
      1,364 SF

      Shoreline Retail Space For Sale

      Retail space available for purchase in Shoreline, Washington.
      17211 15th Ave, Shoreline, WA 98155
      View Details

    FAQs

    What type of property is this?
    Apartment building - 23-unit apartment building in Shoreline with value-add renovation potential.
    Where is this apartment building located?
    The property is located at 1115 183rd St Shoreline, WA.
    What is the asking price?
    The asking price for this property is $4,350,000.
    What are key features of this property?
    This property features: Value‑add renovation opportunity to increase rents.; Prime location near shopping, dining, and public transportation.; Spacious floor plans designed for comfortable living.
    We can help!
    Listing Contact
    RYAN DOWNING
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1115 183rd St, Shoreline, WA 98133
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!