Renovated Mixed-Use Investment
For Sale
$1,995,000
11427 Rainier Avenue South, Seattle, WA 98178
Turnkey mixed-use building offers four NNN commercial units and three renovated one-bedroom apartments with current full occupancy.
Property Size6,440 SF
Price / SF$309.78
Days on Market131
Property Features for 11427 Rainier Avenue South
General Information
Standard status
Active
Size
6,440 SF
Property subtype
Mixed-Use
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Year Renovated
2020
Stories
2
Tenancy
Multi
Listing Agency:
NAI Puget Sound Properties
Listed By:
Kyle Sterling · License #126435
(425) 586-5608
Source:
Nai-psp
Added: Jun 3
Changed: Oct 4
Last Checked: Oct 9 at 5:37PM
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 NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
This newly renovated mixed-use investment property includes a 6,440-square-foot building with four NNN-leased commercial units on the ground floor and three one-bedroom apartment units on the second floor. The building totals seven income-producing units, and all units are currently 100% occupied. Renovations completed in 2020 included a new roof and new wood siding facade, along with fully remodeled apartment interiors featuring updated kitchens, stone countertops, stainless steel appliances, and in-unit laundry. Significant improvements were also made to each commercial space, supporting a turnkey ownership profile with minimal near-term capital expenditure.
Located at 11427 Rainier Avenue South in Seattle, Washington, the property sits on 5,700 square feet of land. The ground-floor commercial component is structured as four separate NNN-leased spaces, while the residential portion is configured as three self-contained one-bedroom units above.
For investors or buyers seeking a diversified income stream within a single asset, the mix of four NNN commercial units and three residential units provides operational flexibility. The 2020 renovation scope and current full occupancy can appeal to those looking for a stabilized, ready-to-own property with a blend of retail/office-style tenancies and residential leases.
Located at 11427 Rainier Avenue South in Seattle, Washington, the property sits on 5,700 square feet of land. The ground-floor commercial component is structured as four separate NNN-leased spaces, while the residential portion is configured as three self-contained one-bedroom units above.
For investors or buyers seeking a diversified income stream within a single asset, the mix of four NNN commercial units and three residential units provides operational flexibility. The 2020 renovation scope and current full occupancy can appeal to those looking for a stabilized, ready-to-own property with a blend of retail/office-style tenancies and residential leases.
Key Highlights
- 6,440 SF mixed‑use building on 5,700 SF of land in Seattle, WA
- 4 ground‑floor commercial units with NNN leases
- 3 second‑floor one‑bedroom apartment units, 100% occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$116,239
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,324,780
$2.3M
Cap Rate 7%
$1,660,557
$1.7M
Cap Rate 9%
$1,291,544
$1.3M
Market Conditions
NOI Build-Up for 6,440 SF
Gross rent
$173.9K $27.00/SF
− Vacancy
−$7.8K −$1.22/SF
EGI
$166.1K $25.79/SF
− OpEx
−$49.8K −$7.74/SF
NOI
$116.2K $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%
$2,324,780
Cap Rate 7%
$1,660,557
Cap Rate 9%
$1,291,544
Alternative Uses
Best Use
Multifamily LT 5
$1.66M
$1.45M – $1.94M
NOI $116,239 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,693 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$1.94M
$1.70M – $2.26M
NOI $135,625 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
Explore this area
Business Placement
Demographics for 98178, WA
26,122
Population
10,018
Households
2.6
Avg Household Size
39
Median Age
36%
College-Educated
86%
High-School Grad
4.9 sq mi
ZIP Area
5,331
Density / Sq Mi
$93,786
Median Household Income
$52,123
Median Earnings
$1,836
Median Rent
$628,200
Median Home Value
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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?
Triplex - Turnkey mixed-use building offers four NNN commercial units and three renovated one-bedroom apartments with current full occupancy.
Where is this triplex located?
The property is located at 11427 Rainier Avenue South Seattle, WA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 6,440 SF mixed‑use building on 5,700 SF of land in Seattle, WA; 4 ground‑floor commercial units with NNN leases; 3 second‑floor one‑bedroom apartment units, 100% occupied
