Seattle Multifamily Investment
For Sale
$4,350,000
Pending
10500 51st Ave S, Seattle, WA 98178
Multifamily property in South Seattle, near transit and amenities.
Property Size19,200 SF
Days on Market521
Property Features for 10500 51st Ave S
General Information
Standard status
Pending
Size
19,200 SF
Property subtype
Commercial
Building Details
Year Built
1979
Listing Agency:
KIDDER MATHEWS
(206) 296-9610
Listed By:
DAN SWANSON · License #13533
Source:
Corcoran
Added: Mar 18, 2025
Changed: Aug 8
Last Checked: Jul 23 at 10:02AM
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.
This multifamily property is located in South Seattle, approximately a half mile east of Interstate 5. It is situated near a King County Metro bus route 107, which provides daily service to Beacon Hill, Georgetown, Lakeridge, the Renton Transit Center, and Rainier Beach Station, connecting residents to the Link light rail for access to Seattle Tacoma International Airport, Downtown Seattle, and Lynnwood. The property is located across the street from a neighborhood grocer and convenience store and within a mile of Duwamish Park, Fletcher Place, Lakeridge Park, Hutchinson Playground, and the Green Line. The property has a size of 19200 square feet. The property is available for sale individually, or as a portfolio with 8630 Rainier Ave S and/or 8340 Rainier Ave S. All financials are market figures.
Key Highlights
- Excellent transit access: Steps from King County Metro bus route 107, providing access to multiple locations and the Link light rail.
- Convenient location: Close proximity to a neighborhood grocer/convenience store.
- Recreational opportunities: Within a mile of multiple parks and recreational spaces.
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
$324,055
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
7.45%
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%
$6,481,100
$6.5M
Cap Rate 7%
$4,629,357
$4.6M
Cap Rate 9%
$3,600,611
$3.6M
Market Conditions
NOI Build-Up for 19,200 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
$610.6K $31.80/SF
− Vacancy
−$21.4K −$1.11/SF
EGI
$589.2K $30.69/SF
− OpEx
−$265.1K −$13.81/SF
NOI
$324.1K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$6,481,100
Cap Rate 7%
$4,629,357
Cap Rate 9%
$3,600,611
Alternative Uses
Best Use
Apartment 5plus
$4.63M
$4.05M – $5.40M
NOI $324,055 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.78M
$5.05M – $6.74M
NOI $404,346 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
167
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
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?
Apartment building - Multifamily property in South Seattle, near transit and amenities.
Where is this apartment building located?
The property is located at 10500 51st Ave S Seattle, 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: Excellent transit access: Steps from King County Metro bus route 107, providing access to multiple locations and the Link light rail.; Convenient location: Close proximity to a neighborhood grocer/convenience store.; Recreational opportunities: Within a mile of multiple parks and recreational spaces.
