Shoreline Apartments Near Light
1728 145th St Shoreline, WA 98155
For Sale
$1,775,000
Pending
Apartment building near Seattle with modernized units and light rail access.
Property Size6,446 SF
Days on Market510
Property Features for 1728 145th St
General Information
Standard status
Pending
Size
6,446 SF
Property subtype
Commercial
Building Details
Year Built
1970
Listing Agency:
WESTLAKE ASSOCIATES, INC.
Listed By:
DAVID PETERSEN
Source:
Corcoran
Added: Mar 6, 2025
Changed: Jul 6
Last Checked: Jul 23 at 9:58AM
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 WESTLAKE ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
The Maggie Apartments, constructed in 1970, are located in Shoreline, Washington, bordering Seattle. The property features a mix of 3-bedroom, 2-bedroom, and 1-bedroom units, averaging 760 square feet. Each unit includes sizable balconies or patios. Off-street parking is available for 13 cars. Over 50% of the units have been modernized with LVT flooring, updated kitchen countertops, and refreshed bathroom surrounds. The property is located steps from the 145th Street Light Rail Station. The property size is 6,446 square feet. This property presents an investment opportunity, leveraging Seattle’s rental yields while bypassing its landlord-tenant laws.
Key Highlights
- Proximity to the 145th Street Light Rail Station.
- Located in Shoreline, bordering Seattle, offering access to Seattle rental yields while avoiding its landlord‑tenant laws.
- Attractive mix of 3‑bedroom, 2‑bedroom, and 1‑bedroom units averaging 760 square feet.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $193.4k | $30.00 |
| − Vacancy | −$11.2k | −$1.74 |
| EGI | $182.2k | $28.26 |
| − OpEx | −$82.0k | −$12.72 |
| NOI | $100.2k | $15.54 |
6,446 SF · lease $30.00/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,190 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,725 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building near Seattle with modernized units and light rail access.
Where is this apartment building located?
The property is located at 1728 145th St Shoreline, WA.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Proximity to the 145th Street Light Rail Station.; Located in Shoreline, bordering Seattle, offering access to Seattle rental yields while avoiding its landlord‑tenant laws.; Attractive mix of 3‑bedroom, 2‑bedroom, and 1‑bedroom units averaging 760 square feet.
