Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2515 Belvidere Ave SW Seattle, WA 98126

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $4,600,000

    Thirteen-unit apartment complex in premier North Admiral location.

    Type:Commercial
    Property size:
    8,705 SF
    Added:
    Feb 4, 2025
    Days on Market:
    437
    Last Refresh:
    Apr 5 at 8:44 pm

    Property Features for 2515 Belvidere Ave SW

    General Information

    Standard status
    Active
    Size
    8,705 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1937

    We can help!

    Listing Contact
    CRAIG ROBERTS

    Listing agent CRAIG ROBERTS

    Listing office BERKSHIRE HATHAWAY HOMESERVICES NORTHWEST REAL ESTATE

    Listing date Feb 4, 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 BERKSHIRE HATHAWAY HOMESERVICES NORTHWEST REAL ESTATE

    Overview

    West Seattle Multifamily Investment Opportunity

    Located in the North Admiral neighborhood of West Seattle, the Sasonoff Apartment Complex features thirteen units, comprising four duplexes and a five-unit apartment building. The property has been family-owned and managed for over 40 years. The current annual Gross Scheduled Income (GSI) is $276,600. With annual expenses of $63,860, the property has a capitalization rate of 4.63%. Each of the duplexes includes decks. A one-car detached garage is used for storage. Coin-operated laundry facilities are available. The property is zoned NR3 and has a size of 18,362 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.38
    Latitude
    47.5814

    Nearby Similar for Sale

    • $699,000

      Updated Property with Warehouse Building

      Updated mixed-use property with detached warehouse in prime location.
      10041 15th Avenue SW, Seattle, WA 98146
      View Details
    • $1.00
      8,358 SF

      Georgetown Office/Flex Space Available

      High-quality, divisible office/flex space in dynamic Georgetown neighborhood.
      6363 7th Ave S, Seattle, WA 98108
      View Details
    • $865,000

      Corner Lot Stand-Alone Building

      Corner lot building in Bryant neighborhood with redevelopment potential.
      7000 35th Ave NE, Seattle, WA 98115
      View Details
    • $1,575,000
      3,847 SF

      Warehouse/Flex Building in Georgetown

      3,847 SF warehouse/flex building with fenced storage in Seattle.
      6349 6th Ave S, Seattle, WA 98108
      View Details
    • $3,700,000
      6,669 SF

      Seattle Church Building For Sale

      6,669 SF church on .82-acre in Rainier Valley.
      7550 Martin Luther King Jr Way S, Seattle, WA 98118
      View Details
    • $1,299,950

      Street-Front Condo Unit for Sale

      Own your space! Ideal for retail or professional services.
      5230 California Avenue SW #COML2, Seattle, WA 98136
      View Details
    • $5,449,950
      20,975 SF

      SODO Mixed-Use Opportunity

      Versatile property in Seattle's SODO district with income potential.
      3228 1st Avenue S, Seattle, WA 98134
      View Details
    • $715,000
      1,531 SF

      Commercial Condos at Maple Court

      Two commercial condo units with street frontage and excellent visibility.
      9222 Roosevelt Way NE, Seattle, WA 98115
      View Details
    • $3,995,000
      9,397 SF

      Capitol Hill Mixed-Use Building

      9,785 SF mixed-use building in Seattle's Capitol Hill.
      115 15th Ave E, Seattle, WA 98112
      View Details
    • $30
      3,928 SF

      Georgetown Office Suite Available Now

      Class A office space in Seattle's Georgetown neighborhood.
      5030 1st Avenue S, Seattle, WA 98134
      View Details
    • $9,250,000
      19,669 SF

      Upper Queen Anne Office Building

      Modern office building with rooftop deck and parking.
      20 W Galer St, Seattle, WA 98119
      View Details
    • $1,400,000
      3,080 SF

      Georgetown Two-Story Commercial Building

      Two-story commercial building in Georgetown with parking and freeway access.
      6011 12th Ave S, Seattle, WA 98108
      View Details

    FAQs

    What type of property is this?
    Apartment building - Thirteen-unit apartment complex in premier North Admiral location.
    Where is this apartment building located?
    The property is located at 2515 Belvidere Ave SW Seattle, WA.
    What is the asking price?
    The asking price for this property is $4,600,000.
    What are key features of this property?
    This property features: Prime North Admiral location in West Seattle.; Strong performing asset with a 4.63% capitalization rate.; Substantial Gross Scheduled Income (GSI) of $276,600.00 annually.
    (206) 932-4500
    We can help!
    Listing Contact
    CRAIG ROBERTS
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!