Renovated Multifamily Property Near
1214 137th St Seattle, WA 98133
For Sale
$2,750,000
Pending
12-unit multifamily property near Northgate Light Rail Station.
Property Size12,104 SF
Days on Market657
Property Features for 1214 137th St
General Information
Standard status
Pending
Size
12,104 SF
Property subtype
Commercial
Building Details
Year Built
1988
Listing Agency:
BERKADIA REAL ESTATE ADVISORS, LLC
Listed By:
STEVEN CHATTIN
Source:
Corcoran
Added: Oct 10, 2024
Changed: Jul 6
Last Checked: Jul 23 at 9:18AM
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 BERKADIA REAL ESTATE ADVISORS, LLC
Investment Insights
Based on property information with market context.
Dynasty Manor is a 12-unit multifamily property located in North Seattle. Constructed in 1988 and recently renovated, the property consists of one four-story building. The unit mix includes one- and two-bedroom units, averaging 754 square feet. The property is situated minutes from the Northgate Light Rail Station, the Seattle Kraken's $80 million headquarters and practice facility, and the ongoing redevelopment at Northgate Mall. Located less than 10 miles from downtown, the property offers convenient access to retail, lifestyle amenities, and employment opportunities throughout the Puget Sound. While most units have been partially upgraded in recent years, there is an opportunity for new ownership to implement a value-add program to upgrade the remaining classic units.
Key Highlights
- Proximity to Northgate Light Rail Station.
- Minutes from Seattle Kraken headquarters and practice facility.
- Close to the redeveloped Northgate Mall.
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 | $384.9k | $31.80 |
| − Vacancy | −$16.2k | −$1.34 |
| EGI | $368.7k | $30.46 |
| − OpEx | −$165.9k | −$13.71 |
| NOI | $202.8k | $16.76 |
12,104 SF · lease $31.80/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.90M
$2.54M – $3.38M
NOI $202,808 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.45M
$3.02M – $4.02M
NOI $241,233 @ 7.0% cap · market cap 8.77%
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 - 12-unit multifamily property near Northgate Light Rail Station.
Where is this apartment building located?
The property is located at 1214 137th St Seattle, WA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Proximity to Northgate Light Rail Station.; Minutes from Seattle Kraken headquarters and practice facility.; Close to the redeveloped Northgate Mall.
