Queen Anne Redevelopment
For Sale
$2,200,000
Pending
23 Cremona St, Seattle, WA 98119
Three adjoining parcels in Queen Anne, excellent redevelopment opportunity.
Property Size9,004 SF
Days on Market554
Property Features for 23 Cremona St
General Information
Standard status
Pending
Size
9,004 SF
Property subtype
Commercial
Building Details
Year Built
2000
Listing Agency:
LAKE & COMPANY REAL ESTATE
Listed By:
SARAH ROLLINGER
Source:
Corcoran
Added: Feb 12, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:02PM
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 LAKE & COMPANY REAL ESTATE
Investment Insights
Based on property information with market context.
This property presents an excellent redevelopment opportunity in the desirable Queen Anne neighborhood. It comprises three adjoining parcels (23, 25, 29) with a combined lot size of 9004 square feet. The LR3 Zoning allows for the construction of eight townhomes, cottage housing, or an apartment complex with up to 35 units, or 42 SEDU. The lot is relatively flat and benefits from both street and alley access. The property at 23 W Cremona features a well-sited custom home at the back of the lot. The home includes dual primary suites upstairs, a spacious living area with a soaring ceiling in the middle level, and a MIL suite, guest bedroom, and a 2-car garage with storage on the main level. This presents a profitable flip opportunity in addition to the development potential. A feasibility study is available, offering various development options.
Key Highlights
- Redevelopment opportunity in Desirable Queen Anne with LR3 Zoning.
- Combined lot size of 9,004SF allows for eight townhomes, a 35‑unit apartment complex, or 42 SEDU.
- Existing custom home offers a profitable flip opportunity.
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
$151,968
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
6.91%
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%
$3,039,360
$3.0M
Cap Rate 7%
$2,170,971
$2.2M
Cap Rate 9%
$1,688,533
$1.7M
Market Conditions
NOI Build-Up for 9,004 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
$286.3K $31.80/SF
− Vacancy
−$10.0K −$1.11/SF
EGI
$276.3K $30.69/SF
− OpEx
−$124.3K −$13.81/SF
NOI
$152.0K $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%
$3,039,360
Cap Rate 7%
$2,170,971
Cap Rate 9%
$1,688,533
Alternative Uses
Best Use
Apartment 5plus
$2.17M
$1.90M – $2.53M
NOI $151,968 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,622 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,290
Businesses Nearby
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Three adjoining parcels in Queen Anne, excellent redevelopment opportunity.
Where is this residential land & home lot located?
The property is located at 23 Cremona St Seattle, WA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Redevelopment opportunity in Desirable Queen Anne with LR3 Zoning.; Combined lot size of 9,004SF allows for eight townhomes, a 35‑unit apartment complex, or 42 SEDU.; Existing custom home offers a profitable flip opportunity.
