North Seattle Multifamily Investment
1215 90th St Seattle, WA 98103
1215 90th St, Seattle, WA, 98103
$2,895,000
Pending
For Sale
$2,895,000
Pending
Well-maintained 14-unit apartment near Northgate and Green Lake Park.
Property Size8,423 SF
Days on Market467
Property Features for 1215 90th St
General Information
- Standard status
- Pending
- Size
- 8,423 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1989
Listing agency
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(206) 773-2694
Listed by
CANDICE CHEVAILLIER, CCIM
Source
Corcoran
Added: Apr 11, 2025 Updated: Jul 6 at 7:44AM Checked: Jul 21 at 5:10AM
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
Pine Place Apartments presents a value-add investment opportunity in a North Seattle location. Constructed in 1989, the 14-unit apartment building benefits from modern building systems, including copper plumbing, updated electrical infrastructure, and a Durolast roofing. The property is positioned near Northgate and its Light Rail station, Kraken Iceplex, and Green Lake Park, providing tenants with walkability and transit access. The unit mix includes four 2-bedroom apartments, three 1-bedroom apartments, three open 1-bedroom apartments, and four studio apartments. The property size is 8423 square feet.
Key Highlights
- Prime location near Northgate Light Rail station, Kraken Iceplex, and Green Lake Park, offering excellent walkability and transit access.
- Well‑maintained 14‑unit apartment building, first time on the market in 34 years.
- Modern building systems, including copper plumbing, updated electrical infrastructure, and a Durolast roof.
Local 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 | $257.7k | $30.60 |
| − Vacancy | −$13.4k | −$1.59 |
| EGI | $244.3k | $29.01 |
| − OpEx | −$110.0k | −$13.05 |
| NOI | $134.4k | $15.95 |
8,423 SF · lease $30.60/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.92M
$1.68M – $2.24M
NOI $134,388 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.40M
$2.98M – $3.97M
NOI $238,337 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Pine Place
Apartment Building
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Well-maintained 14-unit apartment near Northgate and Green Lake Park.
Where is this apartment building located?
The property is located at 1215 90th St Seattle, WA.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: Prime location near Northgate Light Rail station, Kraken Iceplex, and Green Lake Park, offering excellent walkability and transit access.; Well‑maintained 14‑unit apartment building, first time on the market in 34 years.; Modern building systems, including copper plumbing, updated electrical infrastructure, and a Durolast roof.
