Renovated 11-Unit Villa Maria
For Sale
$2,275,000
Pending
1146 91st St, Seattle, WA 98103
Tastefully renovated 11-unit property near Green Lake.
Property Size8,115 SF
Days on Market773
Property Features for 1146 91st St
General Information
Standard status
Pending
Size
8,115 SF
Property subtype
Commercial
Building Details
Year Built
1986
Listing Agency:
PARAGON REAL ESTATE ADVISORS
(206) 623-8880
Listed By:
RYAN ILES
Source:
Corcoran
Added: Jul 9, 2024
Changed: Jul 6
Last Checked: Jul 23 at 8:01AM
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 PARAGON REAL ESTATE ADVISORS
Investment Insights
Based on property information with market context.
The Villa Maria Apartments, built in 1986, feature 11 units and are located just north of Green Lake. The property is situated on a 7,250 SqFt lot, steps away from the newly built Robert Eagle Staff Middle School and Cascadia Elementary School. North Seattle College, Northgate Station, and Green Lake are within walking distance or a short drive, offering an abundance of surrounding amenities and recreational opportunities. The location is centrally located between Aurora Avenue and I-5, providing convenient access to other parts of the city. The property size is 8,115 SqFt.
Key Highlights
- Tastefully renovated 11‑unit apartment building.
- Located steps away from Robert Eagle Staff Middle School and Cascadia Elementary School.
- Walking distance or short drive to North Seattle College, Northgate Station, and Green Lake.
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
$129,474
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
5.69%
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%
$2,589,480
$2.6M
Cap Rate 7%
$1,849,629
$1.8M
Cap Rate 9%
$1,438,600
$1.4M
Market Conditions
NOI Build-Up for 8,115 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
$248.3K $30.60/SF
− Vacancy
−$12.9K −$1.59/SF
EGI
$235.4K $29.01/SF
− OpEx
−$105.9K −$13.05/SF
NOI
$129.5K $15.95/SF
Area
ZIP 98103
Vacancy
5.20%
Lease Rate
$30.60 /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%
$2,589,480
Cap Rate 7%
$1,849,629
Cap Rate 9%
$1,438,600
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,474 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,622 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,101
Businesses Nearby
Explore this area
Business Placement
Demographics for 98103, WA
53,056
Population
27,857
Households
1.9
Avg Household Size
35
Median Age
77%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
11,534
Density / Sq Mi
$127,372
Median Household Income
$80,508
Median Earnings
$2,006
Median Rent
$1,012,900
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?
Apartment building - Tastefully renovated 11-unit property near Green Lake.
Where is this apartment building located?
The property is located at 1146 91st St Seattle, WA.
What is the asking price?
The asking price for this property is $2,275,000.
What are key features of this property?
This property features: Tastefully renovated 11‑unit apartment building.; Located steps away from Robert Eagle Staff Middle School and Cascadia Elementary School.; Walking distance or short drive to North Seattle College, Northgate Station, and Green Lake.
