Seattle Multifamily Investment
For Sale
$1,050,000
8821 35th Ave SW, Seattle, WA 98126
Five-unit property with value-add potential in Seattle.
Property Size3,180 SF
Price / SF$330.19
Days on Market452
Property Features for 8821 35th Ave SW
General Information
Standard status
Active
Size
3,180 SF
Building Details
Year Built
1957
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
BRIAN PLATT
Source:
Corcoran
Added: May 6, 2025
Changed: Mar 16
Last Checked: Jul 23 at 7:12AM
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.
This well-located 5-unit property presents a value-add investment opportunity through operational improvements and unit renovations. A new owner can increase value by implementing a utility bill-back system for water, sewer, and garbage, and by charging for storage and reserved off-street parking. Completing full unit renovations and raising rents to market levels offers a way to reposition the asset and enhance long-term returns. The unit mix includes two 1-bedroom/1-bathroom units. The property is part of phase 2 of the Seattle One Plan upzone. The proposed zoning is LR3, creating future development potential. The property size is 3180 square feet.
Key Highlights
- Value‑add investment opportunity through operational improvements and unit renovations.
- Seller financing available with attractive terms (25% down, 5% interest‑only for five years).
- Immediate upside by implementing utility bill‑back system and charging for storage/parking.
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 | $101.1k | $31.80 |
| − Vacancy | −$3.5k | −$1.11 |
| EGI | $97.6k | $30.69 |
| − OpEx | −$43.9k | −$13.81 |
| NOI | $53.7k | $16.88 |
3,180 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$766.7K
$670.9K – $894.5K
NOI $53,672 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$956.7K
$837.1K – $1.12M
NOI $66,970 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 98126, WA
23,727
Population
10,824
Households
2.2
Avg Household Size
38
Median Age
60%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
7,654
Density / Sq Mi
$114,030
Median Household Income
$73,642
Median Earnings
$1,708
Median Rent
$751,900
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 - Five-unit property with value-add potential in Seattle.
Where is this apartment building located?
The property is located at 8821 35th Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Value‑add investment opportunity through operational improvements and unit renovations.; Seller financing available with attractive terms (25% down, 5% interest‑only for five years).; Immediate upside by implementing utility bill‑back system and charging for storage/parking.
