Updated Multifamily Asset in
For Sale
$4,925,000
Pending
1177 Harrington Ave, Renton, WA 98056
22-unit multifamily property in Renton's Highland Park neighborhood.
Property Size20,145 SF
Days on Market379
Property Features for 1177 Harrington Ave
General Information
Standard status
Pending
Size
20,145 SF
Property subtype
Commercial
Building Details
Year Built
1979
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
TANNER FOGLE
Source:
Corcoran
Added: Jul 24, 2025
Changed: Jul 6
Last Checked: Jul 23 at 8:28AM
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.
Tiffany Apartments is a 22-unit multifamily asset located in the Highland Park neighborhood of Renton, Washington. Constructed in 1979, the property has been consistently renovated over the past eight years. The property features spacious units, with a majority over 900 square feet. Each unit offers full kitchens, in-unit washers and dryers, and updated finishes. These large floor plans provide residents with generous living and dining spaces and ample storage. The property is located minutes from The Landing, Lake Washington, and major employment and retail hubs.
Key Highlights
- Desirable Highland Park neighborhood location in Renton, Washington.
- Updated asset with immediate rental upside potential.
- Large units, with a majority over 900 square feet.
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 | $640.6k | $31.80 |
| − Vacancy | −$41.6k | −$2.07 |
| EGI | $599.0k | $29.73 |
| − OpEx | −$269.5k | −$13.38 |
| NOI | $329.4k | $16.35 |
20,145 SF · lease $31.80/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.71M
$4.12M – $5.49M
NOI $329,434 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.56M
$5.74M – $7.66M
NOI $459,451 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 98056, WA
36,344
Population
15,609
Households
2.3
Avg Household Size
38
Median Age
44%
College-Educated
88%
High-School Grad
7.6 sq mi
ZIP Area
4,782
Density / Sq Mi
$108,596
Median Household Income
$59,170
Median Earnings
$1,992
Median Rent
$726,300
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 - 22-unit multifamily property in Renton's Highland Park neighborhood.
Where is this apartment building located?
The property is located at 1177 Harrington Ave Renton, WA.
What is the asking price?
The asking price for this property is $4,925,000.
What are key features of this property?
This property features: Desirable Highland Park neighborhood location in Renton, Washington.; Updated asset with immediate rental upside potential.; Large units, with a majority over 900 square feet.
