Renovated 20-Unit Apartment
For Sale
Contact for pricing
1201 South Cloverdale Street, Seattle, WA 98108
Seattle multifamily asset with studio, one-bedroom, and two-bedroom units, plus remaining renovation work for future ownership.
Property Size11,355 SF
Price / SF$273.01
Days on Market183
Property Features for 1201 South Cloverdale Street
General Information
Standard status
Active
Size
11,355 SF
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
RSL (M)
Investment Type
Value Add
Net Operating Income
$201,368
Site & Location
Neighborhood
South Park
Additional Details
Multifamily Units
20
Building Details
Year Built
1957
Buildings
1
Stories
2
Units
20
Listing Agency:
Berkadia
Listed By:
Chad Blenz · License #WA 125100
Source:
Crexi
Added: Apr 29
Changed: Oct 26
Last Checked: Oct 28 at 8:31AM
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 Berkadia
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Investment Insights
Based on property information with market context.
This 20-unit apartment property in Seattle’s West Seattle/South Seattle submarket contains 11,355 square feet and was built in 1957. The unit mix includes studios, one-bedroom apartments, and two-bedroom apartments averaging 568 square feet. Fifteen units have been renovated with luxury vinyl plank flooring, hard-surface countertops, contemporary fixtures, and new stainless-steel appliances. Three additional units are partially renovated, while two remain available for upgrades.
The property is located at 1201 South Cloverdale Street, approximately six miles from downtown Seattle and near Swedish Medical Center, Virginia Mason, and Harborview Medical Center. Zoning is RSL (M). The asset reports a 6.45% pro forma cap rate, with renovation work and operational improvements identified as components of the ownership plan.
The property is located at 1201 South Cloverdale Street, approximately six miles from downtown Seattle and near Swedish Medical Center, Virginia Mason, and Harborview Medical Center. Zoning is RSL (M). The asset reports a 6.45% pro forma cap rate, with renovation work and operational improvements identified as components of the ownership plan.
Key Highlights
- 20‑unit apartment property with studio, one‑bedroom, and two‑bedroom units
- 15 units fully renovated; 3 partially renovated and 2 ready for upgrades
- Renovated units feature luxury vinyl plank flooring, hard‑surface countertops, contemporary fixtures, and new stainless appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$191,648
Cap Rate
6.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,832,960
$3.8M
Cap Rate 7%
$2,737,829
$2.7M
Cap Rate 9%
$2,129,422
$2.1M
Market Conditions
NOI Build-Up for 11,355 SF
Gross rent
$361.1K $31.80/SF
− Vacancy
−$12.6K −$1.11/SF
EGI
$348.5K $30.69/SF
− OpEx
−$156.8K −$13.81/SF
NOI
$191.6K $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 Rate 5%
$3,832,960
Cap Rate 7%
$2,737,829
Cap Rate 9%
$2,129,422
Alternative Uses
Best Use
Apartment 5plus
$2.74M
$2.40M – $3.19M
NOI $191,648 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.42M
$2.99M – $3.99M
NOI $239,133 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
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Business Placement
Demographics for 98108, WA
25,009
Population
9,096
Households
2.7
Avg Household Size
37
Median Age
37%
College-Educated
83%
High-School Grad
7.4 sq mi
ZIP Area
3,380
Density / Sq Mi
$90,806
Median Household Income
$48,703
Median Earnings
$1,463
Median Rent
$693,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Seattle multifamily asset with studio, one-bedroom, and two-bedroom units, plus remaining renovation work for future ownership.
Where is this apartment building located?
The property is located at 1201 South Cloverdale Street Seattle, WA.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 20‑unit apartment property with studio, one‑bedroom, and two‑bedroom units; 15 units fully renovated; 3 partially renovated and 2 ready for upgrades; Renovated units feature luxury vinyl plank flooring, hard‑surface countertops, contemporary fixtures, and new stainless appliances
