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 Market130
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
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: Sep 4
Last Checked: Sep 4 at 7:40AM
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
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 = 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
$191,648
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
6.18%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
Explore this area
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
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 - 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
