32-Unit Apartment
For Sale
Contact for pricing
12315 28th Ave NE, Seattle, WA 98125
Lake City multifamily property with a partial renovation program and additional units positioned for renovation.
Property Size15,932 SF
Lot Size0.64 Acres
Price / SF$376.29
Days on Market23
Property Features for 12315 28th Ave NE
General Information
Standard status
Active
Size
15,932 SF
Total Parking Spaces
37
Lot size
0.64 Acres
Property subtype
Multifamily
Zoning
MR (M)
Investment Type
Value Add
Net Operating Income
$376,377
Additional Details
Multifamily Units
32
Building Details
Year Built
1958
Buildings
1
Stories
2
Units
32
Tenancy
Multi
Listing Agency:
Berkadia
Listed By:
Chad Blenz · License #WA 125100
Source:
Crexi
Added: Aug 14
Changed: Aug 31
Last Checked: Sep 1 at 7:50AM
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 32-unit apartment property occupies 15,932 square feet on 0.64 acres and was built in 1958. Twenty-one units have been renovated, while the remaining units provide an existing continuation point for the renovation program. The property is zoned MR (M).
Located at 12315 28th Ave NE in Seattle’s Lake City neighborhood, the property is positioned in North Seattle near the University of Washington and UW Medical Center. The surrounding area includes a renter-occupied housing share of 43%, and average household income within three miles exceeds $135,000. Current rents are below market, with the property offering an established apartment configuration and documented renovation progress.
Located at 12315 28th Ave NE in Seattle’s Lake City neighborhood, the property is positioned in North Seattle near the University of Washington and UW Medical Center. The surrounding area includes a renter-occupied housing share of 43%, and average household income within three miles exceeds $135,000. Current rents are below market, with the property offering an established apartment configuration and documented renovation progress.
Key Highlights
- 32‑unit apartment property on 0.64 acres
- 15,932‑square‑foot property built in 1958
- 21 of 32 units have been renovated
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
$282,646
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
4.71%
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%
$5,652,920
$5.7M
Cap Rate 7%
$4,037,800
$4.0M
Cap Rate 9%
$3,140,511
$3.1M
Market Conditions
NOI Build-Up for 15,932 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
$535.3K $33.60/SF
− Vacancy
−$21.4K −$1.34/SF
EGI
$513.9K $32.26/SF
− OpEx
−$231.3K −$14.52/SF
NOI
$282.6K $17.74/SF
Area
ZIP 98125
Vacancy
4.00%
Lease Rate
$33.60 /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%
$5,652,920
Cap Rate 7%
$4,037,800
Cap Rate 9%
$3,140,511
Alternative Uses
Best Use
Apartment 5plus
$4.04M
$3.53M – $4.71M
NOI $282,646 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.14M
$4.50M – $6.00M
NOI $359,760 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
1,219
Businesses Nearby
Explore this area
Business Placement
Demographics for 98125, WA
42,965
Population
21,493
Households
2
Avg Household Size
37
Median Age
61%
College-Educated
94%
High-School Grad
5.4 sq mi
ZIP Area
7,956
Density / Sq Mi
$96,725
Median Household Income
$61,552
Median Earnings
$1,856
Median Rent
$844,500
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 - Lake City multifamily property with a partial renovation program and additional units positioned for renovation.
Where is this apartment building located?
The property is located at 12315 28th Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: 32‑unit apartment property on 0.64 acres; 15,932‑square‑foot property built in 1958; 21 of 32 units have been renovated
