32-Unit Apartment
12315 28th Ave NE, Seattle, WA 98125
For Sale
Contact for pricing
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 Market93
Property Features for 12315 28th Ave NE
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Zoning
Investment Type
Net Operating Income
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Built
Buildings
Stories
Units
Tenancy
Listing Agency:
Berkadia Seattle
Listed By:
Steven Chattin
(425) 269-3826
Source:
Crexi
Added: Aug 14
Changed: Nov 9
Last Checked: Nov 12 at 5:59AM
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 Seattle
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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 / Yr
$282,646
Cap Rate
4.71%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
1,219
Businesses Nearby
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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
$844,500
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Seattle, WA
Properties on Market for Apartment buildings in Seattle
Vacancy Rate% for Multifamily in West region
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
