Updated 3-Unit
New
For Sale
$1,216,800
12317 35th Ave NE, Seattle, WA 98125
Three-bedroom residences offer separate laundry, individual utility responsibility, and seven off-street parking spaces.
Property Size3,300 SF
Price / SF$368.73
Days on Market7
Property Features for 12317 35th Ave NE
General Information
Standard status
Active
Size
3,300 SF
Total Parking Spaces
7
Property subtype
Multi-Family
Zoning
LR3(M)
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
separate laundry
Building Details
Year Built
1960
Buildings
1
Tenancy
Multi
Listing Agency:
MLS4owners.com
(253) 460-1900
Listed By:
Chris C. Nye · License #13886
Source:
Withkristiandco
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 3:39PM
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 MLS4owners.com
Investment Insights
Based on property information with market context.
This 3,300-square-foot triplex, built in 1960, contains three matching residences, each with 3 bedrooms, 1 bathroom, and 1,100 SF. Every unit includes separate laundry, while tenants pay electricity directly and reimburse sewer, water, and garbage through RUBS. Lease terms extend through 2026–2028, and the property provides seven off-street parking spaces.
Capital work completed from 2019–2026 includes electrical panel and circuit upgrades, GFCI improvements, targeted heater replacements, PEX plumbing work, new toilets and water heaters, flooring, cabinets, appliances, window coverings, interior paint, drainage redirection, and vinyl windows. Deferred maintenance has also been addressed, with a capex schedule available.
The property is located in Meadowbrook within Seattle ZIP code 98125 and is zoned LR3(M). Rapid bus service is within a 5-minute walk, Northgate light rail is about a 10-minute drive, and the Burke-Gilman Trail and Lake City Way are nearby. A 2018 boundary survey is complete.
Capital work completed from 2019–2026 includes electrical panel and circuit upgrades, GFCI improvements, targeted heater replacements, PEX plumbing work, new toilets and water heaters, flooring, cabinets, appliances, window coverings, interior paint, drainage redirection, and vinyl windows. Deferred maintenance has also been addressed, with a capex schedule available.
The property is located in Meadowbrook within Seattle ZIP code 98125 and is zoned LR3(M). Rapid bus service is within a 5-minute walk, Northgate light rail is about a 10-minute drive, and the Burke-Gilman Trail and Lake City Way are nearby. A 2018 boundary survey is complete.
Key Highlights
- Three 1,100 SF units, each with 3 bedrooms and 1 bathroom
- Leases extend through 2026–2028
- Seven off‑street parking spaces and separate laundry for each unit
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
$62,869
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
5.17%
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%
$1,257,380
$1.3M
Cap Rate 7%
$898,129
$898.1K
Cap Rate 9%
$698,544
$698.5K
Market Conditions
NOI Build-Up for 3,300 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
$95.0K $28.80/SF
− Vacancy
−$5.2K −$1.58/SF
EGI
$89.8K $27.22/SF
− OpEx
−$26.9K −$8.16/SF
NOI
$62.9K $19.05/SF
Area
ZIP 98125
Vacancy
5.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,257,380
Cap Rate 7%
$898,129
Cap Rate 9%
$698,544
Alternative Uses
Best Use
Multifamily LT 5
$898.1K
$785.9K – $1.05M
NOI $62,869 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$836.4K
$731.8K – $975.8K
NOI $58,545 @ 7.0% cap · market cap 4.81%
Theoretical Best
Specialty Retail
$1.06M
$931.5K – $1.24M
NOI $74,517 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,239
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?
Triplex - Three-bedroom residences offer separate laundry, individual utility responsibility, and seven off-street parking spaces.
Where is this triplex located?
The property is located at 12317 35th Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $1,216,800.
What are key features of this property?
This property features: Three 1,100 SF units, each with 3 bedrooms and 1 bathroom; Leases extend through 2026–2028; Seven off‑street parking spaces and separate laundry for each unit
