Apartment Building with Lake
For Sale
$1,425,000
12340 Sand Point Way NE, Seattle, WA 98125
Well-maintained multifamily community offering one-, two-, and three-bedroom apartment homes with Lake Washington views.
Property Size4,925 SF
Days on Market94
Property Features for 12340 Sand Point Way NE
General Information
Standard status
Active
Size
4,925 SF
Property subtype
Multifamily
Occupancy
95%
Additional Details
Cap Rate
5.8%
Amenities
Diverse unit mix of one-, two-, and three-bedroom homes averaging a generous 821 square feet
Premium Lake Washington views from the majority of units, supporting rent premiums and strong leasing velocity
Significant capital improvements already in place: roof replaced within the last six years, Cutler-Hammer electrical panels, and primarily copper plumbing
Rare Sand Point location: half a mile to the Burke-Gilman Trail and under two miles to Matthews Beach Park, Seattle's largest freshwater swimming beach
Strong NE Seattle fundamentals with proximity to UW, Children's Hospital, and the Magnuson Park corridor
Building Details
Building Size
4,925 SF
Units
6
Listing Agency:
MARCUS & MILLICHAP, INC.
Listed By:
Jake Morse · License #License(s): WA: 20120840
(206) 826-5788
Source:
Marcusmillichap
Added: Jul 18
Changed: Oct 11
Last Checked: Oct 19 at 3:22AM
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 MARCUS & MILLICHAP, INC.
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Investment Insights
Based on property information with market context.
Sandpoint Way Apartments is a well-maintained multifamily community with a mix of one-, two-, and three-bedroom apartment homes. The property is supported by several meaningful capital improvements, including a roof replacement completed within the last six years, Cutler-Hammer electrical panels, and primarily copper plumbing throughout the community.
The community is located at 12340 Sandpoint Way NE in Seattle’s Sandpoint area. Many residents enjoy a premium Lake Washington view. The property is approximately one-half mile from the Burke-Gilman Trail and less than two miles from Matthews Beach Park.
The unit mix averages approximately 821 square feet, offering a range of apartment sizes that can support a broad mix of household needs while remaining close to major employment and institutional drivers, including the University of Washington, Seattle Children’s Hospital, and the Magnuson Park corridor.
The community is located at 12340 Sandpoint Way NE in Seattle’s Sandpoint area. Many residents enjoy a premium Lake Washington view. The property is approximately one-half mile from the Burke-Gilman Trail and less than two miles from Matthews Beach Park.
The unit mix averages approximately 821 square feet, offering a range of apartment sizes that can support a broad mix of household needs while remaining close to major employment and institutional drivers, including the University of Washington, Seattle Children’s Hospital, and the Magnuson Park corridor.
Key Highlights
- Well‑maintained multifamily community at 12340 Sandpoint Way NE in Seattle, WA
- Unit mix of one-, two-, and three‑bedroom apartment homes with an average size of ~821 SF
- Many residents enjoy a premium Lake Washington view
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,373
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,747,460
$1.7M
Cap Rate 7%
$1,248,186
$1.2M
Cap Rate 9%
$970,811
$970.8K
Market Conditions
NOI Build-Up for 4,925 SF
Gross rent
$165.5K $33.60/SF
− Vacancy
−$6.6K −$1.34/SF
EGI
$158.9K $32.26/SF
− OpEx
−$71.5K −$14.52/SF
NOI
$87.4K $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%
$1,747,460
Cap Rate 7%
$1,248,186
Cap Rate 9%
$970,811
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,373 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.59M
$1.39M – $1.85M
NOI $111,211 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
785
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
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained multifamily community offering one-, two-, and three-bedroom apartment homes with Lake Washington views.
Where is this apartment building located?
The property is located at 12340 Sand Point Way NE Seattle, WA.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Well‑maintained multifamily community at 12340 Sandpoint Way NE in Seattle, WA; Unit mix of one-, two-, and three‑bedroom apartment homes with an average size of ~821 SF; Many residents enjoy a premium Lake Washington view
