Lake City Multifamily Investment
For Sale
$1,920,000
Pending
12348 33rd Ave NE, Seattle, WA 98125
8-unit multifamily property in North Seattle's Lake City neighborhood.
Property Size5,875 SF
Days on Market368
Property Features for 12348 33rd Ave NE
General Information
Standard status
Pending
Size
5,875 SF
Property subtype
Commercial
Building Details
Year Built
1967
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
BRIAN PLATT
Source:
Corcoran
Added: Aug 18, 2025
Changed: Jul 6
Last Checked: Aug 3 at 11:08AM
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 PARAGON REAL ESTATE ADVISORS
Investment Insights
Based on property information with market context.
The Woodhaven Apartments present an opportunity to acquire an 8-unit multifamily asset located in the Lake City neighborhood of North Seattle. The property features a unit mix of five 1-bedroom, 1-bathroom apartments and three 2-bedroom, 1-bathroom apartments. Additional amenities include eight storage lockers, twelve off-street parking spaces, and an owned on-site laundry room, providing multiple income streams. Each unit is equipped with a full appliance package, including electric ranges, dishwashers, and refrigerators, and also features a deck or balcony. The property has a Walk Score of 89 and a Transit Score of 56, offering residents access to local amenities, RapidRide bus lines, and parks.
Key Highlights
- Attractive seller financing available: $600,000 down, interest‑only payments for 5 years.
- Strong unit mix: five 1BD/1BTH and three 2BD/1BTH apartments.
- Multiple income streams: apartments, storage lockers, off‑street parking, and on‑site laundry.
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
$104,227
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
5.43%
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%
$2,084,540
$2.1M
Cap Rate 7%
$1,488,957
$1.5M
Cap Rate 9%
$1,158,078
$1.2M
Market Conditions
NOI Build-Up for 5,875 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
$197.4K $33.60/SF
− Vacancy
−$7.9K −$1.34/SF
EGI
$189.5K $32.26/SF
− OpEx
−$85.3K −$14.52/SF
NOI
$104.2K $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%
$2,084,540
Cap Rate 7%
$1,488,957
Cap Rate 9%
$1,158,078
Alternative Uses
Best Use
Apartment 5plus
$1.49M
$1.30M – $1.74M
NOI $104,227 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.90M
$1.66M – $2.21M
NOI $132,663 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 8-unit multifamily property in North Seattle's Lake City neighborhood.
Where is this apartment building located?
The property is located at 12348 33rd Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $1,920,000.
What are key features of this property?
This property features: Attractive seller financing available: $600,000 down, interest‑only payments for 5 years.; Strong unit mix: five 1BD/1BTH and three 2BD/1BTH apartments.; Multiple income streams: apartments, storage lockers, off‑street parking, and on‑site laundry.
