Phinney Ridge Mixed-Use
For Sale
$13,195,000
7100 Greenwood Ave N, Seattle, WA 98107
Meticulously maintained 37-unit mixed-use asset in Seattle's Phinney Ridge.
Property Size28,375 SF
Days on Market147
Property Features for 7100 Greenwood Ave N
General Information
Standard status
Active
Size
28,375 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
Built as condominiums with each individual tax parcels already established
Excellent mix of studio, one and one bedroom with dens, averaging 697 square feet.
Top floor penthouse unit with a private rooftop deck offering unobstructed views of Green Lake.
30 Off street gated garage parking spaces.
Fully leased ground floor retail with an average of 4.5 years of remaining lease term.
Building Details
Building Size
28,375 SF
Units
37
Listing Agency:
MARCUS & MILLICHAP, INC.
Listed By:
Jake Morse · License #License(s): WA: 20120840
(206) 826-5788
Source:
Marcusmillichap
Added: Apr 15
Changed: Aug 26
Last Checked: Sep 7 at 4:45AM
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.
Investment Insights
Based on property information with market context.
Greentree Apartments presents an opportunity to acquire a meticulously maintained, 37-unit mixed-use asset in Seattle's Phinney Ridge neighborhood. Built in 1990 as condominiums, each unit has its own individual tax ID. The property features an exceptional unit mix of studios, one-bedrooms, and one-bedrooms with dens, including a top-floor penthouse with a private rooftop deck showcasing unobstructed views of Green Lake. Community enhancing amenities include 30 off-street garage parking spaces and in-unit washer/dryer hookups in all apartment homes. The ground-floor retail component is fully leased to two established, service-oriented tenants—BabyFace Spa and KAnder Salon—providing stable income with an average of 4.5 years of remaining lease term.
Key Highlights
- Rare opportunity to acquire a meticulously maintained, 37‑unit mixed‑use asset in Seattle's highly desirable Phinney Ridge neighborhood.
- Built as condominiums with individual tax IDs, offering investors an alternative exit strategy.
- Exceptional unit mix including a coveted top‑floor penthouse with a private rooftop deck and unobstructed views of Green Lake.
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
$478,909
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
3.63%
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%
$9,578,180
$9.6M
Cap Rate 7%
$6,841,557
$6.8M
Cap Rate 9%
$5,321,211
$5.3M
Market Conditions
NOI Build-Up for 28,375 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
$902.3K $31.80/SF
− Vacancy
−$31.6K −$1.11/SF
EGI
$870.7K $30.69/SF
− OpEx
−$391.8K −$13.81/SF
NOI
$478.9K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /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%
$9,578,180
Cap Rate 7%
$6,841,557
Cap Rate 9%
$5,321,211
Alternative Uses
Best Use
Apartment 5plus
$6.84M
$5.99M – $7.98M
NOI $478,909 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.54M
$7.47M – $9.96M
NOI $597,569 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,118
Businesses Nearby
Explore this area
Business Placement
Demographics for 98107, WA
28,557
Population
16,538
Households
1.7
Avg Household Size
35
Median Age
76%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
12,980
Density / Sq Mi
$137,748
Median Household Income
$82,884
Median Earnings
$2,194
Median Rent
$924,900
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 - Meticulously maintained 37-unit mixed-use asset in Seattle's Phinney Ridge.
Where is this apartment building located?
The property is located at 7100 Greenwood Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $13,195,000.
What are key features of this property?
This property features: Rare opportunity to acquire a meticulously maintained, 37‑unit mixed‑use asset in Seattle's highly desirable Phinney Ridge neighborhood.; Built as condominiums with individual tax IDs, offering investors an alternative exit strategy.; Exceptional unit mix including a coveted top‑floor penthouse with a private rooftop deck and unobstructed views of Green Lake.
