Kirkland Multifamily Property For
12607 119th St Kirkland, WA 98034
For Sale
$1,800,000
Pending
Multifamily property in Kirkland's Totem Lake neighborhood.
Property Size4,344 SF
Days on Market279
Property Features for 12607 119th St
General Information
Standard status
Pending
Size
4,344 SF
Property subtype
Commercial
Building Details
Year Built
1982
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
BRIAN PLATT
Source:
Corcoran
Added: Oct 22, 2025
Changed: Jul 6
Last Checked: Jul 23 at 7:20AM
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.
This 8-unit multifamily property is located in the Totem Lake neighborhood of Kirkland, Washington. The property contains studio units, each featuring lofted sleeping areas and in-unit washer and dryers. The building has a total size of 4,344 square feet. The property offers a value-add opportunity through renovations and strategic repositioning, with the potential to increase net operating income. The location and unit layouts provide a foundation for income and long-term appreciation.
Key Highlights
- Prime location in Kirkland's rapidly growing Totem Lake neighborhood.
- Value‑add opportunity to increase NOI by approximately 30% through renovations and repositioning.
- All units are large studios with lofted sleeping areas.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $130.3k | $30.00 |
| − Vacancy | −$7.6k | −$1.74 |
| EGI | $122.8k | $28.26 |
| − OpEx | −$55.2k | −$12.72 |
| NOI | $67.5k | $15.54 |
4,344 SF · lease $30.00/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$964.6K
$844.0K – $1.13M
NOI $67,519 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,792 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property in Kirkland's Totem Lake neighborhood.
Where is this apartment building located?
The property is located at 12607 119th St Kirkland, WA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Prime location in Kirkland's rapidly growing Totem Lake neighborhood.; Value‑add opportunity to increase NOI by approximately 30% through renovations and repositioning.; All units are large studios with lofted sleeping areas.
