Apartment Building with Off-Street
For Sale
$1,500,000
2600 NE 125th St, Seattle, WA 98125
Apartment building offering one- and two-bedroom units with on-site laundry, storage, and five off-street parking spaces.
Property Size4,800 SF
Days on Market53
Property Features for 2600 NE 125th St
General Information
Standard status
Active
Size
4,800 SF
Total Parking Spaces
5
Property subtype
Multifamily
Occupancy
95%
Additional Details
Cap Rate
6.08%
Amenities
Flexible one- and two-bedroom unit mix with efficient floor plans
Recent capital improvements including roof replacement and electrical upgrades
On-site laundry, storage units, and dedicated off street parking
Convenient access to Seattle, the Eastside, and major regional employment centers.
Building Details
Building Size
4,800 SF
Units
8
Tenancy
Multi
Listing Agency:
MARCUS & MILLICHAP, INC.
Listed By:
Jake Morse · License #License(s): WA: 20120840
(206) 826-5788
Source:
Marcusmillichap
Added: Jul 18
Changed: Aug 8
Last Checked: Sep 7 at 4:53AM
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.
This multifamily apartment building offers a flexible unit mix of one- and two-bedroom residences. The property provides efficient floor plans with on-site laundry facilities and dedicated storage units for residents. Recent capital improvements include a roof replacement completed approximately six years ago and the installation of modern Square D electrical panels.
The building includes five off-street parking spaces, along with ample neighborhood street parking for residents and guests. The property also benefits from convenient access to Seattle, the Eastside, and North King County, supporting connectivity to employment centers throughout the Puget Sound region.
With its practical on-site amenities, parking availability, and completed exterior and electrical upgrades, the property is positioned to support ongoing residential operations.
The building includes five off-street parking spaces, along with ample neighborhood street parking for residents and guests. The property also benefits from convenient access to Seattle, the Eastside, and North King County, supporting connectivity to employment centers throughout the Puget Sound region.
With its practical on-site amenities, parking availability, and completed exterior and electrical upgrades, the property is positioned to support ongoing residential operations.
Key Highlights
- Multifamily apartment building with a flexible unit mix of 1- and 2‑bedroom residences
- Average unit size of approximately 600 SF
- Capital improvements include roof replacement completed about six years ago and new Square D electrical panels
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
$85,156
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
5.68%
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%
$1,703,120
$1.7M
Cap Rate 7%
$1,216,514
$1.2M
Cap Rate 9%
$946,178
$946.2K
Market Conditions
NOI Build-Up for 4,800 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
$161.3K $33.60/SF
− Vacancy
−$6.5K −$1.34/SF
EGI
$154.8K $32.26/SF
− OpEx
−$69.7K −$14.52/SF
NOI
$85.2K $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%
$1,703,120
Cap Rate 7%
$1,216,514
Cap Rate 9%
$946,178
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.06M – $1.42M
NOI $85,156 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.55M
$1.35M – $1.81M
NOI $108,389 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,461
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?
Apartment building - Apartment building offering one- and two-bedroom units with on-site laundry, storage, and five off-street parking spaces.
Where is this apartment building located?
The property is located at 2600 NE 125th St Seattle, WA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Multifamily apartment building with a flexible unit mix of 1- and 2‑bedroom residences; Average unit size of approximately 600 SF; Capital improvements include roof replacement completed about six years ago and new Square D electrical panels
