Six-Unit Apartment
For Sale
$1,650,000
1300 6th Ave N, Seattle, WA 98109
Well-maintained six-unit apartment built in 1962 with current rents approximately 23% below market.
Property Size4,300 SF
Days on Market65
Property Features for 1300 6th Ave N
General Information
Standard status
Active
Size
4,300 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
6
Building Details
Building Size
4,300 SF
Year Built
1962
Buildings
1
Listing Agency:
Lee & Associates Commercial Real Estate Services
Listed By:
Troy Gessel
(425) 576-8747
Source:
Lee-associates
Added: Jul 29
Changed: Sep 17
Last Checked: Oct 1 at 9:47AM
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 Lee & Associates Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This well-maintained six-unit apartment building offers investors in-place income with room to adjust rents. Built in 1962, the property is positioned as a straightforward execution opportunity through routine tenant turnover and market rent adjustments, with current rents approximately 23% below market.
Located in Seattle’s Lower Queen Anne neighborhood, the building benefits from a highly desirable urban setting while remaining focused on operational simplicity rather than major capital improvements.
With six units and an established, maintained asset profile, the property is designed to support steady occupancy operations and incremental income growth through natural lease-up and turnover.
Located in Seattle’s Lower Queen Anne neighborhood, the building benefits from a highly desirable urban setting while remaining focused on operational simplicity rather than major capital improvements.
With six units and an established, maintained asset profile, the property is designed to support steady occupancy operations and incremental income growth through natural lease-up and turnover.
Key Highlights
- Six‑unit apartment building
- Well‑maintained asset profile
- Current rents approximately 23% below market
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
$72,575
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
4.40%
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%
$1,451,500
$1.5M
Cap Rate 7%
$1,036,786
$1.0M
Cap Rate 9%
$806,389
$806.4K
Market Conditions
NOI Build-Up for 4,300 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
$136.7K $31.80/SF
− Vacancy
−$4.8K −$1.11/SF
EGI
$132.0K $30.69/SF
− OpEx
−$59.4K −$13.81/SF
NOI
$72.6K $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%
$1,451,500
Cap Rate 7%
$1,036,786
Cap Rate 9%
$806,389
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$907.2K – $1.21M
NOI $72,575 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,557 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
3,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 98109, WA
34,551
Population
23,162
Households
1.5
Avg Household Size
32
Median Age
78%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
18,185
Density / Sq Mi
$130,845
Median Household Income
$104,202
Median Earnings
$2,329
Median Rent
$986,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained six-unit apartment built in 1962 with current rents approximately 23% below market.
Where is this apartment building located?
The property is located at 1300 6th Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Six‑unit apartment building; Well‑maintained asset profile; Current rents approximately 23% below market
