South Seattle Condo with
For Sale
$415,000
13005 64th Avenue S #B117, Seattle, WA 98178
Bright 2 bed, 2.5 bath condo in South Seattle.
Property Size1,000 SF
Days on Market383
Property Features for 13005 64th Avenue S #B117
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Condominium
Amenities
Other – See Remarks
Dishwasher(s)
Disposal
Dryer(s)
Microwave(s)
Refrigerator(s)
Stove(s)/Range(s)
Washer(s)
Composition
Building Details
Building Size
1,000 SF
Year Built
2007
Listing Agency:
Downtown Seattle
(206) 683-2102
Listed By:
Katrishca Barker · License #2115
(206) 683-2102
Source:
Kw
Added: Aug 5, 2025
Changed: Aug 8
Last Checked: Aug 21 at 2:31PM
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 Downtown Seattle
Investment Insights
Based on property information with market context.
This South Seattle condo features 2 bedrooms and 2.5 bathrooms. The layout provides flow between living, dining, and kitchen areas, with a half bath on the main level. Upstairs, both bedrooms include private full bathrooms. The property offers quick freeway access to Seattle, Renton, SeaTac, and Bellevue, as well as proximity to shopping and parks. It features spacious storage and natural light. The layout is suited for commuters or first-time buyers seeking low-maintenance living in a well-connected neighborhood.
Key Highlights
- Convenient location with quick freeway access to Seattle, Renton, SeaTac, and Bellevue.
- Two bedrooms, each with its own private full bathroom.**
- Seller offering credit for new carpet, allowing for personalization.
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
$16,878
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
4.07%
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%
$337,560
$337.6K
Cap Rate 7%
$241,114
$241.1K
Cap Rate 9%
$187,533
$187.5K
Market Conditions
NOI Build-Up for 1,000 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
$31.8K $31.80/SF
− Vacancy
−$1.1K −$1.11/SF
EGI
$30.7K $30.69/SF
− OpEx
−$13.8K −$13.81/SF
NOI
$16.9K $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%
$337,560
Cap Rate 7%
$241,114
Cap Rate 9%
$187,533
Alternative Uses
Best Use
Apartment 5plus
$241.1K
$211.0K – $281.3K
NOI $16,878 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$300.9K
$263.3K – $351.0K
NOI $21,060 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Explore this area
Business Placement
Demographics for 98178, WA
26,122
Population
10,018
Households
2.6
Avg Household Size
39
Median Age
36%
College-Educated
86%
High-School Grad
4.9 sq mi
ZIP Area
5,331
Density / Sq Mi
$93,786
Median Household Income
$52,123
Median Earnings
$1,836
Median Rent
$628,200
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 - Bright 2 bed, 2.5 bath condo in South Seattle.
Where is this apartment building located?
The property is located at 13005 64th Avenue S #B117 Seattle, WA.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Convenient location with quick freeway access to Seattle, Renton, SeaTac, and Bellevue.; Two bedrooms, each with its own private full bathroom.**; Seller offering credit for new carpet, allowing for personalization.
