Student Housing Development
For Sale
$3,785,000
4626 21st Ave NE, Seattle, WA 98105
Flat development site with entitlements in review for a student housing building and current income from a parking lease.
Property Size10,000 SF
Price / SF$378.50
Days on Market60
Property Features for 4626 21st Ave NE
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Land
Listing Agency:
WILCOX REAL ESTATE
Listed By:
Charles and Janette Wilcox
(253) 256-1721
Source:
Wilcoxrealestatewa
Added: Jul 27
Changed: Sep 9
Last Checked: Sep 22 at 4:53PM
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 WILCOX REAL ESTATE
Investment Insights
Based on property information with market context.
This flat development site is being marketed as a Premier University of Washington student housing opportunity on Greek Row. Consultant reports and a full due diligence package are available upon request. The property includes entitlements for a +/-150 unit student housing building, currently in the final stages of review with Seattle Department of Construction and Inspections (SDCI). The site is described as having big views and no street improvement program (no SIP’s).
The property is positioned about a one-block walk to a University of Washington campus entrance. Current monthly income is generated from a Diamond Parking Lease. The building is occupied by a non-profit and receives a substantial property tax exemption, and a 20-day notice to vacate is noted in the public remarks.
Due diligence materials can be provided for review to support the entitlement status and existing lease information.
The property is positioned about a one-block walk to a University of Washington campus entrance. Current monthly income is generated from a Diamond Parking Lease. The building is occupied by a non-profit and receives a substantial property tax exemption, and a 20-day notice to vacate is noted in the public remarks.
Due diligence materials can be provided for review to support the entitlement status and existing lease information.
Key Highlights
- Flat development site on Greek Row with big views
- Entitlements in final stages of review for a +/-150‑unit student housing building with SDCI
- One block walk to the University of Washington campus entrance
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
$168,779
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
4.46%
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%
$3,375,580
$3.4M
Cap Rate 7%
$2,411,129
$2.4M
Cap Rate 9%
$1,875,322
$1.9M
Market Conditions
NOI Build-Up for 10,000 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
$318.0K $31.80/SF
− Vacancy
−$11.1K −$1.11/SF
EGI
$306.9K $30.69/SF
− OpEx
−$138.1K −$13.81/SF
NOI
$168.8K $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%
$3,375,580
Cap Rate 7%
$2,411,129
Cap Rate 9%
$1,875,322
Alternative Uses
Best Use
Apartment 5plus
$2.41M
$2.11M – $2.81M
NOI $168,779 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.63M – $3.51M
NOI $210,597 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 98105, WA
49,151
Population
20,582
Households
2.4
Avg Household Size
27
Median Age
77%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
12,934
Density / Sq Mi
$78,691
Median Household Income
$34,947
Median Earnings
$1,803
Median Rent
$1,261,100
Median Home Value
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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 - Flat development site with entitlements in review for a student housing building and current income from a parking lease.
Where is this apartment building located?
The property is located at 4626 21st Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $3,785,000.
What are key features of this property?
This property features: Flat development site on Greek Row with big views; Entitlements in final stages of review for a +/-150‑unit student housing building with SDCI; One block walk to the University of Washington campus entrance
