16-Unit Multifamily
1307 Northgate Way Seattle, WA 98133
For Sale
$2,495,000
2019-constructed 16-unit apartment asset near Northgate station in Seattle’s Northgate neighborhood.
Property Size4,368 SF
Price / SF$571.20
Days on Market85
Property Features for 1307 Northgate Way
General Information
- Standard status
- Active
- Size
- 4,368 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2018
Listing Agency:
CUSHMAN & WAKEFIELD
Listed By:
JACOB ODEGARD · License #120796
Source:
Corcoran
Added: May 4
Changed: Jul 23
Last Checked: Jul 26 at 5:55AM
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 CUSHMAN & WAKEFIELD
Investment Insights
Based on property information with market context.
Cubix Northgate is a 16-unit multifamily property constructed in 2019, offered for sale as a turnkey apartment asset. The building features highly efficient units designed to meet an affordability range tied to 50–60% of Seattle’s 2026 published area median income levels.
The property is located in Seattle’s Northgate neighborhood, approximately half a mile from Northgate station. Public remarks note that the station has undergone major revitalization, including a new Kraken practice facility, along with newly developed retail within the shopping core.
For buyers evaluating a stabilized multifamily purchase, this asset is being presented as an option that can potentially fit both first-time investment objectives and a 1031 exchange strategy, with the stated goal of minimizing long-term capital expenditure requirements.
The property is located in Seattle’s Northgate neighborhood, approximately half a mile from Northgate station. Public remarks note that the station has undergone major revitalization, including a new Kraken practice facility, along with newly developed retail within the shopping core.
For buyers evaluating a stabilized multifamily purchase, this asset is being presented as an option that can potentially fit both first-time investment objectives and a 1031 exchange strategy, with the stated goal of minimizing long-term capital expenditure requirements.
Key Highlights
- 2019‑constructed 16‑unit multifamily apartment asset in Seattle’s Northgate neighborhood
- Year built: 2018
- Half a mile from Northgate station
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 | $138.9k | $31.80 |
| − Vacancy | −$5.8k | −$1.34 |
| EGI | $133.1k | $30.46 |
| − OpEx | −$59.9k | −$13.71 |
| NOI | $73.2k | $16.76 |
4,368 SF · lease $31.80/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$914.9K – $1.22M
NOI $73,188 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,054 @ 7.0% cap · market cap 3.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Cubix Northgate
Apartment Building
FAQs
What type of property is this?
Multifamily property - 2019-constructed 16-unit apartment asset near Northgate station in Seattle’s Northgate neighborhood.
Where is this multifamily property located?
The property is located at 1307 Northgate Way Seattle, WA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 2019‑constructed 16‑unit multifamily apartment asset in Seattle’s Northgate neighborhood; Year built: 2018; Half a mile from Northgate station
