Two-Building Apartment
For Sale
$1,090,000
150 Hardie Avenue Sw 1-6, Renton, WA 98057
Commercial and multifamily zoning supports a flexible six-unit configuration with substantial interior updates.
Property Size1,968 SF
Price / SF$553.86
Days on Market32
Property Features for 150 Hardie Avenue Sw 1-6
General Information
Standard status
Active
Size
1,968 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
Sixth unit can be remodeled in future
Additional Details
Road Access
Yes
Multifamily Units
6
Amenities
thermal pane windows
territorial views
common utility room with storage
Building Details
Year Built
1942
Buildings
2
Listing Agency:
RE/MAX Eastside Brokers, Inc.
(206) 914-5071
Listed By:
Billy D. Caples Jr · License #CAPLEBD419CB
Source:
Livnserverealestate
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 29 at 11:36AM
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 RE/MAX Eastside Brokers, Inc.
Investment Insights
Based on property information with market context.
This six-unit apartment property consists of two separate buildings, with five units ready for use and a sixth unit suited to future remodeling. Interior improvements include new carpet, paint, laminate flooring, interior doors, heaters, blinds, and light fixtures. Thermal-pane windows are installed throughout the units, which also offer territorial views. The property was built in 1942.
Parking includes a two-car carport and three open spaces. A shared utility room includes additional storage, and the roof has been replaced with a 50-year warranty. The property carries both commercial and multifamily zoning and is located in Renton, Washington.
Parking includes a two-car carport and three open spaces. A shared utility room includes additional storage, and the roof has been replaced with a 50-year warranty. The property carries both commercial and multifamily zoning and is located in Renton, Washington.
Key Highlights
- Two separate buildings with six total units
- Five units ready for use; sixth unit available for future remodeling
- Interior updates include carpet, paint, laminate flooring, heaters, and fixtures
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
$32,183
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
2.95%
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%
$643,660
$643.7K
Cap Rate 7%
$459,757
$459.8K
Cap Rate 9%
$357,589
$357.6K
Market Conditions
NOI Build-Up for 1,968 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
$62.6K $31.80/SF
− Vacancy
−$4.1K −$2.07/SF
EGI
$58.5K $29.73/SF
− OpEx
−$26.3K −$13.38/SF
NOI
$32.2K $16.35/SF
Area
Renton, WA
Vacancy
6.50%
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%
$643,660
Cap Rate 7%
$459,757
Cap Rate 9%
$357,589
Alternative Uses
Best Use
Apartment 5plus
$459.8K
$402.3K – $536.4K
NOI $32,183 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$641.2K
$561.1K – $748.1K
NOI $44,885 @ 7.0% cap · market cap 4.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,058
Businesses Nearby
Explore this area
Business Placement
Demographics for 98057, WA
13,493
Population
6,656
Households
2
Avg Household Size
38
Median Age
34%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
2,176
Density / Sq Mi
$68,097
Median Household Income
$53,994
Median Earnings
$1,767
Median Rent
$606,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Commercial and multifamily zoning supports a flexible six-unit configuration with substantial interior updates.
Where is this apartment building located?
The property is located at 150 Hardie Avenue Sw 1-6 Renton, WA.
What is the asking price?
The asking price for this property is $1,090,000.
What are key features of this property?
This property features: Two separate buildings with six total units; Five units ready for use; sixth unit available for future remodeling; Interior updates include carpet, paint, laminate flooring, heaters, and fixtures
