Occupied Triplex with Private
For Sale
$1,200,000
3438 14th Ave W, Seattle, WA 98119
Three occupied units feature in-unit laundry, northwest-facing decks, and access to four parking stalls.
Property Size3,110 SF
Lot Size0.14 Acres
Price / SF$385.85
Days on Market50
Property Features for 3438 14th Ave W
General Information
Standard status
Active
Size
3,110 SF
Total Parking Spaces
4
Lot size
0.14 Acres
Property subtype
Multi-Family
Zoning
LR1(M)
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
Fix up interiors on your timeline
Additional Details
Multifamily Units
3
Amenities
in-unit laundry
northwest facing decks
fireplace
private deck
basement storage
Building Details
Year Built
1963
Buildings
1
Listing Agency:
(425) 417-8036
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 28 at 9:06PM
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 Graham McCarthy Realty Group
Investment Insights
Based on property information with market context.
This 3,110-square-foot triplex contains three occupied units and sits on a 6,000-square-foot lot in Seattle’s Interbay area. Unit 1 includes a fireplace, full appliances, and a private deck, while Units 2 and 3 offer in-unit laundry and rents below the Interbay market rate for comparable one-bedroom units. The property also provides four parking stalls along a private dead-end alley and northwest-facing decks.
Built in 1963, the building has a standing metal roof, copper plumbing, and fresh exterior paint. A 330-square-foot basement adds flexible storage, while native landscaping supports straightforward grounds maintenance. The property is zoned LR1(M) and has alley access along a corridor described as attracting density and long-term investment.
Built in 1963, the building has a standing metal roof, copper plumbing, and fresh exterior paint. A 330-square-foot basement adds flexible storage, while native landscaping supports straightforward grounds maintenance. The property is zoned LR1(M) and has alley access along a corridor described as attracting density and long-term investment.
Key Highlights
- Three‑unit triplex with all units currently occupied
- 3,110 SF building on a 6,000 SF lot; built in 1963
- Four parking stalls accessed from a private dead‑end alley
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
$56,134
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
4.68%
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%
$1,122,680
$1.1M
Cap Rate 7%
$801,914
$801.9K
Cap Rate 9%
$623,711
$623.7K
Market Conditions
NOI Build-Up for 3,110 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
$84.0K $27.00/SF
− Vacancy
−$3.8K −$1.22/SF
EGI
$80.2K $25.79/SF
− OpEx
−$24.1K −$7.74/SF
NOI
$56.1K $18.05/SF
Area
Seattle, WA
Vacancy
4.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,122,680
Cap Rate 7%
$801,914
Cap Rate 9%
$623,711
Alternative Uses
Best Use
Multifamily LT 5
$801.9K
$701.7K – $935.6K
NOI $56,134 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$749.9K
$656.1K – $874.8K
NOI $52,490 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$935.7K
$818.7K – $1.09M
NOI $65,496 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,087
Businesses Nearby
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
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?
Triplex - Three occupied units feature in-unit laundry, northwest-facing decks, and access to four parking stalls.
Where is this triplex located?
The property is located at 3438 14th Ave W Seattle, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit triplex with all units currently occupied; 3,110 SF building on a 6,000 SF lot; built in 1963; Four parking stalls accessed from a private dead‑end alley
