10-Unit Apartment
For Sale
$1,800,000
8848 Stone Ave N, Seattle, WA 98103
Well-maintained apartment community with in-unit laundry, copper plumbing, and a recently replaced roof.
Property Size6,108 SF
Days on Market105
Property Features for 8848 Stone Ave N
General Information
Standard status
Active
Size
6,108 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
10
Amenities
in-unit laundry
Building Details
Building Size
6,108 SF
Year Built
1988
Listed By:
Dea Sumantri
(206) 383-3399
Source:
Lee-associates
Added: Jun 3
Changed: Sep 11
Last Checked: Sep 14 at 7:44AM
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 Dea Sumantri
Investment Insights
Based on property information with market context.
This 10-unit apartment community was built in 1988 and includes studio, one-bedroom, and two-bedroom floor plans. Each unit has in-unit laundry, while property improvements include a 2021 roof replacement, copper plumbing, and a GE electric panel. The building is described as having minimal deferred maintenance.
The property is located at 8848 Stone Ave N in Seattle’s North Green Lake neighborhood, eight blocks from Green Lake. Access to I-5 and Hwy 99 supports regional connectivity, while Northgate Link Light Rail and the Kraken Community Iceplex are minutes away. A 55-acre mixed-use redevelopment scheduled to bring Trader Joe’s, Shake Shack, and additional offerings in 2027 is also nearby.
In-place rents are approximately 15% below market. The source materials identify projected rent premiums of approximately 21% for renovated one-bedroom units and 32% for renovated two-bedroom units.
The property is located at 8848 Stone Ave N in Seattle’s North Green Lake neighborhood, eight blocks from Green Lake. Access to I-5 and Hwy 99 supports regional connectivity, while Northgate Link Light Rail and the Kraken Community Iceplex are minutes away. A 55-acre mixed-use redevelopment scheduled to bring Trader Joe’s, Shake Shack, and additional offerings in 2027 is also nearby.
In-place rents are approximately 15% below market. The source materials identify projected rent premiums of approximately 21% for renovated one-bedroom units and 32% for renovated two-bedroom units.
Key Highlights
- 10‑unit apartment community built in 1988
- Studio, one‑bedroom, and two‑bedroom floor plans
- In‑unit laundry throughout the property
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
$97,452
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
5.41%
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%
$1,949,040
$1.9M
Cap Rate 7%
$1,392,171
$1.4M
Cap Rate 9%
$1,082,800
$1.1M
Market Conditions
NOI Build-Up for 6,108 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
$186.9K $30.60/SF
− Vacancy
−$9.7K −$1.59/SF
EGI
$177.2K $29.01/SF
− OpEx
−$79.7K −$13.05/SF
NOI
$97.5K $15.95/SF
Area
ZIP 98103
Vacancy
5.20%
Lease Rate
$30.60 /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%
$1,949,040
Cap Rate 7%
$1,392,171
Cap Rate 9%
$1,082,800
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.22M – $1.62M
NOI $97,452 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $172,832 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
967
Businesses Nearby
Explore this area
Business Placement
Demographics for 98103, WA
53,056
Population
27,857
Households
1.9
Avg Household Size
35
Median Age
77%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
11,534
Density / Sq Mi
$127,372
Median Household Income
$80,508
Median Earnings
$2,006
Median Rent
$1,012,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Well-maintained apartment community with in-unit laundry, copper plumbing, and a recently replaced roof.
Where is this apartment building located?
The property is located at 8848 Stone Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 10‑unit apartment community built in 1988; Studio, one‑bedroom, and two‑bedroom floor plans; In‑unit laundry throughout the property
