Eight-Unit Apartment
For Sale
$1,895,000
13310 Greenwood, Seattle, WA 98133
Built in 1996 and configured with eight units, in-unit washers and dryers, and access to a secured garage.
Property Size5,640 SF
Lot Size0.16 Acres
Price / SF$335.99
Days on Market124
Property Features for 13310 Greenwood
General Information
Standard status
Active
Size
5,640 SF
Total Parking Spaces
7
Lot size
0.16 Acres
Property subtype
Multi-family
Zoning
LR3 (M)
Additional Details
Cap Rate
5.7%
Multifamily Units
8
Amenities
in-unit washer and dryer
private balcony
secured garage
Building Details
Year Built
1996
Tenancy
Multi
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Michael Urquhart
(206) 522-3400
Source:
Skylineproperties
Added: Apr 10
Changed: Aug 11
Last Checked: Aug 10 at 4:14AM
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 Paragon Real Estate Advisors
Investment Insights
Based on property information with market context.
Bittertree Condominiums is an eight-unit apartment building built in 1996 featuring two large studios, two one-bedroom units, and four two-bedroom units. Each unit offers in-unit washers and dryers and private balconies. Residents also have access to a secured garage with seven parking stalls.
The property is located in Seattle’s Greenwood neighborhood on Greenwood Avenue and sits on a 6,787 SF lot zoned LR3 (M). The building is described as stabilized, with five units updated with luxury vinyl plank flooring and newer appliances.
The remaining three units are occupied by long-term tenants with below-market rents, providing an opportunity to increase income through natural turnover. Operating is supported by separate electric meters, water sub-metering, and modern construction, with the seller offering financing terms of 30% down and a five-year interest-only structure.
The property is located in Seattle’s Greenwood neighborhood on Greenwood Avenue and sits on a 6,787 SF lot zoned LR3 (M). The building is described as stabilized, with five units updated with luxury vinyl plank flooring and newer appliances.
The remaining three units are occupied by long-term tenants with below-market rents, providing an opportunity to increase income through natural turnover. Operating is supported by separate electric meters, water sub-metering, and modern construction, with the seller offering financing terms of 30% down and a five-year interest-only structure.
Key Highlights
- 8‑unit apartment building built in 1996 at 13310 Greenwood Ave N in Seattle’s Greenwood neighborhood
- Unit mix: 2 large studios, 2 one‑bedroom units, and 4 two‑bedroom units
- All units feature in‑unit washers and dryers and private balconies
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
$94,501
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
4.99%
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%
$1,890,020
$1.9M
Cap Rate 7%
$1,350,014
$1.4M
Cap Rate 9%
$1,050,011
$1.1M
Market Conditions
NOI Build-Up for 5,640 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
$179.4K $31.80/SF
− Vacancy
−$7.5K −$1.34/SF
EGI
$171.8K $30.46/SF
− OpEx
−$77.3K −$13.71/SF
NOI
$94.5K $16.76/SF
Area
ZIP 98133
Vacancy
4.20%
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%
$1,890,020
Cap Rate 7%
$1,350,014
Cap Rate 9%
$1,050,011
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.58M
NOI $94,501 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.87M
NOI $112,405 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
676
Businesses Nearby
Explore this area
Business Placement
Demographics for 98133, WA
50,720
Population
24,730
Households
2.1
Avg Household Size
39
Median Age
51%
College-Educated
94%
High-School Grad
7.1 sq mi
ZIP Area
7,144
Density / Sq Mi
$92,371
Median Household Income
$60,328
Median Earnings
$1,794
Median Rent
$719,100
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?
Apartment building - Built in 1996 and configured with eight units, in-unit washers and dryers, and access to a secured garage.
Where is this apartment building located?
The property is located at 13310 Greenwood Seattle, WA.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: 8‑unit apartment building built in 1996 at 13310 Greenwood Ave N in Seattle’s Greenwood neighborhood; Unit mix: 2 large studios, 2 one‑bedroom units, and 4 two‑bedroom units; All units feature in‑unit washers and dryers and private balconies
