Triplex With
For Sale
$1,100,000
14001 35TH, Seattle, WA 98125
Three-unit residential property with access to neighborhood retail, transit, and outdoor recreation.
Property Size5,220 SF
Price / SF$210.73
Days on Market31
Property Features for 14001 35TH
General Information
Standard status
Active
Size
5,220 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
1978
Buildings
1
Listing Agency:
Pacific Crest
Listed By:
Alan Wileman
(206) 522-3400
Source:
Skylineproperties
Added: Aug 5
Changed: Sep 3
Last Checked: Sep 2 at 7:53PM
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 Pacific Crest
Investment Insights
Based on property information with market context.
This 5,220-square-foot triplex contains three residential units and was built in 1978. Storage is associated with the property, providing an additional operational feature beyond the dwelling units. The listing also identifies potential for in-unit laundry improvements and storage-related ancillary income, subject to the buyer’s plans and execution.
Located at 14001 35TH in Seattle’s Lake City area, the property has a Walk Score of 81. Residents have access to international dining, neighborhood retail, transit, and nearby outdoor destinations including Matthews Beach Park and Jackson Park Golf Course. The surrounding setting combines residential occupancy with walkable neighborhood amenities and recreation.
Located at 14001 35TH in Seattle’s Lake City area, the property has a Walk Score of 81. Residents have access to international dining, neighborhood retail, transit, and nearby outdoor destinations including Matthews Beach Park and Jackson Park Golf Course. The surrounding setting combines residential occupancy with walkable neighborhood amenities and recreation.
Key Highlights
- Three‑unit triplex totaling 5,220 square feet
- Built in 1978
- Storage associated with 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
$99,447
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
9.04%
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%
$1,988,940
$2.0M
Cap Rate 7%
$1,420,671
$1.4M
Cap Rate 9%
$1,104,967
$1.1M
Market Conditions
NOI Build-Up for 5,220 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
$150.3K $28.80/SF
− Vacancy
−$8.3K −$1.58/SF
EGI
$142.1K $27.22/SF
− OpEx
−$42.6K −$8.16/SF
NOI
$99.4K $19.05/SF
Area
ZIP 98125
Vacancy
5.50%
Lease Rate
$28.80 /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%
$1,988,940
Cap Rate 7%
$1,420,671
Cap Rate 9%
$1,104,967
Alternative Uses
Best Use
Multifamily LT 5
$1.42M
$1.24M – $1.66M
NOI $99,447 @ 7.0% cap · market cap 9.04%
Second Best
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,607 @ 7.0% cap · market cap 8.42%
Theoretical Best
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,873 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
Business Placement
Demographics for 98125, WA
42,965
Population
21,493
Households
2
Avg Household Size
37
Median Age
61%
College-Educated
94%
High-School Grad
5.4 sq mi
ZIP Area
7,956
Density / Sq Mi
$96,725
Median Household Income
$61,552
Median Earnings
$1,856
Median Rent
$844,500
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-unit residential property with access to neighborhood retail, transit, and outdoor recreation.
Where is this triplex located?
The property is located at 14001 35TH Seattle, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Three‑unit triplex totaling 5,220 square feet; Built in 1978; Storage associated with the property
