Renovated Eight-Unit
For Sale
$2,550,000
1401 Bertona, Seattle, WA 98119
Eight-unit apartment building featuring a new roof, refreshed exterior, and six renovated units with additional parking on-site.
Property Size5,895 SF
Lot Size0.19 Acres
Price / SF$432.57
Days on Market141
Property Features for 1401 Bertona
General Information
Standard status
Active
Size
5,895 SF
Total Parking Spaces
12
Lot size
0.19 Acres
Property subtype
Multi-family
Zoning
LR3 RC (M)
Financials
Cap Rate
5.8%
Business Included
Yes
Additional Details
Multifamily Units
8
Building Details
Year Built
1925
Tenancy
Multi
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Michael Urquhart
(206) 363-8509
Source:
Century21northhomes
Added: Mar 24
Changed: Aug 10
Last Checked: Aug 10 at 3:47AM
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.
The Fairseas Apartments is an eight-unit multifamily property offering a mix of renovated apartments and two long-term, originally finished units. Six of the eight units have been fully renovated with market-quality finishes: four 2BD/1BTH, one 1BD/1BTH, and one 1BD+Den/1BTH. The remaining two original 1BD/1BTH units are occupied by long-term tenants paying below-market rents. Updates completed within the last three years include a new Durolast roof and a full exterior refresh covering paint, lighting, and signage.
The property is situated on an 8,400 SF LR3 RC (M) zoned lot with 12 on-site parking stalls. Located in Seattle’s North Queen Anne neighborhood, it’s a short walk to Seattle Pacific University, the RapidRide D Line, and the retail and dining on 15th Avenue West, with direct commuter access to South Lake Union, Downtown Seattle, Ballard, and Fremont.
The property is situated on an 8,400 SF LR3 RC (M) zoned lot with 12 on-site parking stalls. Located in Seattle’s North Queen Anne neighborhood, it’s a short walk to Seattle Pacific University, the RapidRide D Line, and the retail and dining on 15th Avenue West, with direct commuter access to South Lake Union, Downtown Seattle, Ballard, and Fremont.
Key Highlights
- 8‑unit multifamily building built in 1925 in Seattle’s North Queen Anne neighborhood
- Six of eight units fully renovated with market‑quality finishes; unit mix includes four 2BD/1BTH plus one 1BD/1BTH and one 1BD+Den/1BTH
- Two original 1BD/1BTH units occupied by long‑term tenants paying below‑market rents, creating rent‑upside without disturbing renovated units
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
$99,495
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
3.90%
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%
$1,989,900
$2.0M
Cap Rate 7%
$1,421,357
$1.4M
Cap Rate 9%
$1,105,500
$1.1M
Market Conditions
NOI Build-Up for 5,895 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
$187.5K $31.80/SF
− Vacancy
−$6.6K −$1.11/SF
EGI
$180.9K $30.69/SF
− OpEx
−$81.4K −$13.81/SF
NOI
$99.5K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
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%
$1,989,900
Cap Rate 7%
$1,421,357
Cap Rate 9%
$1,105,500
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.24M – $1.66M
NOI $99,495 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,147 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit apartment building featuring a new roof, refreshed exterior, and six renovated units with additional parking on-site.
Where is this apartment building located?
The property is located at 1401 Bertona Seattle, WA.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 8‑unit multifamily building built in 1925 in Seattle’s North Queen Anne neighborhood; Six of eight units fully renovated with market‑quality finishes; unit mix includes four 2BD/1BTH plus one 1BD/1BTH and one 1BD+Den/1BTH; Two original 1BD/1BTH units occupied by long‑term tenants paying below‑market rents, creating rent‑upside without disturbing renovated units
