Duplex with Puget Sound
New
For Sale
$1,400,000
1435 9th Avenue W Unit 1437, Seattle, WA 98119
The two residences retain period architectural details, including inlaid hardwood floors and original-style light fixtures.
Property Size3,428 SF
Days on Market5
Property Features for 1435 9th Avenue W Unit 1437
General Information
Standard status
Active
Size
3,428 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Amenities
wood-burning fireplace
covered front porch
fenced front & rear yards
fruit & flowering trees
laundry
Building Details
Building Size
3,428 SF
Year Built
1908
Buildings
1
Construction
Queen Anne
Listing Agency:
Windermere Prof Partners
Listed By:
Kimber Parker · License #45775
(206) 948-8041
Source:
Marypong
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:26PM
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 Windermere Prof Partners
Investment Insights
Based on property information with market context.
Built in 1908, this Craftsman is arranged as two residences, with one unit on each of its main and upper levels. The main-floor home has two bedrooms, a full bath, a living room, a sitting room, a remodeled kitchen, and a wood-burning fireplace with built-ins. Upstairs are two bedrooms plus an office that can serve as a third bedroom, along with a kitchen, dining and living rooms, a full bath, and laundry. Inlaid hardwood floors, period light fixtures, and abundant natural light feature throughout. The unfinished basement includes laundry and an area formerly laid out as a third unit.
Western outlooks extend toward Puget Sound, the Olympic Mountains, and passing ferries. The property also has a covered front porch and fenced front and rear yards with fruit and flowering trees. Its current duplex configuration differs from its original single-family use.
Western outlooks extend toward Puget Sound, the Olympic Mountains, and passing ferries. The property also has a covered front porch and fenced front and rear yards with fruit and flowering trees. Its current duplex configuration differs from its original single-family use.
Key Highlights
- Two residences in a Craftsman built in 1908
- Main‑level unit has 2 bedrooms, a remodeled kitchen, and a wood‑burning fireplace
- Upper unit includes 2 bedrooms and an office that can function as a third bedroom
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
$61,874
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
4.42%
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%
$1,237,480
$1.2M
Cap Rate 7%
$883,914
$883.9K
Cap Rate 9%
$687,489
$687.5K
Market Conditions
NOI Build-Up for 3,428 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
$92.6K $27.00/SF
− Vacancy
−$4.2K −$1.22/SF
EGI
$88.4K $25.79/SF
− OpEx
−$26.5K −$7.74/SF
NOI
$61.9K $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%
$1,237,480
Cap Rate 7%
$883,914
Cap Rate 9%
$687,489
Alternative Uses
Best Use
Multifamily LT 5
$883.9K
$773.4K – $1.03M
NOI $61,874 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$826.5K
$723.2K – $964.3K
NOI $57,857 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$1.03M
$902.4K – $1.20M
NOI $72,193 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,401
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - The two residences retain period architectural details, including inlaid hardwood floors and original-style light fixtures.
Where is this duplex located?
The property is located at 1435 9th Avenue W Unit 1437 Seattle, WA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two residences in a Craftsman built in 1908; Main‑level unit has 2 bedrooms, a remodeled kitchen, and a wood‑burning fireplace; Upper unit includes 2 bedrooms and an office that can function as a third bedroom
