6-Unit Mid-Century Apartment
For Sale
$1,685,000
Pending
1441 E Aloha St, Seattle, WA 98112
Mid-century property with one- and two-bedroom layouts and individual entrances on many units.
Property Size4,756 SF
Days on Market82
Property Features for 1441 E Aloha St
General Information
Standard status
Pending
Size
4,756 SF
Property subtype
Multi-Family
Building Details
Year Built
1968
Listing Agency:
Ewing & Clark, Inc.
Listed By:
J. Casey Losh · License #106597
Source:
Findahomeseattle
Added: Jun 10
Changed: Aug 29
Last Checked: Aug 29 at 6:59PM
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 Ewing & Clark, Inc.
Investment Insights
Based on property information with market context.
East Aloha Apartments is a six-unit apartment property built in 1968, with a mid-century modern design and a mix of one- and two-bedroom residences. Many units have individual entrances, providing a distinct entry arrangement within the building. The property occupies the corner of 15th Avenue East and East Aloha Street in Seattle’s North Capitol Hill neighborhood.
Volunteer Park and the amenities along 15th Ave E, Broadway, and the Pike-Pine Corridor are nearby, with cafes, restaurants, and retail in the surrounding area. The property also sits at a major bus stop with transit connections to Downtown Seattle and major employment and education hubs. Its Walk Score is 92.
Volunteer Park and the amenities along 15th Ave E, Broadway, and the Pike-Pine Corridor are nearby, with cafes, restaurants, and retail in the surrounding area. The property also sits at a major bus stop with transit connections to Downtown Seattle and major employment and education hubs. Its Walk Score is 92.
Key Highlights
- Six‑unit apartment property built in 1968
- One- and two‑bedroom unit mix
- Many residences feature individual entrances
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
$80,271
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
4.76%
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%
$1,605,420
$1.6M
Cap Rate 7%
$1,146,729
$1.1M
Cap Rate 9%
$891,900
$891.9K
Market Conditions
NOI Build-Up for 4,756 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
$151.2K $31.80/SF
− Vacancy
−$5.3K −$1.11/SF
EGI
$145.9K $30.69/SF
− OpEx
−$65.7K −$13.81/SF
NOI
$80.3K $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%
$1,605,420
Cap Rate 7%
$1,146,729
Cap Rate 9%
$891,900
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,271 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,160 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 98112, WA
23,152
Population
11,670
Households
2
Avg Household Size
39
Median Age
81%
College-Educated
99%
High-School Grad
3.2 sq mi
ZIP Area
7,235
Density / Sq Mi
$162,073
Median Household Income
$84,919
Median Earnings
$2,062
Median Rent
$1,407,400
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 - Mid-century property with one- and two-bedroom layouts and individual entrances on many units.
Where is this apartment building located?
The property is located at 1441 E Aloha St Seattle, WA.
What is the asking price?
The asking price for this property is $1,685,000.
What are key features of this property?
This property features: Six‑unit apartment property built in 1968; One- and two‑bedroom unit mix; Many residences feature individual entrances
