Two-Building Multifamily
For Sale
$1,090,000
150 Hardie Avenue SW # 1-6, Renton, WA 98057
Updated two-building multifamily offering a new roof, thermal-pane windows, and multiple parking options for income-focused ownership.
Property Size2,052 SF
Price / SF$531.19
Days on Market169
Property Features for 150 Hardie Avenue SW # 1-6
General Information
Standard status
Active
Size
2,052 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Net Operating Income
$74,915
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$6,645
Amenities
Concrete,Laminate,Vinyl Plank,Carpet
Yes
No
2
Electric
1823059124
Corner Lot,Paved
Public
Cable TV,Fenced-Partially,Gas Available,High Speed Internet,Patio
5
0.1168
Metal/Vinyl,Wood
Poured Concrete
2052
3
Building Details
Building Size
2,052 SF
Year Built
1942
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX Premier Group
(503) 822-8016
Listed By:
Angelia Duffy
(503) 822-8016
Source:
Premierepropertygroup
Added: Mar 4
Changed: Aug 20
Last Checked: Aug 20 at 4:16AM
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 RE/MAX Premier Group
Investment Insights
Based on property information with market context.
This offering consists of two separate buildings with a total of six units. Five units are ready to operate as you wish, and a sixth unit can be remodeled in the future to expand capacity. Many interior components have been updated, including new carpets, paint, laminate flooring, interior doors, heaters, blinds, and light fixtures. Each unit includes thermal pane windows, and the property is also described as having territorial views. There is a separate common utility room with a storage room, and the property includes a new roof with a 50-year warranty.
The buildings are located near Rainier Ave N, described as just two lots up, on the corner of Victoria/Hardie. On-site parking includes a two-car carport plus three open parking spots, supporting convenient tenant and guest access.
The property is identified as being zoned for both commercial and multi family use, which may appeal to investors or operators looking for flexibility within an income-oriented multifamily configuration. With five units already positioned for occupancy and improvements already made throughout much of the interior, the asset can support a straightforward path to stabilizing and managing the units while reserving the sixth unit for later renovation.
The buildings are located near Rainier Ave N, described as just two lots up, on the corner of Victoria/Hardie. On-site parking includes a two-car carport plus three open parking spots, supporting convenient tenant and guest access.
The property is identified as being zoned for both commercial and multi family use, which may appeal to investors or operators looking for flexibility within an income-oriented multifamily configuration. With five units already positioned for occupancy and improvements already made throughout much of the interior, the asset can support a straightforward path to stabilizing and managing the units while reserving the sixth unit for later renovation.
Key Highlights
- Two separate buildings with a total of 6 units on a corner lot (Lot 1823059124)
- Updated interiors include new carpets, paint, laminate flooring, interior doors, heaters, blinds, and light fixtures
- New roof with a 50‑year warranty
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
$33,557
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
3.08%
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%
$671,140
$671.1K
Cap Rate 7%
$479,386
$479.4K
Cap Rate 9%
$372,856
$372.9K
Market Conditions
NOI Build-Up for 2,052 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
$65.3K $31.80/SF
− Vacancy
−$4.2K −$2.07/SF
EGI
$61.0K $29.73/SF
− OpEx
−$27.5K −$13.38/SF
NOI
$33.6K $16.35/SF
Area
Renton, WA
Vacancy
6.50%
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%
$671,140
Cap Rate 7%
$479,386
Cap Rate 9%
$372,856
Alternative Uses
Best Use
Apartment 5plus
$479.4K
$419.5K – $559.3K
NOI $33,557 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$668.6K
$585.0K – $780.0K
NOI $46,800 @ 7.0% cap · market cap 4.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,058
Businesses Nearby
Explore this area
Business Placement
Demographics for 98057, WA
13,493
Population
6,656
Households
2
Avg Household Size
38
Median Age
34%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
2,176
Density / Sq Mi
$68,097
Median Household Income
$53,994
Median Earnings
$1,767
Median Rent
$606,500
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?
Apartment building - Updated two-building multifamily offering a new roof, thermal-pane windows, and multiple parking options for income-focused ownership.
Where is this apartment building located?
The property is located at 150 Hardie Avenue SW # 1-6 Renton, WA.
What is the asking price?
The asking price for this property is $1,090,000.
What are key features of this property?
This property features: Two separate buildings with a total of 6 units on a corner lot (Lot 1823059124); Updated interiors include new carpets, paint, laminate flooring, interior doors, heaters, blinds, and light fixtures; New roof with a 50‑year warranty
