Four-Unit Apartment
For Sale
Contact for pricing
1505 E Galer St, Seattle, WA 98112
Mid-century multifamily property with varied unit layouts, off-street parking, laundry, storage, and updated windows.
Property Size2,960 SF
Lot Size0.11 Acres
Price / SF$481.42
Days on Market153
Property Features for 1505 E Galer St
General Information
Standard status
Active
Size
2,960 SF
Total Parking Spaces
4
Lot size
0.11 Acres
Property subtype
Multifamily
Zoning
LR3 (M)
Net Operating Income
$41,561
Additional Details
Road Access
Yes
Amenities
on-site laundry
dedicated storage
Building Details
Year Built
1958
Buildings
1
Stories
2
Units
4
Listing Agency:
Kidder Mathews Seattle
(206) 296-9610
Listed By:
Dan Swanson · License #WA 13533
Source:
Crexi
Added: Apr 2
Changed: Aug 31
Last Checked: Aug 31 at 3:58AM
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 Kidder Mathews Seattle
Investment Insights
Based on property information with market context.
Built in 1958, this 2,960-square-foot quadplex contains three one-bedroom apartments and one two-bedroom apartment. Property features include four off-street parking spaces, on-site laundry, dedicated storage, and updated dual-pane windows. The building occupies a 4,640-square-foot parcel zoned LR3 (M).
The property is positioned at the corner of 15th Ave E and E Galer St in Seattle’s North Capitol Hill area, directly across from Volunteer Park. The location provides access to South Lake Union, Downtown Seattle, and the Eastside, with walkable surroundings and transit-oriented connectivity.
The property is positioned at the corner of 15th Ave E and E Galer St in Seattle’s North Capitol Hill area, directly across from Volunteer Park. The location provides access to South Lake Union, Downtown Seattle, and the Eastside, with walkable surroundings and transit-oriented connectivity.
Key Highlights
- Three one‑bedroom units and one two‑bedroom unit
- 2,960‑square‑foot quadplex built in 1958
- 4,640‑square‑foot parcel zoned LR3 (M)
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
$53,427
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
3.75%
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%
$1,068,540
$1.1M
Cap Rate 7%
$763,243
$763.2K
Cap Rate 9%
$593,633
$593.6K
Market Conditions
NOI Build-Up for 2,960 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
$79.9K $27.00/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$76.3K $25.79/SF
− OpEx
−$22.9K −$7.74/SF
NOI
$53.4K $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%
$1,068,540
Cap Rate 7%
$763,243
Cap Rate 9%
$593,633
Alternative Uses
Best Use
Multifamily LT 5
$763.2K
$667.8K – $890.5K
NOI $53,427 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$713.7K
$624.5K – $832.6K
NOI $49,958 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$890.5K
$779.2K – $1.04M
NOI $62,337 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,221
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?
Quadplex - Mid-century multifamily property with varied unit layouts, off-street parking, laundry, storage, and updated windows.
Where is this quadplex located?
The property is located at 1505 E Galer St Seattle, WA.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Three one‑bedroom units and one two‑bedroom unit; 2,960‑square‑foot quadplex built in 1958; 4,640‑square‑foot parcel zoned LR3 (M)
