Fourplex with Off-Street
For Sale
$1,425,000
1505 Galer Unit 1-4, Seattle, WA 98112
Four-unit building with on-site laundry, dedicated storage, and updated dual-pane windows plus four off-street parking spaces.
Property Size3,695 SF
Lot Size0.11 Acres
Price / SF$385.66
Days on Market248
Property Features for 1505 Galer Unit 1-4
General Information
Standard status
Active
Size
3,695 SF
Total Parking Spaces
4
Lot size
0.11 Acres
Property subtype
Multi-family
Zoning
LR3
Additional Details
Multifamily Units
4
Amenities
on-site laundry
dedicated storage
updated dual-pane windows
Building Details
Year Built
1958
Construction
mid-century
Tenancy
Multi
Listing Agency:
Kidder Mathews
Listed By:
Dan S. Swanson
(206) 522-3400
Source:
Skylineproperties
Added: Dec 4, 2025
Changed: Aug 8
Last Checked: Aug 9 at 11:57AM
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
Investment Insights
Based on property information with market context.
This fourplex at 1505 Galer (Units 1–4) offers three one-bedroom units and one two-bedroom unit within a classic mid-century building. The property includes on-site laundry, dedicated storage, and updated dual-pane windows designed to enhance comfort and efficiency. Residents also benefit from four off-street parking spaces.
The site is positioned at the corner of 15th Ave E and E Galer St in North Capitol Hill, directly across from Volunteer Park. The location is described as highly walkable and transit-oriented, with convenient access to South Lake Union, Downtown Seattle, and the Eastside.
The property sits on an LR3-zoned parcel, presenting a redevelopment opportunity for potential future townhome development while maintaining immediate income from the current operations.
The site is positioned at the corner of 15th Ave E and E Galer St in North Capitol Hill, directly across from Volunteer Park. The location is described as highly walkable and transit-oriented, with convenient access to South Lake Union, Downtown Seattle, and the Eastside.
The property sits on an LR3-zoned parcel, presenting a redevelopment opportunity for potential future townhome development while maintaining immediate income from the current operations.
Key Highlights
- Fourplex built in 1958 with unit mix of three 1‑bedroom units and one 2‑bedroom unit.
- Updated dual‑pane windows and on‑site laundry for added resident convenience.
- Four off‑street parking spaces plus dedicated storage for tenants.
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
$66,693
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
4.68%
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%
$1,333,860
$1.3M
Cap Rate 7%
$952,757
$952.8K
Cap Rate 9%
$741,033
$741.0K
Market Conditions
NOI Build-Up for 3,695 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
$99.8K $27.00/SF
− Vacancy
−$4.5K −$1.22/SF
EGI
$95.3K $25.79/SF
− OpEx
−$28.6K −$7.74/SF
NOI
$66.7K $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%
$1,333,860
Cap Rate 7%
$952,757
Cap Rate 9%
$741,033
Alternative Uses
Best Use
Multifamily LT 5
$952.8K
$833.7K – $1.11M
NOI $66,693 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$890.9K
$779.6K – $1.04M
NOI $62,364 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$1.11M
$972.7K – $1.30M
NOI $77,816 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
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 - Four-unit building with on-site laundry, dedicated storage, and updated dual-pane windows plus four off-street parking spaces.
Where is this quadplex located?
The property is located at 1505 Galer Unit 1-4 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: Fourplex built in 1958 with unit mix of three 1‑bedroom units and one 2‑bedroom unit.; Updated dual‑pane windows and on‑site laundry for added resident convenience.; Four off‑street parking spaces plus dedicated storage for tenants.
