Three-Property Multifamily
For Sale
$2,200,000
1526 Harrington Ave NE, Renton, WA 98056
Rented properties offer month-to-month occupancy while planning and development feasibility are evaluated.
Property Size4,810 SF
Price / SF$457.38
Days on Market101
Property Features for 1526 Harrington Ave NE
General Information
Standard status
Active
Size
4,810 SF
Property subtype
Multi-Family
Building Details
Year Built
1943
Buildings
3
Listing Agency:
Whisper Real Estate
(425) 505-2169
Listed By:
Mike Chaffee · License #27621
Source:
Searchhomesinbellingham
Added: May 21
Changed: Aug 29
Last Checked: Aug 25 at 7:40AM
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 Whisper Real Estate
Investment Insights
Based on property information with market context.
This multifamily offering combines three Renton properties: 2801 NE 16th Street, 2733 NE 16th Street, and 1526 Harrington Avenue NE. The properties are offered together or potentially separately, subject to seller approval, and include an existing structure dating to 1943.
All three properties are currently rented under month-to-month leases, providing holding income during planning, permitting, and feasibility review. The assemblage may support development of approximately 12 townhomes, subject to City of Renton approval, applicable zoning, permits, utilities, design requirements, and buyer feasibility analysis.
All three properties are currently rented under month-to-month leases, providing holding income during planning, permitting, and feasibility review. The assemblage may support development of approximately 12 townhomes, subject to City of Renton approval, applicable zoning, permits, utilities, design requirements, and buyer feasibility analysis.
Key Highlights
- Three‑property multifamily assemblage in Renton, WA
- Addresses include 2801 NE 16th Street, 2733 NE 16th Street, and 1526 Harrington Avenue NE
- Potential for approximately 12 townhomes, subject to City of Renton approval and feasibility review
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
$78,659
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
3.58%
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%
$1,573,180
$1.6M
Cap Rate 7%
$1,123,700
$1.1M
Cap Rate 9%
$873,989
$874.0K
Market Conditions
NOI Build-Up for 4,810 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
$153.0K $31.80/SF
− Vacancy
−$9.9K −$2.07/SF
EGI
$143.0K $29.73/SF
− OpEx
−$64.4K −$13.38/SF
NOI
$78.7K $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%
$1,573,180
Cap Rate 7%
$1,123,700
Cap Rate 9%
$873,989
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$983.2K – $1.31M
NOI $78,659 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,703 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Explore this area
Business Placement
Demographics for 98056, WA
36,344
Population
15,609
Households
2.3
Avg Household Size
38
Median Age
44%
College-Educated
88%
High-School Grad
7.6 sq mi
ZIP Area
4,782
Density / Sq Mi
$108,596
Median Household Income
$59,170
Median Earnings
$1,992
Median Rent
$726,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Rented properties offer month-to-month occupancy while planning and development feasibility are evaluated.
Where is this multifamily property located?
The property is located at 1526 Harrington Ave NE Renton, WA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Three‑property multifamily assemblage in Renton, WA; Addresses include 2801 NE 16th Street, 2733 NE 16th Street, and 1526 Harrington Avenue NE; Potential for approximately 12 townhomes, subject to City of Renton approval and feasibility review
