6-Unit Apartment
For Sale
$1,600,000
Pending
1529 Ne 150th St 1527, Shoreline, WA 98155
Five townhomes and one detached home create a mixed residential configuration in Shoreline.
Property Size6,437 SF
Days on Market112
Property Features for 1529 Ne 150th St 1527
General Information
Standard status
Pending
Size
6,437 SF
Net Rentable
6,437 SF
Property subtype
Multi-Family
Units
Unit Mix
5 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
6
Additional Details
Average Monthly Rent
$1,101
Building Details
Year Built
1977
Listing Agency:
Paragon Real Estate Advisors
(206) 623-8880
Listed By:
Ben Douglas · License #22013305
Source:
Eastsideseattleproperties
Added: May 11
Changed: Aug 29
Last Checked: Aug 25 at 6:12AM
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 Paragon Real Estate Advisors
Investment Insights
Based on property information with market context.
This residential property contains six rentable units across five three-bedroom, one-and-a-half-bathroom townhomes and one detached two-bedroom, one-bathroom single-family home. The combined rentable area totals 6,437 square feet, and the buildings date to 1977.
Located at 1527–1529 NE 150th Street in Shoreline, Washington, the property is within one mile of Shorecrest High School, Kellogg Middle School, Briarcrest Elementary, and Shoreline Christian School. The unit mix combines attached townhome residences with a separate single-family dwelling, offering distinct housing formats within one property.
Located at 1527–1529 NE 150th Street in Shoreline, Washington, the property is within one mile of Shorecrest High School, Kellogg Middle School, Briarcrest Elementary, and Shoreline Christian School. The unit mix combines attached townhome residences with a separate single-family dwelling, offering distinct housing formats within one property.
Key Highlights
- Six units totaling 6,437 rentable square feet
- Five 3‑bedroom, 1.5‑bathroom townhome units
- One detached 2‑bedroom, 1‑bathroom single‑family home
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
$100,050
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
6.25%
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%
$2,001,000
$2.0M
Cap Rate 7%
$1,429,286
$1.4M
Cap Rate 9%
$1,111,667
$1.1M
Market Conditions
NOI Build-Up for 6,437 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
$193.1K $30.00/SF
− Vacancy
−$11.2K −$1.74/SF
EGI
$181.9K $28.26/SF
− OpEx
−$81.9K −$12.72/SF
NOI
$100.1K $15.54/SF
Area
King County, WA
Vacancy
5.80%
Lease Rate
$30.00 /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%
$2,001,000
Cap Rate 7%
$1,429,286
Cap Rate 9%
$1,111,667
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,050 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,473 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
386
Businesses Nearby
Explore this area
Business Placement
Demographics for 98155, WA
35,948
Population
14,526
Households
2.5
Avg Household Size
41
Median Age
56%
College-Educated
95%
High-School Grad
7.5 sq mi
ZIP Area
4,793
Density / Sq Mi
$131,911
Median Household Income
$67,323
Median Earnings
$2,016
Median Rent
$758,000
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 - Five townhomes and one detached home create a mixed residential configuration in Shoreline.
Where is this apartment building located?
The property is located at 1529 Ne 150th St 1527 Shoreline, WA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Six units totaling 6,437 rentable square feet; Five 3‑bedroom, 1.5‑bathroom townhome units; One detached 2‑bedroom, 1‑bathroom single‑family home
