Duplex With Private
For Sale
$850,000
1609 E Alder Street, Seattle, WA 98122
Two separate residences offer flexible living arrangements with outdoor space and dedicated parking in central Seattle.
Property Size1,690 SF
Days on Market17
Property Features for 1609 E Alder Street
General Information
Standard status
Active
Size
1,690 SF
Total Parking Spaces
1
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,517
Amenities
in-unit washer/dryer
covered gazebo
fenced yard
Building Details
Building Size
1,690 SF
Year Built
1966
Buildings
1
Listing Agency:
Windermere R.E. Shoreline
(206) 546-5731
Listed By:
Tommy Quach
Source:
Marypong
Added: Aug 6
Changed: Aug 21
Last Checked: Aug 21 at 6:28AM
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 Windermere R.E. Shoreline
Investment Insights
Based on property information with market context.
This 1966 duplex contains two distinct residences with separate kitchens and comfortable layouts. The main-level unit includes two bedrooms, one full bathroom, an open living area, refinished original hardwood floors, and an updated kitchen with white shaker cabinets, quartz counters, stainless-steel appliances, and a gas range. The upper residence provides one bedroom, one bathroom, a kitchen, dining area, and in-unit washer/dryer combination.
Fully fenced grounds include front, rear, and side yard areas, along with a covered gazebo. Fresh exterior paint, one dedicated parking space, and additional street parking are also provided. The property is located at 1609 E Alder Street in Seattle’s Central Area/First Hill, with a 98 Walk Score and convenient access to Seattle U, Swedish Medical, Harborview, Seattle Central College, cafes, restaurants, groceries, and transit.
Fully fenced grounds include front, rear, and side yard areas, along with a covered gazebo. Fresh exterior paint, one dedicated parking space, and additional street parking are also provided. The property is located at 1609 E Alder Street in Seattle’s Central Area/First Hill, with a 98 Walk Score and convenient access to Seattle U, Swedish Medical, Harborview, Seattle Central College, cafes, restaurants, groceries, and transit.
Key Highlights
- Two residences: a 2‑bed, 1‑bath main‑level unit and a 1‑bed, 1‑bath upper unit
- Main residence features refinished original hardwood floors and an updated kitchen
- Upper unit includes its own kitchen, dining area, and in‑unit washer/dryer combination
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
$30,504
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
3.59%
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%
$610,080
$610.1K
Cap Rate 7%
$435,771
$435.8K
Cap Rate 9%
$338,933
$338.9K
Market Conditions
NOI Build-Up for 1,690 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
$45.6K $27.00/SF
− Vacancy
−$2.1K −$1.22/SF
EGI
$43.6K $25.79/SF
− OpEx
−$13.1K −$7.74/SF
NOI
$30.5K $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%
$610,080
Cap Rate 7%
$435,771
Cap Rate 9%
$338,933
Alternative Uses
Best Use
Multifamily LT 5
$435.8K
$381.3K – $508.4K
NOI $30,504 @ 7.0% cap · market cap 3.59%
Second Best
Apartment 5plus
$407.5K
$356.6K – $475.4K
NOI $28,524 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$508.4K
$444.9K – $593.2K
NOI $35,591 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,648
Businesses Nearby
Explore this area
Business Placement
Demographics for 98122, WA
41,646
Population
24,942
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
18,107
Density / Sq Mi
$106,479
Median Household Income
$69,673
Median Earnings
$1,991
Median Rent
$929,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer flexible living arrangements with outdoor space and dedicated parking in central Seattle.
Where is this duplex located?
The property is located at 1609 E Alder Street Seattle, WA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two residences: a 2‑bed, 1‑bath main‑level unit and a 1‑bed, 1‑bath upper unit; Main residence features refinished original hardwood floors and an updated kitchen; Upper unit includes its own kitchen, dining area, and in‑unit washer/dryer combination
