Five-Unit Apartment Property with
For Sale
$1,495,000
172 16th Ave, Seattle, WA 98122
Corner-lot property combines updated interiors, private outdoor areas, and flexible apartment layouts.
Property Size3,055 SF
Lot Size0.08 Acres
Price / SF$489.36
Days on Market50
Property Features for 172 16th Ave
General Information
Standard status
Active
Size
3,055 SF
Lot size
0.08 Acres
Property subtype
Multi-Family
Zoning
LR2
Units
Unit Mix
1 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
5
Building Details
Year Built
1900
Buildings
2
Listing Agency:
Windermere Real Estate Midtown
Listed By:
Lauren Hendricks
(206) 999-9161
Source:
Robb4realestate
Added: Jul 15
Changed: Aug 29
Last Checked: Sep 1 at 10:13PM
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 Real Estate Midtown
Investment Insights
Based on property information with market context.
This apartment property includes a triplex, a non-conforming fourth unit, and a detached one-bedroom, one-bath dwelling completed in 2017. The four attached units comprise one two-bedroom apartment and three one-bedroom apartments. Updated systems, kitchens, and bathrooms support the existing layouts, while in-unit laundry and dedicated outdoor areas add practical features for residents. The detached dwelling offers an open arrangement, contemporary finishes, and a loft area that expands usable living space.
The property is located at 172 16th Ave in Seattle’s Central District on a residential corner. LR2 zoning and the corner-lot configuration provide documented long-term development potential. The property contains five income-generating units and qualifies for residential financing. Select apartments include views toward the Seattle skyline.
The property is located at 172 16th Ave in Seattle’s Central District on a residential corner. LR2 zoning and the corner-lot configuration provide documented long-term development potential. The property contains five income-generating units and qualifies for residential financing. Select apartments include views toward the Seattle skyline.
Key Highlights
- Five income‑generating units: one 2 bd/1 bth and three 1 bd/1 bth apartments plus a 1 bd/1 bth DADU
- Detached DADU built in 2017 with open floor plan, modern design, and loft area
- LR2 zoning on a residential corner lot in Seattle’s Central District
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
$51,562
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
3.45%
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%
$1,031,240
$1.0M
Cap Rate 7%
$736,600
$736.6K
Cap Rate 9%
$572,911
$572.9K
Market Conditions
NOI Build-Up for 3,055 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
$97.1K $31.80/SF
− Vacancy
−$3.4K −$1.11/SF
EGI
$93.7K $30.69/SF
− OpEx
−$42.2K −$13.81/SF
NOI
$51.6K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
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%
$1,031,240
Cap Rate 7%
$736,600
Cap Rate 9%
$572,911
Alternative Uses
Best Use
Apartment 5plus
$736.6K
$644.5K – $859.4K
NOI $51,562 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$919.1K
$804.2K – $1.07M
NOI $64,337 @ 7.0% cap · market cap 4.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,225
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Corner-lot property combines updated interiors, private outdoor areas, and flexible apartment layouts.
Where is this apartment building located?
The property is located at 172 16th Ave Seattle, WA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Five income‑generating units: one 2 bd/1 bth and three 1 bd/1 bth apartments plus a 1 bd/1 bth DADU; Detached DADU built in 2017 with open floor plan, modern design, and loft area; LR2 zoning on a residential corner lot in Seattle’s Central District
