Lake View
For Sale
$1,050,000
1730 Dexter Ave N, Seattle, WA 98109
Two-unit income property with separate entrances, private outdoor areas, and individual laundry.
Property Size2,520 SF
Lot Size0.11 Acres
Price / SF$416.67
Days on Market12
Property Features for 1730 Dexter Ave N
General Information
Standard status
Active
Size
2,520 SF
Total Parking Spaces
1
Lot size
0.11 Acres
Property subtype
Multi-Family
Zoning
LR3(M)
Units
Unit Mix
1 x 3BR/1.75BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
in-unit washer/dryer
private deck
private yard
fireplace
Building Details
Year Built
1924
Buildings
1
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Ben Douglas · License #22013305
(206) 623-8880
Source:
Viewhomesinpugetsound
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 26 at 7:27AM
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.
Built in 1924, this duplex includes a three-bedroom, 1.75-bath upper residence and a one-bedroom, one-bath daylight lower unit. The larger home spans the main and upper floors and includes wood cabinetry, solid surface countertops, recessed lighting, a fireplace, and a private deck oriented toward Lake Union and the Cascades. The lower unit has its own entrance, a fenced yard, and a bay window in the living room.
Both residences feature in-unit washers and dryers, while occupants pay their own utilities. Recent property improvements include a roof replacement in 2017 and updated electrical panels. The building occupies a 4,800 SF lot zoned LR3(M) and includes one carport space. Located on Dexter Avenue N in Seattle’s Queen Anne area, the property offers water views and a distinct two-unit configuration.
Both residences feature in-unit washers and dryers, while occupants pay their own utilities. Recent property improvements include a roof replacement in 2017 and updated electrical panels. The building occupies a 4,800 SF lot zoned LR3(M) and includes one carport space. Located on Dexter Avenue N in Seattle’s Queen Anne area, the property offers water views and a distinct two-unit configuration.
Key Highlights
- Two‑unit duplex with a 3 bed, 1.75 bath unit and a 1 bed, 1 bath unit
- 4,800 SF lot zoned LR3(M)
- Lake Union and Cascades views from the upper unit’s private deck
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
$45,485
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
4.33%
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%
$909,700
$909.7K
Cap Rate 7%
$649,786
$649.8K
Cap Rate 9%
$505,389
$505.4K
Market Conditions
NOI Build-Up for 2,520 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
$68.0K $27.00/SF
− Vacancy
−$3.1K −$1.22/SF
EGI
$65.0K $25.79/SF
− OpEx
−$19.5K −$7.74/SF
NOI
$45.5K $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%
$909,700
Cap Rate 7%
$649,786
Cap Rate 9%
$505,389
Alternative Uses
Best Use
Multifamily LT 5
$649.8K
$568.6K – $758.1K
NOI $45,485 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$607.6K
$531.7K – $708.9K
NOI $42,532 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$758.1K
$663.4K – $884.5K
NOI $53,070 @ 7.0% cap · market cap 5.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,272
Businesses Nearby
Explore this area
Business Placement
Demographics for 98109, WA
34,551
Population
23,162
Households
1.5
Avg Household Size
32
Median Age
78%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
18,185
Density / Sq Mi
$130,845
Median Household Income
$104,202
Median Earnings
$2,329
Median Rent
$986,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit income property with separate entrances, private outdoor areas, and individual laundry.
Where is this duplex located?
The property is located at 1730 Dexter Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Two‑unit duplex with a 3 bed, 1.75 bath unit and a 1 bed, 1 bath unit; 4,800 SF lot zoned LR3(M); Lake Union and Cascades views from the upper unit’s private deck
