Lake Union View
For Sale
$1,050,000
1732 Dexter Avenue N, Seattle, WA 98109
Two-unit residential property with one renovated unit, private outdoor space, and in-unit laundry.
Property Size2,140 SF
Lot Size0.11 Acres
Days on Market11
Property Features for 1732 Dexter Avenue N
General Information
Standard status
Active
Size
2,140 SF
Net Rentable
2,140 SF
Total Parking Spaces
3
Lot size
0.11 Acres
Property subtype
Multi Family
Zoning
LR3 (M)
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
$9,438
Amenities
in-unit laundry
Building Details
Building Size
2,140 SF
Year Built
1950
Buildings
1
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Ben Douglas · License #22013305
(206) 623-8880
Source:
Marypong
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 26 at 11:23AM
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 1950-built duplex at 1732-1734 Dexter Ave N contains 2,140 square feet of rentable area on a 4,800 square foot lot zoned LR3 (M). The main-level 1732 unit offers two bedrooms and one bathroom and has been renovated with white shaker cabinetry, quartz countertops, stainless appliances, updated flooring, fresh paint, a glass-enclosed shower, and a new vanity. Large living and dining room windows face Lake Union, with a balcony extending from the main floor. The lower-level 1734 unit includes one bedroom, one bathroom, a separate entrance, and a rear deck. Both residences have in-unit laundry and Lake Union views, while tenants pay their own utilities. Three parking spaces are provided, including two carport spaces. One unit is vacant at closing, and the other is leased at market rent. The property is served by Dexter Ave N’s protected bike lane and frequent bus service, with South Lake Union less than one mile away.
Key Highlights
- 2,140 square feet of rentable area on a 4,800 square foot lot
- LR3 (M) zoning with a two‑bedroom and one‑bedroom unit mix
- 1732 unit renovated with quartz counters, stainless appliances, new flooring, and fresh paint
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
$38,626
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
3.68%
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%
$772,520
$772.5K
Cap Rate 7%
$551,800
$551.8K
Cap Rate 9%
$429,178
$429.2K
Market Conditions
NOI Build-Up for 2,140 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
$57.8K $27.00/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$55.2K $25.79/SF
− OpEx
−$16.6K −$7.74/SF
NOI
$38.6K $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%
$772,520
Cap Rate 7%
$551,800
Cap Rate 9%
$429,178
Alternative Uses
Best Use
Multifamily LT 5
$551.8K
$482.8K – $643.8K
NOI $38,626 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$516.0K
$451.5K – $602.0K
NOI $36,119 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$643.8K
$563.4K – $751.1K
NOI $45,068 @ 7.0% cap · market cap 4.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
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?
Duplex - Two-unit residential property with one renovated unit, private outdoor space, and in-unit laundry.
Where is this duplex located?
The property is located at 1732 Dexter Avenue 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: 2,140 square feet of rentable area on a 4,800 square foot lot; LR3 (M) zoning with a two‑bedroom and one‑bedroom unit mix; 1732 unit renovated with quartz counters, stainless appliances, new flooring, and fresh paint
