Building Details

Year Built 1957

Listing Agency: COMPASS

Listed By: Connie Sorensen · License #23593 Show Phone

Source: Handrisrealty

Added: Sep 22 Changed: Sep 26 Last Checked: Sep 26 at 7:35AM

Report an Issue

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 COMPASS

Investment Insights

Based on property information with market context.

The 4,160-square-foot apartment property contains five units: one studio, two 2-bedroom/1-bath apartments and two 3-bedroom/1-bath apartments. The building dates to 1957 and has a newly installed roof. Most apartments include a private washer and dryer, and four have fireplaces. The property occupies a 0.75-acre parcel with R12 zoning and six water shares.

Two contiguous R12SO-zoned parcels are also available, with six additional water shares. Acquiring all three parcels would bring the total to 12 water shares alongside the existing multifamily property.

Key Highlights

• Five units: one studio, two 2‑bedroom/1‑bath apartments and two 3‑bedroom/1‑bath apartments
• 4,160 square feet on a 0.75‑acre parcel
• R12 zoning and 6 water shares on the property

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

$64,659

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

4.99%

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%

$1,293,180 $1.3M

Cap Rate 7%

$923,700 $923.7K

Cap Rate 9%

$718,433 $718.4K

Market Conditions

NOI Build-Up for 4,160 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

$124.8K $30.00/SF

− Vacancy

−$7.2K −$1.74/SF

EGI

$117.6K $28.26/SF

− OpEx

−$52.9K −$12.72/SF

NOI

$64.7K $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%

$1,293,180

Cap Rate 7%

$923,700

Cap Rate 9%

$718,433

Alternative Uses

Best Use

Apartment 5plus

$923.7K

$808.2K – $1.08M (±1% cap)

NOI $64,659 @ 7.0% cap · market cap 4.99%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.67M

$1.46M – $1.94M (±1% cap)

NOI $116,633 @ 7.0% cap · market cap 9.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Parking Lot & Garage Real Estate Agency HVAC Service Plumbing Service Furniture & Home Goods (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

Location Intelligence

Trade Area within ½ mile

77

Businesses Nearby

Explore this area Business Placement

Demographics for 98070, WA

11,055

Population

5,616

Households

2

Avg Household Size

53

Median Age

52%

College-Educated

98%

High-School Grad

36.9 sq mi

ZIP Area

300

Density / Sq Mi

$115,750

Median Household Income

$55,850

Median Earnings

$1,444

Median Rent

$717,700

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Apartment building - The unit mix ranges from studios to three-bedroom apartments on an R12-zoned parcel.

Where is this apartment building located?

The property is located at 17416 97th Ave SW Vashon, WA.

What is the asking price?

The asking price for this property is $1,295,000.

What are key features of this property?

This property features: Five units: one studio, two 2‑bedroom/1‑bath apartments and two 3‑bedroom/1‑bath apartments; 4,160 square feet on a 0.75‑acre parcel; R12 zoning and 6 water shares on the property