Four-Unit Multifamily
For Sale
$1,749,500
1745 12TH Unit 1 - 4, Seattle, WA 98144
1900-built four-unit property with a solar-offset top unit and studio through 3-bedroom penthouse layouts.
Property Size4,589 SF
Price / SF$381.24
Days on Market142
Property Features for 1745 12TH Unit 1 - 4
General Information
Standard status
Active
Size
4,589 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Listing Agency:
Keller Williams Downtown Sea
Listed By:
Nicholas T. Vilvandre
(206) 522-3400
Source:
Skylineproperties
Added: Apr 16
Changed: Sep 2
Last Checked: Sep 4 at 10:08AM
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 Keller Williams Downtown Sea
Investment Insights
Based on property information with market context.
This classic 1900-built four-unit multifamily property offers a practical mix of living configurations, including a 3-bedroom view penthouse, a 2-bedroom unit, a studio, and a 1-bedroom garden unit, along with a non-conforming caretaker unit. The top-floor unit also benefits from solar offset for electric use, adding a specific energy-related improvement within the building’s existing layout.
The property is located on a quiet street near light rail, with access to Downtown Seattle, SODO, and major commuter routes. With multiple units in place and additional units described as coming available, the building supports owner-occupant or house-hacking scenarios while maintaining rental income.
The property is located on a quiet street near light rail, with access to Downtown Seattle, SODO, and major commuter routes. With multiple units in place and additional units described as coming available, the building supports owner-occupant or house-hacking scenarios while maintaining rental income.
Key Highlights
- 1900‑built 4‑unit property with a mix of studio, 1‑bedroom garden unit, 2‑bedroom unit, and 3‑bedroom view penthouse
- Top (penthouse) unit includes solar offset for electric use
- Includes a non‑conforming caretaker unit in addition to the main 4‑unit layout
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
$82,829
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
4.73%
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%
$1,656,580
$1.7M
Cap Rate 7%
$1,183,271
$1.2M
Cap Rate 9%
$920,322
$920.3K
Market Conditions
NOI Build-Up for 4,589 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
$123.9K $27.00/SF
− Vacancy
−$5.6K −$1.22/SF
EGI
$118.3K $25.79/SF
− OpEx
−$35.5K −$7.74/SF
NOI
$82.8K $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%
$1,656,580
Cap Rate 7%
$1,183,271
Cap Rate 9%
$920,322
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.04M – $1.38M
NOI $82,829 @ 7.0% cap · market cap 4.73%
Second Best
Apartment 5plus
$1.11M
$968.2K – $1.29M
NOI $77,452 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,643 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,310
Businesses Nearby
Explore this area
Business Placement
Demographics for 98144, WA
32,178
Population
16,381
Households
2
Avg Household Size
38
Median Age
62%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
9,464
Density / Sq Mi
$94,051
Median Household Income
$65,078
Median Earnings
$1,805
Median Rent
$890,400
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?
Quadplex - 1900-built four-unit property with a solar-offset top unit and studio through 3-bedroom penthouse layouts.
Where is this quadplex located?
The property is located at 1745 12TH Unit 1 - 4 Seattle, WA.
What is the asking price?
The asking price for this property is $1,749,500.
What are key features of this property?
This property features: 1900‑built 4‑unit property with a mix of studio, 1‑bedroom garden unit, 2‑bedroom unit, and 3‑bedroom view penthouse; Top (penthouse) unit includes solar offset for electric use; Includes a non‑conforming caretaker unit in addition to the main 4‑unit layout
