Remodeled Waterfront
New
For Sale
$1,295,000
1768 Alki Ave SW, Seattle, WA 98116
Three residences include studio, one-bedroom, and two-bedroom layouts with two units currently leased.
Property Size2,100 SF
Price / SF$616.67
Days on Market7
Property Features for 1768 Alki Ave SW
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi-Family
Building Details
Year Built
1945
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 26 at 6:50AM
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 Ron Rougeaux
Investment Insights
Based on property information with market context.
Built in 1945 and measuring 2,100 square feet, this remodeled triplex contains three separate residences: a studio, a one-bedroom unit, and a two-bedroom unit. Two residences are leased, while the studio is available for occupancy, guest use, office use, or additional rental income.
The property sits at 1768 Alki Avenue SW across from the water, with views toward Puget Sound and the Olympic Mountains. Alki’s beach, waterfront path, restaurants, cafés, and recreation are nearby, while downtown Seattle is minutes away. The property can support continued operation as a residential income asset or personal home base, subject to verification of intended use and development feasibility.
The property sits at 1768 Alki Avenue SW across from the water, with views toward Puget Sound and the Olympic Mountains. Alki’s beach, waterfront path, restaurants, cafés, and recreation are nearby, while downtown Seattle is minutes away. The property can support continued operation as a residential income asset or personal home base, subject to verification of intended use and development feasibility.
Key Highlights
- Three‑residence triplex with studio, one‑bedroom, and two‑bedroom units
- 2,100 square feet on a waterfront property
- Two residences are currently leased
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
$37,904
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
2.93%
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%
$758,080
$758.1K
Cap Rate 7%
$541,486
$541.5K
Cap Rate 9%
$421,156
$421.2K
Market Conditions
NOI Build-Up for 2,100 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
$56.7K $27.00/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$54.1K $25.79/SF
− OpEx
−$16.2K −$7.74/SF
NOI
$37.9K $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%
$758,080
Cap Rate 7%
$541,486
Cap Rate 9%
$421,156
Alternative Uses
Best Use
Multifamily LT 5
$541.5K
$473.8K – $631.7K
NOI $37,904 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$506.3K
$443.0K – $590.7K
NOI $35,443 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$631.8K
$552.8K – $737.1K
NOI $44,225 @ 7.0% cap · market cap 3.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
428
Businesses Nearby
Explore this area
Business Placement
Demographics for 98116, WA
27,691
Population
14,652
Households
1.9
Avg Household Size
41
Median Age
69%
College-Educated
98%
High-School Grad
3.0 sq mi
ZIP Area
9,230
Density / Sq Mi
$130,504
Median Household Income
$86,680
Median Earnings
$2,033
Median Rent
$917,000
Median Home Value
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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?
Triplex - Three residences include studio, one-bedroom, and two-bedroom layouts with two units currently leased.
Where is this triplex located?
The property is located at 1768 Alki Ave SW Seattle, 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: Three‑residence triplex with studio, one‑bedroom, and two‑bedroom units; 2,100 square feet on a waterfront property; Two residences are currently leased
