Remodeled Waterfront
1768 Alki Ave SW, Seattle, WA 98116
For Sale
$1,295,000
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 Market55
Property Features for 1768 Alki Ave SW
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Sep 21
Changed: Nov 13
Last Checked: Nov 10 at 7:26AM
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
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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 / Yr
$37,904
Cap Rate
2.93%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
428
Businesses Nearby
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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
$917,000
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Seattle, WA
Properties on Market for Triplexes in Seattle
Vacancy Rate% for Multifamily in West region
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
