Six-Unit Apartment
For Sale
$1,399,000
17816 44TH, Lynnwood, WA 98037
Updated kitchens, resident parking, and full occupancy support established multifamily operations.
Property Size3,600 SF
Price / SF$388.61
Days on Market16
Property Features for 17816 44TH
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Multi-family
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
6
Building Details
Year Built
1962
Listing Agency:
Kelly Right RE of Seattle LLC
Listed By:
Anna Ngo · License #NWM46801
(425) 205-2135
Source:
Skylineproperties
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 29 at 10:11AM
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 Kelly Right RE of Seattle LLC
Investment Insights
Based on property information with market context.
This six-unit apartment property was built in 1962 and is currently occupied across all units. Interior updates include granite kitchen countertops, while a large concrete driveway provides dedicated parking stalls for residents. The property offers an established multifamily configuration with long-term tenancy, including multiple residents who have remained in place for 6+ years.
Located at 17816 44th Avenue W in Lynnwood, the property provides access to I-5, shopping, transit, and area amenities. The front portion of the property may offer an additional lot or development opportunity; zoning, feasibility, and development potential require verification with the appropriate jurisdiction. Exterior viewing is available without disturbing tenants.
Located at 17816 44th Avenue W in Lynnwood, the property provides access to I-5, shopping, transit, and area amenities. The front portion of the property may offer an additional lot or development opportunity; zoning, feasibility, and development potential require verification with the appropriate jurisdiction. Exterior viewing is available without disturbing tenants.
Key Highlights
- Six‑unit apartment property with all six units currently occupied
- Units updated with granite countertops in the kitchens
- Large concrete driveway with dedicated resident parking stalls
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
$53,846
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
3.85%
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%
$1,076,920
$1.1M
Cap Rate 7%
$769,229
$769.2K
Cap Rate 9%
$598,289
$598.3K
Market Conditions
NOI Build-Up for 3,600 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
$105.8K $29.40/SF
− Vacancy
−$7.9K −$2.21/SF
EGI
$97.9K $27.20/SF
− OpEx
−$44.1K −$12.24/SF
NOI
$53.8K $14.96/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$29.40 /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%
$1,076,920
Cap Rate 7%
$769,229
Cap Rate 9%
$598,289
Alternative Uses
Best Use
Apartment 5plus
$769.2K
$673.1K – $897.4K
NOI $53,846 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$878.5K – $1.17M
NOI $70,278 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
547
Businesses Nearby
Explore this area
Business Placement
Demographics for 98037, WA
29,584
Population
12,032
Households
2.5
Avg Household Size
39
Median Age
37%
College-Educated
88%
High-School Grad
5.8 sq mi
ZIP Area
5,101
Density / Sq Mi
$104,357
Median Household Income
$57,281
Median Earnings
$1,864
Median Rent
$683,600
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?
Apartment building - Updated kitchens, resident parking, and full occupancy support established multifamily operations.
Where is this apartment building located?
The property is located at 17816 44TH Lynnwood, WA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Six‑unit apartment property with all six units currently occupied; Units updated with granite countertops in the kitchens; Large concrete driveway with dedicated resident parking stalls
