Waterfront 6-Unit Multifamily
For Sale
$2,975,000
1788 Alki Avenue SW, Seattle, WA 98116
Two-building waterfront income property with renovated units, in-unit laundry, and off-street parking on an LR2(M) zoned lot.
Property Size7,200 SF
Lot Size0.28 Acres
Price / SF$413.19
Days on Market157
Property Features for 1788 Alki Avenue SW
General Information
Standard status
Active
Size
7,200 SF
Total Parking Spaces
10
Lot size
0.28 Acres
Property subtype
Multi-Family
Zoning
LR2(M)
Net Operating Income
$146,607
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$25,643
Amenities
Laminate,Vinyl Plank,Carpet
Yes
No
3
12
Electric
10
12000
0.2755
Wood
Poured Concrete
7200
Building Details
Building Size
7,200 SF
Year Built
1937
Stories
3
Tenancy
Multi
Listing Agency:
Horizon Real Estate
(971) 300-3050
Listed By:
Brittany Westhora
(971) 300-3050
Source:
Premierepropertygroup
Added: Mar 17
Changed: Aug 19
Last Checked: Aug 20 at 4:35AM
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 Horizon Real Estate
Investment Insights
Based on property information with market context.
This 6-unit multifamily property is arranged in two buildings and positioned to take advantage of waterfront scenery. The current unit mix includes spacious renovated units averaging approximately 1,200 SF, with in-unit laundry. The property also benefits from off-street parking for approximately 8-10 cars, supporting day-to-day tenant convenience and access.
The asset sits on Alki Avenue SW on a 12,000 SF lot zoned LR2(M). It offers unobstructed Puget Sound and Olympic Mountain views and is described as being just steps from Alki Beach and the Alki Trail, along with dining and neighborhood amenities in the surrounding area.
For buyers seeking a maintained, income-producing waterfront property with parking and in-unit laundry, the current configuration may fit a range of operational plans. The zoning and land footprint may also support future redevelopment optionality, subject to buyer verification and all applicable approvals. Buyer to verify all information to their satisfaction.
The asset sits on Alki Avenue SW on a 12,000 SF lot zoned LR2(M). It offers unobstructed Puget Sound and Olympic Mountain views and is described as being just steps from Alki Beach and the Alki Trail, along with dining and neighborhood amenities in the surrounding area.
For buyers seeking a maintained, income-producing waterfront property with parking and in-unit laundry, the current configuration may fit a range of operational plans. The zoning and land footprint may also support future redevelopment optionality, subject to buyer verification and all applicable approvals. Buyer to verify all information to their satisfaction.
Key Highlights
- Two‑building waterfront multifamily on Alki Ave SW with water views and Olympic Mountain views
- 6‑unit property with 3 total stories and 7,200 SF total building area
- Renovated unit mix with spacious units averaging approximately 1,200 SF and in‑unit laundry
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
$121,521
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
4.08%
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%
$2,430,420
$2.4M
Cap Rate 7%
$1,736,014
$1.7M
Cap Rate 9%
$1,350,233
$1.4M
Market Conditions
NOI Build-Up for 7,200 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
$229.0K $31.80/SF
− Vacancy
−$8.0K −$1.11/SF
EGI
$220.9K $30.69/SF
− OpEx
−$99.4K −$13.81/SF
NOI
$121.5K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /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%
$2,430,420
Cap Rate 7%
$1,736,014
Cap Rate 9%
$1,350,233
Alternative Uses
Best Use
Apartment 5plus
$1.74M
$1.52M – $2.03M
NOI $121,521 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $151,630 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
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
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 - Two-building waterfront income property with renovated units, in-unit laundry, and off-street parking on an LR2(M) zoned lot.
Where is this apartment building located?
The property is located at 1788 Alki Avenue SW Seattle, WA.
What is the asking price?
The asking price for this property is $2,975,000.
What are key features of this property?
This property features: Two‑building waterfront multifamily on Alki Ave SW with water views and Olympic Mountain views; 6‑unit property with 3 total stories and 7,200 SF total building area; Renovated unit mix with spacious units averaging approximately 1,200 SF and in‑unit laundry
