Beacon Hill Renovated Apartment
For Sale
$4,295,000
1815 13th Avenue S, Seattle, WA 98144
22-unit apartment building in Seattle's Beacon Hill neighborhood.
Property Size12,117 SF
Price / SF$354.46
Days on Market364
Property Features for 1815 13th Avenue S
General Information
Standard status
Active
Size
12,117 SF
Property subtype
Multi-Family
Net Operating Income
$295,244
Taxes and HOA fees
Annual Taxes
$43,040
Amenities
Vinyl Plank
Yes
No
3
Electric
Adjacent to Public Land,Alley,Corner Lot,Paved,Sidewalk
Public
0.1653
See Remarks
12117
Building Details
Building Size
12,117 SF
Year Built
1911
Stories
3
Listing Agency:
Paramount Real Estate Group
(360) 723-0155
Listed By:
Mike Stone
(360) 773-7058
Source:
Premierepropertygroup
Added: Sep 10, 2025
Changed: Sep 8
Last Checked: Sep 8 at 4:40AM
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 Paramount Real Estate Group
Investment Insights
Based on property information with market context.
This 22-unit apartment building is located in Seattle’s Beacon Hill neighborhood, providing residents with access to employment, retail, dining, and other amenities. The property has undergone improvements in recent years and features a unit mix of studio, one, and two-bedroom units with an average unit size of 560 square feet. Renovations include the replacement of all wiring and plumbing throughout the units, as well as complete kitchen and bathroom remodels. The property is positioned in the Beacon Hill submarket and presents an investment opportunity for buyers. The potential for success is abundant in this location.
Key Highlights
- Completely renovated units with modern kitchens and bathrooms.
- Prime location in Seattle's Beacon Hill neighborhood with easy access to employment, retail, and dining.
- Significant improvements and upgrades throughout the property.
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
$204,509
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
4.76%
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%
$4,090,180
$4.1M
Cap Rate 7%
$2,921,557
$2.9M
Cap Rate 9%
$2,272,322
$2.3M
Market Conditions
NOI Build-Up for 12,117 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
$385.3K $31.80/SF
− Vacancy
−$13.5K −$1.11/SF
EGI
$371.8K $30.69/SF
− OpEx
−$167.3K −$13.81/SF
NOI
$204.5K $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%
$4,090,180
Cap Rate 7%
$2,921,557
Cap Rate 9%
$2,272,322
Alternative Uses
Best Use
Apartment 5plus
$2.92M
$2.56M – $3.41M
NOI $204,509 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.65M
$3.19M – $4.25M
NOI $255,181 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,095
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 22-unit apartment building in Seattle's Beacon Hill neighborhood.
Where is this apartment building located?
The property is located at 1815 13th Avenue S Seattle, WA.
What is the asking price?
The asking price for this property is $4,295,000.
What are key features of this property?
This property features: Completely renovated units with modern kitchens and bathrooms.; Prime location in Seattle's Beacon Hill neighborhood with easy access to employment, retail, and dining.; Significant improvements and upgrades throughout the property.
