Quadplex with Private
For Sale
$1,395,000
1822 King Unit A-D, Seattle, WA 98144
Four-unit quadplex with private patios and in-unit laundry, plus 4 off-street parking spaces.
Property Size2,640 SF
Price / SF$528.41
Days on Market37
Property Features for 1822 King Unit A-D
General Information
Standard status
Active
Size
2,640 SF
Total Parking Spaces
4
Property subtype
Multi-family
Amenities
in-unit laundry
dishwashers
skylights
private patio
Building Details
Year Built
1988
Year Renovated
2019
Tenancy
Multi
Listing Agency:
Kidder Mathews
Listed By:
Dan S. Swanson
(206) 522-3400
Source:
Skylineproperties
Added: Jul 6
Changed: Aug 11
Last Checked: Aug 10 at 4:08AM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
1822 King St (Units A–D) is a quadplex featuring an efficient mix of 3 one-bedroom units and 1 two-bedroom unit. The building was constructed in 1988 and underwent a full-gut renovation in 2001, with updated siding and upgraded exterior stairs. Each unit includes in-unit laundry, updated kitchens and bathrooms, and a private patio.
Unit finishes include contemporary updates completed in 2019. Three of the four units have dishwashers, and the upper units each offer 2 operable skylights along with views of Downtown Seattle, the Olympics, and the Stadium. The property has 4 off-street parking spaces.
One of the one-bedroom units is furnished and has been used as a short-term rental. Built as a flexible income strategy, the property can support a mix of short-term and long-term rental approaches.
Unit finishes include contemporary updates completed in 2019. Three of the four units have dishwashers, and the upper units each offer 2 operable skylights along with views of Downtown Seattle, the Olympics, and the Stadium. The property has 4 off-street parking spaces.
One of the one-bedroom units is furnished and has been used as a short-term rental. Built as a flexible income strategy, the property can support a mix of short-term and long-term rental approaches.
Key Highlights
- Four‑unit quadplex with 3 one‑bed units and 1 two‑bed unit
- Each unit has its own private patio
- Units renovated in 2019 with updated kitchens and bathrooms plus 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
$47,651
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
3.42%
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%
$953,020
$953.0K
Cap Rate 7%
$680,729
$680.7K
Cap Rate 9%
$529,456
$529.5K
Market Conditions
NOI Build-Up for 2,640 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
$71.3K $27.00/SF
− Vacancy
−$3.2K −$1.22/SF
EGI
$68.1K $25.79/SF
− OpEx
−$20.4K −$7.74/SF
NOI
$47.7K $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%
$953,020
Cap Rate 7%
$680,729
Cap Rate 9%
$529,456
Alternative Uses
Best Use
Multifamily LT 5
$680.7K
$595.6K – $794.2K
NOI $47,651 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$636.5K
$557.0K – $742.6K
NOI $44,558 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$794.3K
$695.0K – $926.6K
NOI $55,598 @ 7.0% cap · market cap 3.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,933
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit quadplex with private patios and in-unit laundry, plus 4 off-street parking spaces.
Where is this quadplex located?
The property is located at 1822 King Unit A-D Seattle, WA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3 one‑bed units and 1 two‑bed unit; Each unit has its own private patio; Units renovated in 2019 with updated kitchens and bathrooms plus in‑unit laundry
