Quadplex with Private
For Sale
$1,150,000
1822 S King St, Seattle, WA 98144
Renovated four-unit property with updated interiors, in-unit laundry, private outdoor space, and off-street parking.
Property Size2,640 SF
Price / SF$435.61
Days on Market10
Property Features for 1822 S King St
General Information
Standard status
Active
Size
2,640 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
3 x one-bed, 1 x two-bed
Multifamily Units
4
Amenities
private patio
in-unit laundry
dishwashers
skylights
Building Details
Year Built
1988
Year Renovated
2019
Listing Agency:
Kidder Mathews
Listed By:
Dan S. Swanson · License #13533
(206) 296-9610
Source:
Heartandhomesnw
Added: Sep 13
Changed: Sep 18
Last Checked: Sep 21 at 7:27AM
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.
This Seattle quadplex contains 3 one-bedroom units and 1 two-bedroom unit within a 2,640-square-foot building constructed in 1988. A full-gut renovation was completed in 2001, followed by unit renovations in 2019. Improvements include updated kitchens and bathrooms, contemporary finishes, in-unit laundry, modern systems, updated siding, and upgraded exterior stairs. Three units have dishwashers, and every unit includes a private patio. The property also provides 4 off-street parking spaces.
Upper-level residences feature 2 operable skylights apiece, with views toward Downtown Seattle, the Olympics, and the Stadium. Located at 1822 S King St, the property has a Walk Score of 94 and offers access to Downtown Seattle, major hospitals, neighborhood restaurants and shops, and transit options. One one-bedroom unit is currently furnished and operating as a short-term rental, while the remaining unit mix supports long-term rental use.
Upper-level residences feature 2 operable skylights apiece, with views toward Downtown Seattle, the Olympics, and the Stadium. Located at 1822 S King St, the property has a Walk Score of 94 and offers access to Downtown Seattle, major hospitals, neighborhood restaurants and shops, and transit options. One one-bedroom unit is currently furnished and operating as a short-term rental, while the remaining unit mix supports long-term rental use.
Key Highlights
- 3 one‑bedroom units and 1 two‑bedroom unit
- 2,640‑square‑foot quadplex built in 1988
- Full‑gut renovation completed in 2001; units renovated in 2019
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
4.14%
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 4.14%
Second Best
Apartment 5plus
$636.5K
$557.0K – $742.6K
NOI $44,558 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$794.3K
$695.0K – $926.6K
NOI $55,598 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Renovated four-unit property with updated interiors, in-unit laundry, private outdoor space, and off-street parking.
Where is this quadplex located?
The property is located at 1822 S King St Seattle, WA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 3 one‑bedroom units and 1 two‑bedroom unit; 2,640‑square‑foot quadplex built in 1988; Full‑gut renovation completed in 2001; units renovated in 2019
