Vacant Fourplex with
New
For Sale
$1,495,000
1953 10th Ave W, Seattle, WA 98119
Delivered vacant with in-unit laundry, basement storage, and LR1 (M) zoning.
Property Size3,550 SF
Lot Size0.17 Acres
Days on Market6
Property Features for 1953 10th Ave W
General Information
Standard status
Active
Size
3,550 SF
Total Parking Spaces
7
Lot size
0.17 Acres
Property subtype
Multifamily
Zoning
LR1 (M)
Additional Details
Multifamily Units
4
Amenities
in-unit laundry
basement storage
Building Details
Building Size
3,550 SF
Year Built
1906
Listing Agency:
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Listed By:
Candice Chevaillier, CCIM
(206) 773-2694
Source:
Lee-associates
Added: Sep 22
Last Checked: Sep 26 at 4:47AM
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
This fourplex is offered vacant, providing immediate control of the property for occupancy, renovation, or repositioning. Built in 1906, the property includes in-unit laundry, basement storage, seven parking spaces, and two garage spaces. The parcel measures 7,200 square feet and carries LR1 (M) zoning.
Located at 1953 10th Ave W in Seattle’s Queen Anne neighborhood, the property provides access to nearby Queen Anne amenities. The zoning and lot size may support future townhome redevelopment potential, subject to buyer verification. The existing fourplex configuration and vacant delivery allow the next owner to determine the preferred operating or improvement strategy.
Located at 1953 10th Ave W in Seattle’s Queen Anne neighborhood, the property provides access to nearby Queen Anne amenities. The zoning and lot size may support future townhome redevelopment potential, subject to buyer verification. The existing fourplex configuration and vacant delivery allow the next owner to determine the preferred operating or improvement strategy.
Key Highlights
- Fourplex delivered vacant
- 7,200 square foot lot with LR1 (M) zoning
- Seven parking spaces, including two garage spaces
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
$64,076
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
4.29%
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%
$1,281,520
$1.3M
Cap Rate 7%
$915,371
$915.4K
Cap Rate 9%
$711,956
$712.0K
Market Conditions
NOI Build-Up for 3,550 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
$95.9K $27.00/SF
− Vacancy
−$4.3K −$1.22/SF
EGI
$91.5K $25.79/SF
− OpEx
−$27.5K −$7.74/SF
NOI
$64.1K $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%
$1,281,520
Cap Rate 7%
$915,371
Cap Rate 9%
$711,956
Alternative Uses
Best Use
Multifamily LT 5
$915.4K
$801.0K – $1.07M
NOI $64,076 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$855.9K
$749.0K – $998.6K
NOI $59,916 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$1.07M
$934.5K – $1.25M
NOI $74,762 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
973
Businesses Nearby
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Delivered vacant with in-unit laundry, basement storage, and LR1 (M) zoning.
Where is this quadplex located?
The property is located at 1953 10th Ave W Seattle, WA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Fourplex delivered vacant; 7,200 square foot lot with LR1 (M) zoning; Seven parking spaces, including two garage spaces
