Fourplex with Alley
For Sale
$1,395,000
2021 15TH, Seattle, WA 98144
Four-unit property with varied layouts, an updated kitchen, and gated backyard access.
Property Size4,230 SF
Lot Size0.12 Acres
Price / SF$329.79
Days on Market61
Property Features for 2021 15TH
General Information
Standard status
Active
Size
4,230 SF
Total Parking Spaces
4
Lot size
0.12 Acres
Property subtype
Multi-family
Zoning
LR2
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
4
Amenities
coin-op washer & dryer
extra storage
gated backyard
private deck
Building Details
Year Built
1916
Buildings
1
Listing Agency:
John L. Scott Des Moines
Listed By:
Paul Lau
(206) 363-8509
Source:
Century21northhomes
Added: Jul 2
Changed: Aug 29
Last Checked: Aug 30 at 5:33PM
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 John L. Scott Des Moines
Investment Insights
Based on property information with market context.
This 1916 multifamily property contains four units totaling 6 bedrooms and 5 bathrooms, with a mix of one- and two-bedroom floor plans. Unit 1 offers approximately 1,400 square feet with one bedroom, one bathroom, and living, kitchen, and dining areas. Unit 2 provides approximately 1,400 square feet, two bedrooms, two bathrooms, a primary ensuite, and an updated kitchen with stainless steel appliances, granite countertops, and access to the gated backyard. The upper level includes approximately 600-square-foot and 800-square-foot units, with the latter opening to a private deck.
The property sits on a 5,040-square-foot LR2 lot and includes four uncovered parking spaces accessed from the alley. Beacon Hill light rail station is five blocks away, while Judkins Park’s East Link station is approximately 10 blocks away. Additional features include LVP and hardwood flooring, two water heaters, coin-operated laundry equipment, extra storage, and good ceiling heights throughout.
The property sits on a 5,040-square-foot LR2 lot and includes four uncovered parking spaces accessed from the alley. Beacon Hill light rail station is five blocks away, while Judkins Park’s East Link station is approximately 10 blocks away. Additional features include LVP and hardwood flooring, two water heaters, coin-operated laundry equipment, extra storage, and good ceiling heights throughout.
Key Highlights
- Four‑unit multifamily property with 6Br/5Ba
- 5,040 sqft. LR2 lot with 4 uncovered alley‑access parking spaces
- Unit 2 includes updated kitchen, S/S appliances, granite counters, and gated backyard access
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
$76,349
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
5.47%
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%
$1,526,980
$1.5M
Cap Rate 7%
$1,090,700
$1.1M
Cap Rate 9%
$848,322
$848.3K
Market Conditions
NOI Build-Up for 4,230 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
$114.2K $27.00/SF
− Vacancy
−$5.1K −$1.22/SF
EGI
$109.1K $25.79/SF
− OpEx
−$32.7K −$7.74/SF
NOI
$76.3K $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%
$1,526,980
Cap Rate 7%
$1,090,700
Cap Rate 9%
$848,322
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$954.4K – $1.27M
NOI $76,349 @ 7.0% cap · market cap 5.47%
Second Best
Apartment 5plus
$1.02M
$892.4K – $1.19M
NOI $71,393 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $89,083 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
416
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 property with varied layouts, an updated kitchen, and gated backyard access.
Where is this quadplex located?
The property is located at 2021 15TH 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 multifamily property with 6Br/5Ba; 5,040 sqft. LR2 lot with 4 uncovered alley‑access parking spaces; Unit 2 includes updated kitchen, S/S appliances, granite counters, and gated backyard access
