Seattle Duplex Redevelopment
For Sale
$675,000
203 23rd Ave, Seattle, WA 98122
Duplex on corner lot near downtown Seattle, zoned LR2(M).
Property Size2,940 SF
Price / SF$229.59
Days on Market302
Property Features for 203 23rd Ave
General Information
Standard status
Active
Size
2,940 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Danforth
Listed By:
Virginia Lawson
(206) 971-8800
Source:
Robb4realestate
Added: Dec 3, 2025
Changed: Sep 18
Last Checked: Oct 1 at 1:22PM
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 Coldwell Banker Danforth
Investment Insights
Based on property information with market context.
This property presents an investment or redevelopment opportunity in Seattle, featuring a duplex constructed in 1900. The building offers a total of 2,940 square feet, suitable for renovation or redevelopment. Situated on a 4,800 square foot corner lot, the property is zoned LR2(M), allowing for multi-unit development or redevelopment. The location provides convenient access to downtown, I-5, I-90, schools, parks, and public transportation. This property is suitable for builders, investors, or those looking for a project with redevelopment potential.
Key Highlights
- LR2(M) zoning allows for multi‑unit development or redevelopment.
- Large 4,800 SF corner lot.
- 2,940 SF duplex ready for renovation or reimagining.
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
$53,066
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
7.86%
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%
$1,061,320
$1.1M
Cap Rate 7%
$758,086
$758.1K
Cap Rate 9%
$589,622
$589.6K
Market Conditions
NOI Build-Up for 2,940 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
$79.4K $27.00/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$75.8K $25.79/SF
− OpEx
−$22.7K −$7.74/SF
NOI
$53.1K $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%
$1,061,320
Cap Rate 7%
$758,086
Cap Rate 9%
$589,622
Alternative Uses
Best Use
Multifamily LT 5
$758.1K
$663.3K – $884.4K
NOI $53,066 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$708.9K
$620.3K – $827.0K
NOI $49,621 @ 7.0% cap · market cap 7.35%
Theoretical Best
Office A
$884.5K
$774.0K – $1.03M
NOI $61,916 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,627
Businesses Nearby
Explore this area
Business Placement
Demographics for 98122, WA
41,646
Population
24,942
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
18,107
Density / Sq Mi
$106,479
Median Household Income
$69,673
Median Earnings
$1,991
Median Rent
$929,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Duplex on corner lot near downtown Seattle, zoned LR2(M).
Where is this residential land & home lot located?
The property is located at 203 23rd Ave Seattle, WA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: LR2(M) zoning allows for multi‑unit development or redevelopment.; Large 4,800 SF corner lot.; 2,940 SF duplex ready for renovation or reimagining.
