6-Unit Apartment Building with
2108 NE 85th Street, Seattle, WA 98115
For Sale
$1,450,000
Pending
Interior upgrades and recent system work complement shared laundry and off-street parking.
Property Size4,360 SF
Lot Size0.18 Acres
Days on Market33
Property Features for 2108 NE 85th Street
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Occupancy
Site & Location
Neighborhood
Highway Access
Public Transit
Units
Unit Mix
Multifamily Units
Additional Details
Cap Rate
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
shared laundry
storage units
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Opal Blue Real Estate, LLC
Listed By:
Grant Fosheim
(425) 359-7259
Source:
Mummahomes
Added: Oct 13
Changed: Nov 6
Last Checked: Nov 13 at 9:54AM
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 Opal Blue Real Estate, LLC
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Investment Insights
Based on property information with market context.
This 1970 apartment building contains six residences: two 1BD/1BA units of approximately 580 sf each and four 2BD/1BA units of approximately 800 sf each. Five units have updated flooring, paint and electrical packages; three of those also have remodeled kitchens and bathrooms. Recent capital work includes new electrical panels in 2025, double-pane vinyl windows throughout in 2025, a main sewer line replacement in 2022 and newer hot water tanks from 2023. A large basement includes shared laundry and four storage units, while six off-street parking spaces serve the property.
The building is in Seattle’s Wedgwood neighborhood, near Green Lake, Seattle Children’s Hospital, the University of Washington, I-5 and the Roosevelt light rail station. The property currently has no vacancies or delinquencies and reports a 5.74% cap rate. The stated 7.13% cap rate at market rents assumes completing remaining renovations as units turn over and adding in-unit washers and dryers to the 2BD units.
The building is in Seattle’s Wedgwood neighborhood, near Green Lake, Seattle Children’s Hospital, the University of Washington, I-5 and the Roosevelt light rail station. The property currently has no vacancies or delinquencies and reports a 5.74% cap rate. The stated 7.13% cap rate at market rents assumes completing remaining renovations as units turn over and adding in-unit washers and dryers to the 2BD units.
Key Highlights
- Six‑unit mix: two 1BD/1BA units at approximately 580 sf and four 2BD/1BA units at approximately 800 sf
- Five units updated; three of those also have remodeled kitchens and bathrooms
- Electrical panels and double‑pane vinyl windows updated in 2025; main sewer line replaced in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,886
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,317,720
$1.3M
Cap Rate 7%
$941,229
$941.2K
Cap Rate 9%
$732,067
$732.1K
Market Conditions
NOI Build-Up for 4,360 SF
Gross rent
$125.0K $28.68/SF
− Vacancy
−$5.3K −$1.20/SF
EGI
$119.8K $27.48/SF
− OpEx
−$53.9K −$12.36/SF
NOI
$65.9K $15.11/SF
Area
ZIP 98115
Vacancy
4.20%
Lease Rate
$28.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,317,720
Cap Rate 7%
$941,229
Cap Rate 9%
$732,067
Alternative Uses
Best Use
Apartment 5plus
$941.2K
$823.6K – $1.10M
NOI $65,886 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,240 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
Explore this area
Business Placement
Demographics for 98115, WA
54,322
Population
24,966
Households
2.2
Avg Household Size
36
Median Age
78%
College-Educated
99%
High-School Grad
6.6 sq mi
ZIP Area
8,231
Density / Sq Mi
$148,190
Median Household Income
$82,332
Median Earnings
$2,118
Median Rent
$1,041,500
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Seattle, WA
Properties on Market for Apartment buildings in Seattle
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Interior upgrades and recent system work complement shared laundry and off-street parking.
Where is this apartment building located?
The property is located at 2108 NE 85th Street Seattle, WA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Six‑unit mix: two 1BD/1BA units at approximately 580 sf and four 2BD/1BA units at approximately 800 sf; Five units updated; three of those also have remodeled kitchens and bathrooms; Electrical panels and double‑pane vinyl windows updated in 2025; main sewer line replaced in 2022
