12-Unit Apartment
For Sale
$2,499,900
2201 S Main Street, Seattle, WA 98144
Well-maintained multifamily property with private decks, updated electrical panels, and dual-pane windows throughout.
Property Size9,300 SF
Days on Market10
Property Features for 2201 S Main Street
General Information
Standard status
Active
Size
9,300 SF
Total Parking Spaces
12
Property subtype
Multi Family
Units
Unit Mix
6 x 1BR, 6 x 2BR
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$37,271
Building Details
Building Size
9,300 SF
Year Built
1967
Listing Agency:
Lumin Brokers of Washington
(206) 888-8888
Listed By:
Rich Kim · License #50106
Source:
Marypong
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 20 at 11:08AM
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 Lumin Brokers of Washington
Investment Insights
Based on property information with market context.
This 12-unit apartment property was built in 1967 and offers an even mix of one- and two-bedroom residences averaging 733 square feet. Each unit includes a private deck and spacious layout, while property-wide improvements include updated electrical panels and dual-pane windows. Select residences also have refreshed flooring, bathrooms, and kitchens.
The property is located at 2201 S Main Street in Seattle, positioned between Downtown Seattle and Lake Washington. Its Walk Score of 94 places the community near Central District restaurants, coffee shops, parks, and entertainment. On-site parking provides 12 spaces, including 6 covered spaces and 6 off-street spaces.
The property is located at 2201 S Main Street in Seattle, positioned between Downtown Seattle and Lake Washington. Its Walk Score of 94 places the community near Central District restaurants, coffee shops, parks, and entertainment. On-site parking provides 12 spaces, including 6 covered spaces and 6 off-street spaces.
Key Highlights
- 12‑unit apartment community with an even split of one- and two‑bedroom homes
- Units average 733 square feet and each includes a private deck
- 12 on‑site parking spaces: 6 covered and 6 off‑street
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
$156,964
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
6.28%
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%
$3,139,280
$3.1M
Cap Rate 7%
$2,242,343
$2.2M
Cap Rate 9%
$1,744,044
$1.7M
Market Conditions
NOI Build-Up for 9,300 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
$295.7K $31.80/SF
− Vacancy
−$10.4K −$1.11/SF
EGI
$285.4K $30.69/SF
− OpEx
−$128.4K −$13.81/SF
NOI
$157.0K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$3,139,280
Cap Rate 7%
$2,242,343
Cap Rate 9%
$1,744,044
Alternative Uses
Best Use
Apartment 5plus
$2.24M
$1.96M – $2.62M
NOI $156,964 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.80M
$2.45M – $3.26M
NOI $195,855 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,379
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?
Apartment building - Well-maintained multifamily property with private decks, updated electrical panels, and dual-pane windows throughout.
Where is this apartment building located?
The property is located at 2201 S Main Street Seattle, WA.
What is the asking price?
The asking price for this property is $2,499,900.
What are key features of this property?
This property features: 12‑unit apartment community with an even split of one- and two‑bedroom homes; Units average 733 square feet and each includes a private deck; 12 on‑site parking spaces: 6 covered and 6 off‑street
