7-Unit Apartment Building with
For Sale
$2,300,000
2239 Yale, Seattle, WA 98102
The unit mix includes three studios, three one-bedroom apartments, and a two-bedroom penthouse with a private deck.
Property Size4,800 SF
Price / SF$479.17
Days on Market8
Property Features for 2239 Yale
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Multi-family
Units
Unit Mix
3 x Studio, 3 x 1BR, 1 x 2BR/1.5BA
Multifamily Units
7
Additional Details
Public Transit
Yes
Amenities
deck
off-street parking
landscaping
outdoor spaces
laundry room
coin-operated laundry
storage
Building Details
Year Built
1962
Tenancy
Multi
Listing Agency:
Windermere Real Estate Midtown
Listed By:
Lauren Hendricks
(206) 522-3400
Source:
Skylineproperties
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 2:30PM
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 Windermere Real Estate Midtown
Investment Insights
Based on property information with market context.
This 7-unit apartment property, built in 1962, includes three studios, three one-bedroom apartments, and a two-bedroom, 1.5-bath penthouse. The penthouse has a nearly 1,000-square-foot deck with views of the Seattle skyline, the Space Needle, Gas Works Park, and Lake Union. Copper plumbing, updated kitchens and bathrooms in five units, and new electrical panels are among the building improvements.
Residents have off-street parking, mature landscaping, separate outdoor spaces, an on-site coin-operated laundry room, and storage for each unit. The property is in Seattle’s Eastlake neighborhood, with proximity to mass transit, South Lake Union, the University of Washington, and downtown Seattle.
Residents have off-street parking, mature landscaping, separate outdoor spaces, an on-site coin-operated laundry room, and storage for each unit. The property is in Seattle’s Eastlake neighborhood, with proximity to mass transit, South Lake Union, the University of Washington, and downtown Seattle.
Key Highlights
- 7 units: 3 studios, 3 one‑bedroom apartments, and 1 two‑bedroom, 1.5‑bath penthouse
- Penthouse includes a nearly 1,000 SF deck with views of the Seattle skyline, Space Needle, Gas Works Park, and Lake Union
- Updated kitchens and bathrooms in 5 units; copper plumbing and new electrical panels throughout
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
$81,014
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
3.52%
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%
$1,620,280
$1.6M
Cap Rate 7%
$1,157,343
$1.2M
Cap Rate 9%
$900,156
$900.2K
Market Conditions
NOI Build-Up for 4,800 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
$152.6K $31.80/SF
− Vacancy
−$5.3K −$1.11/SF
EGI
$147.3K $30.69/SF
− OpEx
−$66.3K −$13.81/SF
NOI
$81.0K $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%
$1,620,280
Cap Rate 7%
$1,157,343
Cap Rate 9%
$900,156
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $81,014 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,087 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,505
Businesses Nearby
Explore this area
Business Placement
Demographics for 98102, WA
25,066
Population
17,944
Households
1.4
Avg Household Size
34
Median Age
79%
College-Educated
99%
High-School Grad
1.3 sq mi
ZIP Area
19,282
Density / Sq Mi
$114,395
Median Household Income
$80,130
Median Earnings
$1,920
Median Rent
$988,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - The unit mix includes three studios, three one-bedroom apartments, and a two-bedroom penthouse with a private deck.
Where is this apartment building located?
The property is located at 2239 Yale Seattle, WA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 7 units: 3 studios, 3 one‑bedroom apartments, and 1 two‑bedroom, 1.5‑bath penthouse; Penthouse includes a nearly 1,000 SF deck with views of the Seattle skyline, Space Needle, Gas Works Park, and Lake Union; Updated kitchens and bathrooms in 5 units; copper plumbing and new electrical panels throughout
