10-Unit Apartment Building Near Alki
For Sale
Contact for pricing
2250 Bonair Place SW, Seattle, WA 98116
Fully occupied multifamily property with renovation potential and LR1 (M) zoning near the Alki Beach waterfront.
Property Size6,550 SF
Price / SF$473.28
Days on Market119
Property Features for 2250 Bonair Place SW
General Information
Standard status
Active
Size
6,550 SF
Class
B
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
LR1 (M)
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$155,907
Building Details
Year Built
1927
Stories
3
Units
10
Tenancy
Multi
Listing Agency:
Cushman & Wakefield - Seattle, Washington
(206) 369-7599
Listed By:
Tim McKay · License #95945
Source:
Crexi
Added: May 4
Changed: Aug 29
Last Checked: Aug 29 at 1:49PM
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 Cushman & Wakefield - Seattle, Washington
Investment Insights
Based on property information with market context.
La Playa Vista Apartments is a 10-unit multifamily building totaling 6,550 square feet. Constructed in 1927, the property is currently 100% occupied and offers a renovation opportunity within an established apartment asset. The building is zoned LR1 (M).
The property is located at 2250 Bonair Place SW in Seattle, Washington, one block from the Alki Beach waterfront in West Seattle. Its compact unit count and coastal setting provide a defined multifamily profile for investors evaluating an occupied apartment building with future improvement potential.
The property is located at 2250 Bonair Place SW in Seattle, Washington, one block from the Alki Beach waterfront in West Seattle. Its compact unit count and coastal setting provide a defined multifamily profile for investors evaluating an occupied apartment building with future improvement potential.
Key Highlights
- 10‑unit apartment building totaling 6,550 square feet
- 100% occupied tenancy
- Built in 1927
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
$110,550
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
3.57%
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%
$2,211,000
$2.2M
Cap Rate 7%
$1,579,286
$1.6M
Cap Rate 9%
$1,228,333
$1.2M
Market Conditions
NOI Build-Up for 6,550 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
$208.3K $31.80/SF
− Vacancy
−$7.3K −$1.11/SF
EGI
$201.0K $30.69/SF
− OpEx
−$90.4K −$13.81/SF
NOI
$110.5K $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%
$2,211,000
Cap Rate 7%
$1,579,286
Cap Rate 9%
$1,228,333
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.38M – $1.84M
NOI $110,550 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,941 @ 7.0% cap · market cap 4.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 98116, WA
27,691
Population
14,652
Households
1.9
Avg Household Size
41
Median Age
69%
College-Educated
98%
High-School Grad
3.0 sq mi
ZIP Area
9,230
Density / Sq Mi
$130,504
Median Household Income
$86,680
Median Earnings
$2,033
Median Rent
$917,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with renovation potential and LR1 (M) zoning near the Alki Beach waterfront.
Where is this apartment building located?
The property is located at 2250 Bonair Place SW Seattle, WA.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 10‑unit apartment building totaling 6,550 square feet; 100% occupied tenancy; Built in 1927
