Turnkey Fourplex with 1-Bed
For Sale
$975,000
2258 14th Ave W, Seattle, WA 98119
Four turnkey one-bedroom units with hardwood floors, dishwashers, and off-street parking.
Property Size2,800 SF
Price / SF$348.21
Days on Market147
Property Features for 2258 14th Ave W
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Multi-Family
Zoning
LR3(M)
Additional Details
Fenced Yard
Yes
Multifamily Units
4
Amenities
hardwood floors
dishwasher
washer/dryer
basement storage
off-street parking
fenced backyard
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
Westlake Associates, Inc.
Listed By:
Reid Jones · License #87080
(206) 250-9655
Source:
Withkristiandco
Added: May 8
Changed: Sep 23
Last Checked: Sep 30 at 2:53PM
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 Westlake Associates, Inc.
Investment Insights
Based on property information with market context.
This turnkey fourplex offers four one-bedroom units with hardwood floors throughout. Each unit includes a dishwasher, and Unit 4 features an in-unit washer and dryer. The property also includes large basement storage accessible to all tenants, plus off-street parking and a fenced backyard.
Zoned LR3(M), the building is currently configured as a four-unit residential property with redevelopment optionality noted in the remarks. The asset has been held under single ownership for over three decades and is described as first time on the market in 33 years.
Location highlights include proximity to Metro Route 2 and the RapidRide D Line, as well as Seattle Center, Climate Pledge Arena, and Kerry Park. The surrounding area includes dining and retail, supporting ongoing demand for residential tenancy.
Zoned LR3(M), the building is currently configured as a four-unit residential property with redevelopment optionality noted in the remarks. The asset has been held under single ownership for over three decades and is described as first time on the market in 33 years.
Location highlights include proximity to Metro Route 2 and the RapidRide D Line, as well as Seattle Center, Climate Pledge Arena, and Kerry Park. The surrounding area includes dining and retail, supporting ongoing demand for residential tenancy.
Key Highlights
- West Queen Anne fourplex built in 1910 with four 1‑bedroom units
- Hardwood floors throughout and dishwashers in every unit
- Unit 4 includes an in‑unit washer and dryer
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
$50,539
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
5.18%
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%
$1,010,780
$1.0M
Cap Rate 7%
$721,986
$722.0K
Cap Rate 9%
$561,544
$561.5K
Market Conditions
NOI Build-Up for 2,800 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
$75.6K $27.00/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$72.2K $25.79/SF
− OpEx
−$21.7K −$7.74/SF
NOI
$50.5K $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%
$1,010,780
Cap Rate 7%
$721,986
Cap Rate 9%
$561,544
Alternative Uses
Best Use
Multifamily LT 5
$722.0K
$631.7K – $842.3K
NOI $50,539 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$675.1K
$590.7K – $787.6K
NOI $47,258 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$842.4K
$737.1K – $982.8K
NOI $58,967 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Quadplex - Four turnkey one-bedroom units with hardwood floors, dishwashers, and off-street parking.
Where is this quadplex located?
The property is located at 2258 14th Ave W Seattle, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: West Queen Anne fourplex built in 1910 with four 1‑bedroom units; Hardwood floors throughout and dishwashers in every unit; Unit 4 includes an in‑unit washer and dryer
