Triplex with Detached Accessory Dwelling
For Sale
$1,900,000
228 21st Avenue E, Seattle, WA 98112
2024 triplex with detached DADU featuring mini-splits, solar panels, and full appliance packages.
Property Size3,610 SF
Days on Market72
Property Features for 228 21st Avenue E
General Information
Standard status
Active
Size
3,610 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$24,168
Amenities
full appliance packages
wall mounted mini-splits
solar panels
Building Details
Building Size
3,610 SF
Year Built
2024
Buildings
2
Tenancy
Multi
Listing Agency:
Westlake Associates, Inc.
(206) 505-9400
Listed By:
Matthew Weber
Source:
Marypong
Added: Jun 2
Changed: Aug 8
Last Checked: Aug 11 at 1:15PM
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 2024-built triplex includes a detached accessory dwelling unit (DADU) on the same property. The units feature full appliance packages, including a refrigerator, oven, over range microwave, dishwasher, and full-size washer and dryer. Heating and cooling are provided by wall-mounted mini-splits. The buildings also include solar panels on the roof.
In the triplex, two units are designated Mandatory Housing Affordability (MHA) units. Those units have restricted rent based on MHA schedules and are restricted to tenants that qualify under the program, with the designation permanent for both units. The other two units in the triplex were newly leased in early 2026. The detached DADU remains vacant, allowing the possibility of an owner occupant.
Expenses are mostly estimated.
In the triplex, two units are designated Mandatory Housing Affordability (MHA) units. Those units have restricted rent based on MHA schedules and are restricted to tenants that qualify under the program, with the designation permanent for both units. The other two units in the triplex were newly leased in early 2026. The detached DADU remains vacant, allowing the possibility of an owner occupant.
Expenses are mostly estimated.
Key Highlights
- 2024 construction for triplex and detached DADU
- Detached accessory dwelling unit (DADU) on the property
- Wall‑mounted mini‑splits for heating and cooling
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
$65,159
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
3.43%
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%
$1,303,180
$1.3M
Cap Rate 7%
$930,843
$930.8K
Cap Rate 9%
$723,989
$724.0K
Market Conditions
NOI Build-Up for 3,610 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
$97.5K $27.00/SF
− Vacancy
−$4.4K −$1.22/SF
EGI
$93.1K $25.79/SF
− OpEx
−$27.9K −$7.74/SF
NOI
$65.2K $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%
$1,303,180
Cap Rate 7%
$930,843
Cap Rate 9%
$723,989
Alternative Uses
Best Use
Multifamily LT 5
$930.8K
$814.5K – $1.09M
NOI $65,159 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$870.4K
$761.6K – $1.02M
NOI $60,929 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$1.09M
$950.3K – $1.27M
NOI $76,026 @ 7.0% cap · market cap 4.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,138
Businesses Nearby
Explore this area
Business Placement
Demographics for 98112, WA
23,152
Population
11,670
Households
2
Avg Household Size
39
Median Age
81%
College-Educated
99%
High-School Grad
3.2 sq mi
ZIP Area
7,235
Density / Sq Mi
$162,073
Median Household Income
$84,919
Median Earnings
$2,062
Median Rent
$1,407,400
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?
Triplex - 2024 triplex with detached DADU featuring mini-splits, solar panels, and full appliance packages.
Where is this triplex located?
The property is located at 228 21st Avenue E Seattle, WA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 2024 construction for triplex and detached DADU; Detached accessory dwelling unit (DADU) on the property; Wall‑mounted mini‑splits for heating and cooling
