The Caldwell Multifamily
New
For Sale
$2,065,000
2312 E Denny Way, Seattle, WA 98122
Built in 1983, the property offers varied floor plans near Madison Street and Capitol Hill amenities.
Property Size3,760 SF
Price / SF$549.20
Days on Market6
Property Features for 2312 E Denny Way
General Information
Standard status
Active
Size
3,760 SF
Property subtype
Multi-Family
Additional Details
Cap Rate
5%
Road Access
Yes
Building Details
Year Built
1983
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 14 at 8:57AM
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 Ron Rougeaux
Investment Insights
Based on property information with market context.
The Caldwell is a multifamily property comprising 3,760 square feet and dating to 1983. Its residential layout includes a mix of one- and two-bedroom units, with three residences arranged in townhouse-style configurations. The property is presented with an in-place cap rate of 5.0%.
Located at 2312 E Denny Way, the property sits less than one block from Madison Street, providing access toward Downtown Seattle and surrounding employment centers. Capitol Hill amenities are nearby, while Swedish Medical Center and Seattle University are among the area’s major institutions. South Lake Union, home to major technology employers including Amazon, Google, and Meta, is also identified in the surrounding market context.
Located at 2312 E Denny Way, the property sits less than one block from Madison Street, providing access toward Downtown Seattle and surrounding employment centers. Capitol Hill amenities are nearby, while Swedish Medical Center and Seattle University are among the area’s major institutions. South Lake Union, home to major technology employers including Amazon, Google, and Meta, is also identified in the surrounding market context.
Key Highlights
- 3,760‑square‑foot multifamily property built in 1983
- Mix of one- and two‑bedroom floor plans
- Three townhouse‑style units included
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
$63,461
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
3.07%
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%
$1,269,220
$1.3M
Cap Rate 7%
$906,586
$906.6K
Cap Rate 9%
$705,122
$705.1K
Market Conditions
NOI Build-Up for 3,760 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
$119.6K $31.80/SF
− Vacancy
−$4.2K −$1.11/SF
EGI
$115.4K $30.69/SF
− OpEx
−$51.9K −$13.81/SF
NOI
$63.5K $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%
$1,269,220
Cap Rate 7%
$906,586
Cap Rate 9%
$705,122
Alternative Uses
Best Use
Apartment 5plus
$906.6K
$793.3K – $1.06M
NOI $63,461 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$989.8K – $1.32M
NOI $79,185 @ 7.0% cap · market cap 3.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,555
Businesses Nearby
Explore this area
Business Placement
Demographics for 98122, WA
41,646
Population
24,942
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
18,107
Density / Sq Mi
$106,479
Median Household Income
$69,673
Median Earnings
$1,991
Median Rent
$929,400
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?
Multifamily property - Built in 1983, the property offers varied floor plans near Madison Street and Capitol Hill amenities.
Where is this multifamily property located?
The property is located at 2312 E Denny Way Seattle, WA.
What is the asking price?
The asking price for this property is $2,065,000.
What are key features of this property?
This property features: 3,760‑square‑foot multifamily property built in 1983; Mix of one- and two‑bedroom floor plans; Three townhouse‑style units included
