Renovated Beacon Hill Apartment
For Sale
$4,900,000
2414 13th Avenue S, Seattle, WA 98144
17-unit mid-rise apartment building renovated in 2017 with studio through two-bedroom units and 17 on-site parking spaces.
Property Size11,876 SF
Lot Size0.14 Acres
Price / SF$218.75
Days on Market347
Property Features for 2414 13th Avenue S
General Information
Standard status
Active
Size
11,876 SF
Total Parking Spaces
17
Lot size
0.14 Acres
Property subtype
Multi Family
Zoning
LR3
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
17
Taxes and HOA fees
Annual Taxes
$35,492
Building Details
Building Size
11,876 SF
Year Built
1968
Year Renovated
2017
Listing Agency:
Urban Commercial Partners, LLC
Listed By:
Tyler J. Bretz
(206) 519-4971
Source:
Maryleerealestate
Added: Sep 29, 2025
Changed: Sep 8
Last Checked: Sep 10 at 8:07AM
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 Urban Commercial Partners, LLC
Investment Insights
Based on property information with market context.
Beacon View Apartments is a 17-unit mid-rise apartment building constructed in 1968 and extensively renovated in 2017. The property features an efficient unit mix of studios, one-bedroom, and two-bedroom apartments totaling 22,400 SF of building area, and it currently operates at 100% occupancy.
The building is situated on a 0.14-acre lot with 17 parking spaces. It is zoned LR3 and is located in North Beacon Hill, offering access to Downtown Seattle, South Lake Union, and the University District, with light rail and I-5 minutes away.
For sales, the property is offered with current rents averaging $1,978 per unit, which are noted as remaining below a stated market average of $2,094. According to the provided information, the difference is expected to support near-term rental growth.
The building is situated on a 0.14-acre lot with 17 parking spaces. It is zoned LR3 and is located in North Beacon Hill, offering access to Downtown Seattle, South Lake Union, and the University District, with light rail and I-5 minutes away.
For sales, the property is offered with current rents averaging $1,978 per unit, which are noted as remaining below a stated market average of $2,094. According to the provided information, the difference is expected to support near-term rental growth.
Key Highlights
- 17‑unit mid‑rise apartment building on 13th Avenue South in Seattle’s Beacon Hill neighborhood
- Built in 1968 and extensively renovated in 2017
- 22,400 SF building area with a mix of studio, one-, and two‑bedroom units
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
$378,064
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
7.72%
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%
$7,561,280
$7.6M
Cap Rate 7%
$5,400,914
$5.4M
Cap Rate 9%
$4,200,711
$4.2M
Market Conditions
NOI Build-Up for 22,400 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
$712.3K $31.80/SF
− Vacancy
−$24.9K −$1.11/SF
EGI
$687.4K $30.69/SF
− OpEx
−$309.3K −$13.81/SF
NOI
$378.1K $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%
$7,561,280
Cap Rate 7%
$5,400,914
Cap Rate 9%
$4,200,711
Alternative Uses
Best Use
Apartment 5plus
$5.40M
$4.73M – $6.30M
NOI $378,064 @ 7.0% cap · market cap 7.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.74M
$5.90M – $7.86M
NOI $471,738 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
17
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,306
Businesses Nearby
Explore this area
Business Placement
Demographics for 98144, WA
32,178
Population
16,381
Households
2
Avg Household Size
38
Median Age
62%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
9,464
Density / Sq Mi
$94,051
Median Household Income
$65,078
Median Earnings
$1,805
Median Rent
$890,400
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?
Apartment building - 17-unit mid-rise apartment building renovated in 2017 with studio through two-bedroom units and 17 on-site parking spaces.
Where is this apartment building located?
The property is located at 2414 13th Avenue S Seattle, WA.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 17‑unit mid‑rise apartment building on 13th Avenue South in Seattle’s Beacon Hill neighborhood; Built in 1968 and extensively renovated in 2017; 22,400 SF building area with a mix of studio, one-, and two‑bedroom units
