Turnkey 17-Unit Multifamily
For Sale
$4,900,000
2414 13TH, Seattle, WA 98144
Turnkey 17-unit multifamily property near the Beacon Hill Light Rail Station for strong residential occupancy options.
Property Size11,876 SF
Price / SF$412.60
Days on Market360
Property Features for 2414 13TH
General Information
Standard status
Active
Size
11,876 SF
Property subtype
Multi-family
Financials
Cap Rate
6.1%
Business Included
Yes
Additional Details
Multifamily Units
17
Building Details
Year Built
1968
Tenancy
Multi
Listing Agency:
Urban Commercial Partners,LLC
Listed By:
Tyler J. Bretz
(206) 363-8509
Source:
Century21northhomes
Added: Sep 20, 2025
Changed: Sep 13
Last Checked: Sep 13 at 9:07AM
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 turnkey 17-unit multifamily asset offered for sale. The property is presented as stabilized and designed for straightforward operation, with all units maintained as part of a single cohesive apartment building. Improvements and specific unit mix are not detailed in the provided information, but the offering is positioned as ready to manage upon transfer.
The community is located in Seattle’s North Beacon Hill area, within a short walk of the Beacon Hill Light Rail Station. The proximity to rail service provides convenient access to the Seattle Metro Area, supporting tenant appeal for those who value transit connectivity.
For investors or buyers seeking a residential income asset with immediate operational readiness, Beacon View Apartments offers a turn-key path to ownership. The listing also references projected year-one NOI of $299,370 and a 6.1% cap rate, which may be useful for underwriting and comparison. With the property described as stabilized and transit-oriented, it may align well with those looking for a multifamily acquisition tied to dependable day-to-day residential demand drivers.
The community is located in Seattle’s North Beacon Hill area, within a short walk of the Beacon Hill Light Rail Station. The proximity to rail service provides convenient access to the Seattle Metro Area, supporting tenant appeal for those who value transit connectivity.
For investors or buyers seeking a residential income asset with immediate operational readiness, Beacon View Apartments offers a turn-key path to ownership. The listing also references projected year-one NOI of $299,370 and a 6.1% cap rate, which may be useful for underwriting and comparison. With the property described as stabilized and transit-oriented, it may align well with those looking for a multifamily acquisition tied to dependable day-to-day residential demand drivers.
Key Highlights
- Beacon View Apartments: 17‑unit multifamily property built in 1968
- Projected year‑one NOI of $299,370
- 6.1% cap rate (projected)
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
$200,441
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
4.09%
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%
$4,008,820
$4.0M
Cap Rate 7%
$2,863,443
$2.9M
Cap Rate 9%
$2,227,122
$2.2M
Market Conditions
NOI Build-Up for 11,876 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
$377.7K $31.80/SF
− Vacancy
−$13.2K −$1.11/SF
EGI
$364.4K $30.69/SF
− OpEx
−$164.0K −$13.81/SF
NOI
$200.4K $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%
$4,008,820
Cap Rate 7%
$2,863,443
Cap Rate 9%
$2,227,122
Alternative Uses
Best Use
Apartment 5plus
$2.86M
$2.51M – $3.34M
NOI $200,441 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.57M
$3.13M – $4.17M
NOI $250,105 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
17
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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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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?
Apartment building - Turnkey 17-unit multifamily property near the Beacon Hill Light Rail Station for strong residential occupancy options.
Where is this apartment building located?
The property is located at 2414 13TH 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: Beacon View Apartments: 17‑unit multifamily property built in 1968; Projected year‑one NOI of $299,370; 6.1% cap rate (projected)
