Historic Brick Apartment
New
For Sale
$4,496,000
2452 Alki Ave SW, Seattle, WA 98116
Period masonry construction and a waterfront setting distinguish this multifamily property across from Alki Beach.
Property Size9,900 SF
Price / SF$454.14
Days on Market6
Property Features for 2452 Alki Ave SW
General Information
Standard status
Active
Size
9,900 SF
Property subtype
Multi-Family
Building Details
Year Built
1928
Construction
brick
Listing Agency:
John L. Scott, Inc.
Listed By:
Linda G. Dorgan · License #8141
Source:
Montgomeryht
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 14 at 7:33PM
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 John L. Scott, Inc.
Investment Insights
Based on property information with market context.
Built in 1928, this apartment building features historic brick masonry and period architectural detailing. Its character reflects early twentieth-century construction and distinguishes the property within the multifamily market. The building contains 9,900 square feet of property size as reported in the listing data.
The property is located at 2452 Alki Ave SW in Seattle, directly across from Alki Beach. Views extend toward Puget Sound and the Olympic Mountains, with shoreline activity including ferries, sailboats, and commercial vessels. Restaurants, cafés, and waterfront attractions are within walking distance, while the 2.5-mile Alki Trail provides a route for walking, jogging, biking, and rollerblading. The beach also includes seasonal fire pits and opportunities for paddleboarding and kayaking.
The property is located at 2452 Alki Ave SW in Seattle, directly across from Alki Beach. Views extend toward Puget Sound and the Olympic Mountains, with shoreline activity including ferries, sailboats, and commercial vessels. Restaurants, cafés, and waterfront attractions are within walking distance, while the 2.5-mile Alki Trail provides a route for walking, jogging, biking, and rollerblading. The beach also includes seasonal fire pits and opportunities for paddleboarding and kayaking.
Key Highlights
- 1928‑built apartment building with historic brick masonry
- 9,900 square feet of property size
- Directly across from Alki Beach
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
$167,091
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
3.72%
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%
$3,341,820
$3.3M
Cap Rate 7%
$2,387,014
$2.4M
Cap Rate 9%
$1,856,567
$1.9M
Market Conditions
NOI Build-Up for 9,900 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
$314.8K $31.80/SF
− Vacancy
−$11.0K −$1.11/SF
EGI
$303.8K $30.69/SF
− OpEx
−$136.7K −$13.81/SF
NOI
$167.1K $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%
$3,341,820
Cap Rate 7%
$2,387,014
Cap Rate 9%
$1,856,567
Alternative Uses
Best Use
Apartment 5plus
$2.39M
$2.09M – $2.78M
NOI $167,091 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.98M
$2.61M – $3.47M
NOI $208,491 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Explore this area
Business Placement
Demographics for 98116, WA
27,691
Population
14,652
Households
1.9
Avg Household Size
41
Median Age
69%
College-Educated
98%
High-School Grad
3.0 sq mi
ZIP Area
9,230
Density / Sq Mi
$130,504
Median Household Income
$86,680
Median Earnings
$2,033
Median Rent
$917,000
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 - Period masonry construction and a waterfront setting distinguish this multifamily property across from Alki Beach.
Where is this apartment building located?
The property is located at 2452 Alki Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $4,496,000.
What are key features of this property?
This property features: 1928‑built apartment building with historic brick masonry; 9,900 square feet of property size; Directly across from Alki Beach
