Mid-Century Duplex with Updated
New
For Sale
$1,100,000
2515 NE 106th Place, Seattle, WA 98125
Two residential units feature separate laundry, private outdoor areas, storage, and six off-street parking spaces.
Property Size2,860 SF
Price / SF$384.62
Days on Market6
Property Features for 2515 NE 106th Place
General Information
Standard status
Active
Size
2,860 SF
Property subtype
Multi-Family
Building Details
Year Built
1960
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 26 at 6:45AM
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 Graham McCarthy Realty Group
Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,860 square feet, with each unit measuring 1,430 sq ft. Both residences include separate washer and dryer areas, oversized bedrooms, hardwood floors, large closets, newer appliances, and storage. HP Mini Splits provide heat and air conditioning in each unit, while sandstone fireplaces and clean architectural lines add mid-century character. Private decks and patios extend the living areas, and both units have access to the fully fenced backyard and outdoor storage shed.
The property sits on a cul-de-sac at 2515 NE 106th Place in Seattle, WA 98125, within a single-family home neighborhood. Nearby amenities identified for the property include a community center, pool, parks, walking trails, bus lines, and schools. Six off-street parking spaces are provided, including two covered spaces in a detached carport. The building dates to 1960, with a newer composition roof installed in 2019 and two new hot water tanks dated 2026.
The property sits on a cul-de-sac at 2515 NE 106th Place in Seattle, WA 98125, within a single-family home neighborhood. Nearby amenities identified for the property include a community center, pool, parks, walking trails, bus lines, and schools. Six off-street parking spaces are provided, including two covered spaces in a detached carport. The building dates to 1960, with a newer composition roof installed in 2019 and two new hot water tanks dated 2026.
Key Highlights
- 2,860‑square‑foot duplex with two 1,430 sq ft units
- Six total off street parking spaces, including two covered spaces in a detached carport
- Separate W/D areas, HP Mini Splits, newer appliances, and ample storage in each unit
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
$54,486
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
4.95%
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%
$1,089,720
$1.1M
Cap Rate 7%
$778,371
$778.4K
Cap Rate 9%
$605,400
$605.4K
Market Conditions
NOI Build-Up for 2,860 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
$82.4K $28.80/SF
− Vacancy
−$4.5K −$1.58/SF
EGI
$77.8K $27.22/SF
− OpEx
−$23.4K −$8.16/SF
NOI
$54.5K $19.05/SF
Area
ZIP 98125
Vacancy
5.50%
Lease Rate
$28.80 /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%
$1,089,720
Cap Rate 7%
$778,371
Cap Rate 9%
$605,400
Alternative Uses
Best Use
Multifamily LT 5
$778.4K
$681.1K – $908.1K
NOI $54,486 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$724.8K
$634.2K – $845.7K
NOI $50,739 @ 7.0% cap · market cap 4.61%
Theoretical Best
Specialty Retail
$922.6K
$807.3K – $1.08M
NOI $64,582 @ 7.0% cap · market cap 5.87%
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
589
Businesses Nearby
Explore this area
Business Placement
Demographics for 98125, WA
42,965
Population
21,493
Households
2
Avg Household Size
37
Median Age
61%
College-Educated
94%
High-School Grad
5.4 sq mi
ZIP Area
7,956
Density / Sq Mi
$96,725
Median Household Income
$61,552
Median Earnings
$1,856
Median Rent
$844,500
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?
Duplex - Two residential units feature separate laundry, private outdoor areas, storage, and six off-street parking spaces.
Where is this duplex located?
The property is located at 2515 NE 106th Place Seattle, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 2,860‑square‑foot duplex with two 1,430 sq ft units; Six total off street parking spaces, including two covered spaces in a detached carport; Separate W/D areas, HP Mini Splits, newer appliances, and ample storage in each unit
