Triplex with Private
For Sale
$1,250,000
2551 13TH, Seattle, WA 98119
Three residences offer varied bedroom counts, west-facing outdoor space, shared laundry, and on-site parking.
Property Size2,720 SF
Lot Size0.11 Acres
Price / SF$459.56
Days on Market14
Property Features for 2551 13TH
General Information
Standard status
Active
Size
2,720 SF
Total Parking Spaces
3
Lot size
0.11 Acres
Property subtype
Multi-family
Zoning
LR1(M)
Units
Unit Mix
1 x 3BR, 1 x 2BR, 1 x 1BR
Multifamily Units
3
Amenities
shared laundry
private decks
tenant storage
Building Details
Year Built
1963
Buildings
1
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Brian D. Platt
(206) 522-3400
Source:
Skylineproperties
Added: Sep 22
Changed: Oct 4
Last Checked: Oct 4 at 10:10AM
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 Paragon Real Estate Advisors
Investment Insights
Based on property information with market context.
Built in 1963, this Seattle triplex contains 2,720 square feet across three residences on a 5,000-square-foot LR1(M)-zoned lot. The unit mix includes a three-bedroom home of approximately 1,360 square feet, a two-bedroom home of approximately 760 square feet, and a one-bedroom home of approximately 600 square feet. Each residence has a west-facing private deck. Shared laundry, tenant storage, three individual water heaters, and three on-site parking stalls serve the property.
The property is near Seattle Pacific University, with the University of Washington, Seattle Central Business District, South Lake Union, and Ballard described as minutes away. Major bus lines are within walking distance.
The property is near Seattle Pacific University, with the University of Washington, Seattle Central Business District, South Lake Union, and Ballard described as minutes away. Major bus lines are within walking distance.
Key Highlights
- Three units: one 3‑bedroom, one 2‑bedroom, and one 1‑bedroom residence
- 2,720 square feet of building area on a 5,000 square foot LR1(M) zoned lot
- Approximate unit sizes: 1,360 square feet, 760 square feet, and 600 square feet
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
$49,095
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
3.93%
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%
$981,900
$981.9K
Cap Rate 7%
$701,357
$701.4K
Cap Rate 9%
$545,500
$545.5K
Market Conditions
NOI Build-Up for 2,720 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
$73.4K $27.00/SF
− Vacancy
−$3.3K −$1.22/SF
EGI
$70.1K $25.79/SF
− OpEx
−$21.0K −$7.74/SF
NOI
$49.1K $18.05/SF
Area
Seattle, WA
Vacancy
4.50%
Lease Rate
$27.00 /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%
$981,900
Cap Rate 7%
$701,357
Cap Rate 9%
$545,500
Alternative Uses
Best Use
Multifamily LT 5
$701.4K
$613.7K – $818.3K
NOI $49,095 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$655.8K
$573.9K – $765.1K
NOI $45,908 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$818.3K
$716.0K – $954.7K
NOI $57,282 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
883
Businesses Nearby
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
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?
Triplex - Three residences offer varied bedroom counts, west-facing outdoor space, shared laundry, and on-site parking.
Where is this triplex located?
The property is located at 2551 13TH Seattle, WA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Three units: one 3‑bedroom, one 2‑bedroom, and one 1‑bedroom residence; 2,720 square feet of building area on a 5,000 square foot LR1(M) zoned lot; Approximate unit sizes: 1,360 square feet, 760 square feet, and 600 square feet
