Updated Duplex with Private
For Sale
$1,200,000
2602 Nw 62nd St, Seattle, WA 98107
Legal two-unit property with separate one-bedroom residences, shared laundry, garage storage, and landscaped outdoor space.
Property Size2,070 SF
Price / SF$579.71
Days on Market13
Property Features for 2602 Nw 62nd St
General Information
Standard status
Active
Size
2,070 SF
Property subtype
Multi-Family
Building Details
Year Built
1963
Listing Agency:
Redfin
Listed By:
Chandra Gordon
(206) 258-6097
Source:
Pugetsoundpropertyguide
Added: Sep 15
Changed: Sep 24
Last Checked: Sep 26 at 7:05AM
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 Redfin
Investment Insights
Based on property information with market context.
Built in 1963, this 2,070-square-foot legal duplex contains two separate one-bedroom, one-bath residences with distinct layouts and individual addresses. A shared interior entry provides access to both homes, while the units remain vertically independent. Interior improvements include full kitchens, hardwood flooring, abundant natural light, and finished living areas. One residence also includes a Murphy bed and dining table combination that creates additional sleeping capacity when needed.
The property is furnished and has been operated as short-term rentals; furnishings and household items are negotiable with the sale. Shared laundry is located on the lower level beside a large garage with substantial storage. The corner lot includes driveway parking, landscaped grounds, a private backyard, and a storage shed. The property is located in Ballard, near shops, restaurants, parks, and the waterfront.
The property is furnished and has been operated as short-term rentals; furnishings and household items are negotiable with the sale. Shared laundry is located on the lower level beside a large garage with substantial storage. The corner lot includes driveway parking, landscaped grounds, a private backyard, and a storage shed. The property is located in Ballard, near shops, restaurants, parks, and the waterfront.
Key Highlights
- 2,070‑square‑foot duplex built in 1963
- Two 1 bed/1 bath residences with separate addresses
- Each unit has a distinct layout with no residence directly above the other
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
$37,362
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
3.11%
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%
$747,240
$747.2K
Cap Rate 7%
$533,743
$533.7K
Cap Rate 9%
$415,133
$415.1K
Market Conditions
NOI Build-Up for 2,070 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
$55.9K $27.00/SF
− Vacancy
−$2.5K −$1.22/SF
EGI
$53.4K $25.79/SF
− OpEx
−$16.0K −$7.74/SF
NOI
$37.4K $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%
$747,240
Cap Rate 7%
$533,743
Cap Rate 9%
$415,133
Alternative Uses
Best Use
Multifamily LT 5
$533.7K
$467.0K – $622.7K
NOI $37,362 @ 7.0% cap · market cap 3.11%
Second Best
Apartment 5plus
$499.1K
$436.7K – $582.3K
NOI $34,937 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$622.8K
$544.9K – $726.6K
NOI $43,594 @ 7.0% cap · market cap 3.63%
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
2,170
Businesses Nearby
Explore this area
Business Placement
Demographics for 98107, WA
28,557
Population
16,538
Households
1.7
Avg Household Size
35
Median Age
76%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
12,980
Density / Sq Mi
$137,748
Median Household Income
$82,884
Median Earnings
$2,194
Median Rent
$924,900
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 - Legal two-unit property with separate one-bedroom residences, shared laundry, garage storage, and landscaped outdoor space.
Where is this duplex located?
The property is located at 2602 Nw 62nd St Seattle, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2,070‑square‑foot duplex built in 1963; Two 1 bed/1 bath residences with separate addresses; Each unit has a distinct layout with no residence directly above the other
