Building Details

Year Built 1954

Listing Agency: Paragon Real Estate Advisors

Listed By: Michael Urquhart · License #135356 Show Phone

Source: Eastsideseattleproperties

Added: Feb 15 Changed: Oct 1 Last Checked: Oct 16 at 8:59AM

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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

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Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$293,776

Cap Rate

4.72%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,875,520 $5.9M

Cap Rate 7%

$4,196,800 $4.2M

Cap Rate 9%

$3,264,178 $3.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 17,406 SF

Gross rent

$553.5K $31.80/SF

− Vacancy

−$19.4K −$1.11/SF

EGI

$534.1K $30.69/SF

− OpEx

−$240.4K −$13.81/SF

NOI

$293.8K $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 Rate 5%

$5,875,520

Cap Rate 7%

$4,196,800

Cap Rate 9%

$3,264,178

Alternative Uses

Best Use

Apartment 5plus

$4.20M

$3.67M – $4.90M (±1% cap)

NOI $293,776 @ 7.0% cap · market cap 4.72%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$5.24M

$4.58M – $6.11M (±1% cap)

NOI $366,565 @ 7.0% cap · market cap 5.89%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Residential land & home ...

Suggested Use

Top Pick Real Estate Agency Dental Office (Bike/Boat/Book/etc) Store Carpet & Flooring Store Grocery & Convenience Store Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

683

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

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

Where is this apartment building located?

The property is located at 2626 Thorndyke Ave W 2600 Seattle, WA.

What is the asking price?

The asking price for this property is $6,225,000.