Multifamily Apartment
For Sale
Contact for pricing
2633 14th Avenue West, Seattle, WA 98119
31-unit Seattle community with studio through penthouse mix, partial LVP flooring updates, and recent capital improvements.
Property Size23,900 SF
Price / SF$251.05
Days on Market78
Property Features for 2633 14th Avenue West
General Information
Standard status
Active
Size
23,900 SF
Property subtype
Multifamily
Zoning
LR3 (M)
Investment Type
Value Add
Net Operating Income
$346,557
Additional Details
Multifamily Units
31
Building Details
Year Built
1963
Buildings
2
Units
23
Tenancy
Multi
Listing Agency:
Paragon Real Estate Advisors
(206) 812-9123
Listed By:
Ben Douglas · License #WA 22013305
Source:
Crexi
Added: May 27
Changed: Aug 10
Last Checked: Aug 11 at 9:04AM
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.
Golfcrest is a 31-unit multifamily community offering studio, one-bedroom, two-bedroom, and a penthouse unit mix. Approximately 50% of the units have had flooring replaced with LVP, with the remaining units presenting an opportunity to complete flooring updates. Ownership has also spent over $225K in capital improvements over the last couple of years, and the property has been held by the same family for 31 years.
Located in Seattle’s Interbay/Queen Anne area, Golfcrest benefits from a diversified unit mix intended to serve a broad tenant base. Seller financing is available for qualified buyers, with proposed terms of 5% interest-only, 25% down, and a 5-year term.
For investors or buyers looking to align near-term improvements with a targeted unit refresh, the property’s partial flooring completion and identified kitchen and bathroom improvement scope can support a renovation-focused strategy. With recent capital work already completed and financing available, Golfcrest may fit buyers seeking a structured path to further enhance the remaining units.
Located in Seattle’s Interbay/Queen Anne area, Golfcrest benefits from a diversified unit mix intended to serve a broad tenant base. Seller financing is available for qualified buyers, with proposed terms of 5% interest-only, 25% down, and a 5-year term.
For investors or buyers looking to align near-term improvements with a targeted unit refresh, the property’s partial flooring completion and identified kitchen and bathroom improvement scope can support a renovation-focused strategy. With recent capital work already completed and financing available, Golfcrest may fit buyers seeking a structured path to further enhance the remaining units.
Key Highlights
- 31‑unit multifamily community in Seattle’s Interbay/Queen Anne area
- Unit mix includes studios, 1‑bedroom, 2‑bedroom, and a penthouse unit
- Built in 1963
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
$403,381
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
6.72%
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%
$8,067,620
$8.1M
Cap Rate 7%
$5,762,586
$5.8M
Cap Rate 9%
$4,482,011
$4.5M
Market Conditions
NOI Build-Up for 23,900 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
$760.0K $31.80/SF
− Vacancy
−$26.6K −$1.11/SF
EGI
$733.4K $30.69/SF
− OpEx
−$330.0K −$13.81/SF
NOI
$403.4K $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%
$8,067,620
Cap Rate 7%
$5,762,586
Cap Rate 9%
$4,482,011
Alternative Uses
Best Use
Apartment 5plus
$5.76M
$5.04M – $6.72M
NOI $403,381 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.19M
$6.29M – $8.39M
NOI $503,327 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
31
Residential units
Location Intelligence
Trade Area within ½ mile
814
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 31-unit Seattle community with studio through penthouse mix, partial LVP flooring updates, and recent capital improvements.
Where is this apartment building located?
The property is located at 2633 14th Avenue West Seattle, WA.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 31‑unit multifamily community in Seattle’s Interbay/Queen Anne area; Unit mix includes studios, 1‑bedroom, 2‑bedroom, and a penthouse unit; Built in 1963
