Four-Unit Multifamily
For Sale
$1,228,888
2657 Thorndyke, Seattle, WA 98199
Three units are leased, while one remains vacant for showing and leasing flexibility.
Property Size2,880 SF
Price / SF$426.70
Days on Market39
Property Features for 2657 Thorndyke
General Information
Standard status
Active
Size
2,880 SF
Total Parking Spaces
4
Property subtype
Multi-family
Zoning
LR3(M)
Amenities
on-site laundry
shared backyard area
Building Details
Year Built
1959
Buildings
1
Tenancy
Multi
Listing Agency:
Realogics Sotheby's Int'l Rlty
(206) 538-0730
Listed By:
Demetre Skepetaris
(206) 363-8509
Source:
Century21northhomes
Added: Jul 17
Changed: Aug 23
Last Checked: Aug 24 at 6:31AM
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 Realogics Sotheby's Int'l Rlty
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 2657 Thorndyke Ave W includes four dedicated off-street parking stalls, on-site laundry, and a shared backyard. Three units are leased, and Unit 3 is being kept vacant to accommodate showings and provide immediate leasing flexibility. The property’s rental history includes long-term tenancies and limited turnover, with several rents positioned below current market levels according to the available information.
The property is located in Seattle’s Magnolia neighborhood near Magnolia Village, Discovery Park, Queen Anne, Ballard, and Downtown Seattle. Nearby amenities include neighborhood retail, restaurants, parks, transit, and major employment centers. Zoned LR3(M), the property may support future redevelopment or value-add plans subject to buyer review and applicable City of Seattle requirements. Tenant contact should be avoided.
The property is located in Seattle’s Magnolia neighborhood near Magnolia Village, Discovery Park, Queen Anne, Ballard, and Downtown Seattle. Nearby amenities include neighborhood retail, restaurants, parks, transit, and major employment centers. Zoned LR3(M), the property may support future redevelopment or value-add plans subject to buyer review and applicable City of Seattle requirements. Tenant contact should be avoided.
Key Highlights
- Four‑unit property with one unit intentionally vacant for showings and leasing flexibility
- Three units currently leased
- Four dedicated off‑street parking stalls, with one assigned to 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
$51,983
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
4.23%
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%
$1,039,660
$1.0M
Cap Rate 7%
$742,614
$742.6K
Cap Rate 9%
$577,589
$577.6K
Market Conditions
NOI Build-Up for 2,880 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
$77.8K $27.00/SF
− Vacancy
−$3.5K −$1.22/SF
EGI
$74.3K $25.79/SF
− OpEx
−$22.3K −$7.74/SF
NOI
$52.0K $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%
$1,039,660
Cap Rate 7%
$742,614
Cap Rate 9%
$577,589
Alternative Uses
Best Use
Multifamily LT 5
$742.6K
$649.8K – $866.4K
NOI $51,983 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$694.4K
$607.6K – $810.1K
NOI $48,608 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$866.5K
$758.2K – $1.01M
NOI $60,652 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
661
Businesses Nearby
Explore this area
Business Placement
Demographics for 98199, WA
22,549
Population
10,737
Households
2.1
Avg Household Size
39
Median Age
77%
College-Educated
99%
High-School Grad
4.2 sq mi
ZIP Area
5,369
Density / Sq Mi
$176,729
Median Household Income
$99,361
Median Earnings
$2,461
Median Rent
$1,160,000
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?
Quadplex - Three units are leased, while one remains vacant for showing and leasing flexibility.
Where is this quadplex located?
The property is located at 2657 Thorndyke Seattle, WA.
What is the asking price?
The asking price for this property is $1,228,888.
What are key features of this property?
This property features: Four‑unit property with one unit intentionally vacant for showings and leasing flexibility; Three units currently leased; Four dedicated off‑street parking stalls, with one assigned to each unit
