Renovated 10-Unit Apartment
For Sale
Contact for pricing
2701 South Walden Street, Seattle, WA 98144
Updated residences feature in-unit laundry, quartz countertops, LVP flooring, and stainless steel appliances.
Property Size5,625 SF
Price / SF$417.78
Days on Market13
Property Features for 2701 South Walden Street
General Information
Standard status
Active
Size
5,625 SF
Property subtype
Multifamily
Zoning
LR3(M)
Net Operating Income
$144,230
Additional Details
Public Transit
Yes
Multifamily Units
10
Amenities
in-unit washer/dryer
Building Details
Year Built
1966
Buildings
1
Units
10
Listing Agency:
Westlake Associates, Inc.
(206) 505-9400
Listed By:
Travis Kannier · License #WA
Source:
Crexi
Added: Jul 30
Changed: Aug 5
Last Checked: Aug 11 at 9:14AM
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 Westlake Associates, Inc.
Investment Insights
Based on property information with market context.
This 10-unit apartment building was constructed in 1966 and recently renovated. The 5,625-square-foot property includes upgraded residences with in-unit washer/dryer appliances, quartz countertops, LVP flooring, and stainless steel appliances. New decks, fresh exterior and common-area paint, and new carpet further contribute to the improvements. The property is zoned LR3(M).
Located in Seattle’s Mt. Baker neighborhood, the building sits near Mt. Baker Station, recreational parks, restaurants, and schools. Its setting also provides proximity to employment centers, including Seattle’s downtown CBD, while neighborhood amenities are within walking distance.
Located in Seattle’s Mt. Baker neighborhood, the building sits near Mt. Baker Station, recreational parks, restaurants, and schools. Its setting also provides proximity to employment centers, including Seattle’s downtown CBD, while neighborhood amenities are within walking distance.
Key Highlights
- 10‑unit apartment building with 5,625 square feet
- Built in 1966 and recently renovated
- In‑unit washer/dryer, quartz counters, LVP flooring, and stainless steel appliances
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
$94,938
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
4.04%
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%
$1,898,760
$1.9M
Cap Rate 7%
$1,356,257
$1.4M
Cap Rate 9%
$1,054,867
$1.1M
Market Conditions
NOI Build-Up for 5,625 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
$178.9K $31.80/SF
− Vacancy
−$6.3K −$1.11/SF
EGI
$172.6K $30.69/SF
− OpEx
−$77.7K −$13.81/SF
NOI
$94.9K $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%
$1,898,760
Cap Rate 7%
$1,356,257
Cap Rate 9%
$1,054,867
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.58M
NOI $94,938 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,461 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,153
Businesses Nearby
Explore this area
Business Placement
Demographics for 98144, WA
32,178
Population
16,381
Households
2
Avg Household Size
38
Median Age
62%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
9,464
Density / Sq Mi
$94,051
Median Household Income
$65,078
Median Earnings
$1,805
Median Rent
$890,400
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 - Updated residences feature in-unit laundry, quartz countertops, LVP flooring, and stainless steel appliances.
Where is this apartment building located?
The property is located at 2701 South Walden Street Seattle, WA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 10‑unit apartment building with 5,625 square feet; Built in 1966 and recently renovated; In‑unit washer/dryer, quartz counters, LVP flooring, and stainless steel appliances
