8-Unit Apartment
For Sale
$2,180,000
2707 Jameson, Seattle, WA 98199
Five one-bedroom and three two-bedroom units provide a varied apartment mix.
Property Size6,375 SF
Price / SF$341.96
Days on Market9
Property Features for 2707 Jameson
General Information
Standard status
Active
Size
6,375 SF
Property subtype
Multi-family
Building Details
Year Built
1966
Listing Agency:
Westlake Associates,Inc.
Listed By:
Travis Kannier
(206) 363-8509
Source:
Century21northhomes
Added: Aug 2
Changed: Aug 9
Last Checked: Aug 10 at 4:01AM
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 8-unit apartment building in Seattle’s Magnolia neighborhood contains five one-bedroom, one-bath apartments and three two-bedroom, one-bath apartments. The 6,375-square-foot property was built in 1966 with wood-frame construction and a marblecrete exterior. Seven on-site parking spaces complement unrestricted street parking, while copper plumbing and a full tear-off roof replacement add to the building’s completed improvements.
The property is located at 2707 Jameson in Seattle, WA 98199. Historical vacancy has been low. The property information also identifies the possibility of adding a legal ninth apartment unit, subject to buyer verification. Existing unit turnover may provide an opportunity to address below-market rents, as stated in the property information.
The property is located at 2707 Jameson in Seattle, WA 98199. Historical vacancy has been low. The property information also identifies the possibility of adding a legal ninth apartment unit, subject to buyer verification. Existing unit turnover may provide an opportunity to address below-market rents, as stated in the property information.
Key Highlights
- 8‑unit apartment building totaling 6,375 square feet
- Unit mix includes five 1‑bedroom/1‑bath and three 2‑bedroom/1‑bath apartments
- Built in 1966 with wood‑frame construction and a marblecrete exterior
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
$107,596
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
4.94%
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%
$2,151,920
$2.2M
Cap Rate 7%
$1,537,086
$1.5M
Cap Rate 9%
$1,195,511
$1.2M
Market Conditions
NOI Build-Up for 6,375 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
$202.7K $31.80/SF
− Vacancy
−$7.1K −$1.11/SF
EGI
$195.6K $30.69/SF
− OpEx
−$88.0K −$13.81/SF
NOI
$107.6K $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%
$2,151,920
Cap Rate 7%
$1,537,086
Cap Rate 9%
$1,195,511
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.34M – $1.79M
NOI $107,596 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,256 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,923
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?
Apartment building - Five one-bedroom and three two-bedroom units provide a varied apartment mix.
Where is this apartment building located?
The property is located at 2707 Jameson Seattle, WA.
What is the asking price?
The asking price for this property is $2,180,000.
What are key features of this property?
This property features: 8‑unit apartment building totaling 6,375 square feet; Unit mix includes five 1‑bedroom/1‑bath and three 2‑bedroom/1‑bath apartments; Built in 1966 with wood‑frame construction and a marblecrete exterior
