Three-Story Apartment
For Sale
$4,000,000
2820 15TH, Seattle, WA 98119
Well-maintained three-story multifamily property with 19 apartment units and updated exterior, roof, and plumbing systems.
Property Size14,975 SF
Price / SF$267.11
Days on Market168
Property Features for 2820 15TH
General Information
Standard status
Active
Size
14,975 SF
Property subtype
Multi-family
Additional Details
Cap Rate
7%
Multifamily Units
21
Building Details
Year Built
1969
Stories
3
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Ben Douglas
(206) 363-8509
Source:
Century21northhomes
Added: Mar 5
Changed: Aug 19
Last Checked: Aug 20 at 9:13AM
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.
This three-story, wood-frame apartment building includes 19 one-bedroom, one-bath units, one one-bedroom with an office and one bath, and one three-bedroom, two-bath unit, totaling 14,975 rentable square feet. The property has been meticulously maintained during the current ownership and is being marketed for the first time in 33 years.
Maintenance and capital improvements include elastomeric waterproof paint applied to the rockcrete siding in 2016, a roof replacement in 2019 along with the main water supply line, and in 2023 and 2024 the main sewer drain line and underground cast iron plumbing were replaced. The building’s setting on a quiet residential street supports a day-to-day lifestyle appeal, and it offers convenient access to major public transportation routes. It is positioned near employment centers, dining, retail, and neighborhood amenities associated with Queen Anne, Ballard, Interbay, and Magnolia.
The unit mix includes both smaller one-bedroom layouts and a larger three-bedroom option, which can support tenant demand across different household needs. With a maintained exterior and updated water and sewer infrastructure, the property may appeal to buyers looking for a turn-key residential income asset with a defined in-place operating history.
Maintenance and capital improvements include elastomeric waterproof paint applied to the rockcrete siding in 2016, a roof replacement in 2019 along with the main water supply line, and in 2023 and 2024 the main sewer drain line and underground cast iron plumbing were replaced. The building’s setting on a quiet residential street supports a day-to-day lifestyle appeal, and it offers convenient access to major public transportation routes. It is positioned near employment centers, dining, retail, and neighborhood amenities associated with Queen Anne, Ballard, Interbay, and Magnolia.
The unit mix includes both smaller one-bedroom layouts and a larger three-bedroom option, which can support tenant demand across different household needs. With a maintained exterior and updated water and sewer infrastructure, the property may appeal to buyers looking for a turn-key residential income asset with a defined in-place operating history.
Key Highlights
- 19‑unit multifamily building (one 3BD/2BA, one 1BD+office/1BA, and 17 one‑bedroom/one‑bath units) totaling 14,975 rentable SF across 3 stories
- Year built: 1969; wood‑frame construction and three‑story layout
- Exterior updates include elastomeric waterproof paint applied to the rockcrete siding in 2016
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
$252,746
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
6.32%
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%
$5,054,920
$5.1M
Cap Rate 7%
$3,610,657
$3.6M
Cap Rate 9%
$2,808,289
$2.8M
Market Conditions
NOI Build-Up for 14,975 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
$476.2K $31.80/SF
− Vacancy
−$16.7K −$1.11/SF
EGI
$459.5K $30.69/SF
− OpEx
−$206.8K −$13.81/SF
NOI
$252.7K $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%
$5,054,920
Cap Rate 7%
$3,610,657
Cap Rate 9%
$2,808,289
Alternative Uses
Best Use
Apartment 5plus
$3.61M
$3.16M – $4.21M
NOI $252,746 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.51M
$3.94M – $5.26M
NOI $315,369 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
425
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained three-story multifamily property with 19 apartment units and updated exterior, roof, and plumbing systems.
Where is this apartment building located?
The property is located at 2820 15TH Seattle, WA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 19‑unit multifamily building (one 3BD/2BA, one 1BD+office/1BA, and 17 one‑bedroom/one‑bath units) totaling 14,975 rentable SF across 3 stories; Year built: 1969; wood‑frame construction and three‑story layout; Exterior updates include elastomeric waterproof paint applied to the rockcrete siding in 2016
