Five-Unit Apartment
New
For Sale
$1,650,000
2822 14th Ave W, Seattle, WA 98119
Mid-century property with dedicated basement storage serving every apartment.
Property Size4,288 SF
Price / SF$384.79
Days on Market1
Property Features for 2822 14th Ave W
General Information
Standard status
Active
Size
4,288 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
5
Amenities
dedicated storage unit
Building Details
Year Built
1962
Buildings
1
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Sep 4
Last Checked: Sep 4 at 4:08AM
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 Ron Rougeaux
Investment Insights
Based on property information with market context.
Located at 2822 14th Ave W in Seattle, this 4,288-square-foot apartment property contains five residential units within a building constructed in 1962. Each apartment is paired with its own dedicated storage unit in the basement, adding practical resident storage to the configuration.
The property sits on Queen Anne’s western slope with access to Interbay, Ballard, Fremont, Magnolia, Downtown Seattle, and Highway 99. Restaurants, cafés, shopping, parks, and major employment centers are also identified in the surrounding area. The building and units are described as being in good condition, and a pre-listing inspection report is available upon request.
The property sits on Queen Anne’s western slope with access to Interbay, Ballard, Fremont, Magnolia, Downtown Seattle, and Highway 99. Restaurants, cafés, shopping, parks, and major employment centers are also identified in the surrounding area. The building and units are described as being in good condition, and a pre-listing inspection report is available upon request.
Key Highlights
- Five residential units in a 4,288‑square‑foot apartment building
- Constructed in 1962
- Dedicated basement storage unit for each apartment
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
$72,372
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
4.39%
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%
$1,447,440
$1.4M
Cap Rate 7%
$1,033,886
$1.0M
Cap Rate 9%
$804,133
$804.1K
Market Conditions
NOI Build-Up for 4,288 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
$136.4K $31.80/SF
− Vacancy
−$4.8K −$1.11/SF
EGI
$131.6K $30.69/SF
− OpEx
−$59.2K −$13.81/SF
NOI
$72.4K $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%
$1,447,440
Cap Rate 7%
$1,033,886
Cap Rate 9%
$804,133
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$904.7K – $1.21M
NOI $72,372 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,304 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
820
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 - Mid-century property with dedicated basement storage serving every apartment.
Where is this apartment building located?
The property is located at 2822 14th Ave W Seattle, WA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Five residential units in a 4,288‑square‑foot apartment building; Constructed in 1962; Dedicated basement storage unit for each apartment
