Three-Unit Craftsman
For Sale
$969,000
303 64TH, Seattle, WA 98103
Each apartment offers a private entry, full kitchen, and in-unit laundry.
Property Size1,760 SF
Price / SF$550.57
Days on Market50
Property Features for 303 64TH
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Multi-family
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
mini-split heating & cooling
Building Details
Year Built
1918
Buildings
1
Construction
Craftsman
Listing Agency:
Real Broker LLC
Listed By:
Charles Burnett
(206) 522-3400
Source:
Skylineproperties
Added: Jun 24
Changed: Aug 11
Last Checked: Aug 11 at 10:29AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
Built in 1918, this Craftsman property contains three one-bedroom, one-bath apartments. Every residence has its own entrance, a full kitchen, and in-unit laundry. Electricity is separately metered, and tenants pay all utilities. The two main-level apartments also have mini-split heating and cooling.
The property is located at 303 64TH in Seattle, one block from the Phinney/Greenwood business district. Woodland Park Zoo, Green Lake, Ballard, Fremont, neighborhood restaurants, coffee shops, and public transit are identified nearby. Capital improvements include plumbing and electrical updates, electrical panels, windows, a French drain, and renovated bathrooms.
The property is located at 303 64TH in Seattle, one block from the Phinney/Greenwood business district. Woodland Park Zoo, Green Lake, Ballard, Fremont, neighborhood restaurants, coffee shops, and public transit are identified nearby. Capital improvements include plumbing and electrical updates, electrical panels, windows, a French drain, and renovated bathrooms.
Key Highlights
- 1918 Craftsman triplex at 303 64TH, Seattle, WA 98103
- Three 1‑bedroom, 1‑bath apartments
- Private entrances, full kitchens, and in‑unit laundry in 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
$31,434
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
3.24%
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%
$628,680
$628.7K
Cap Rate 7%
$449,057
$449.1K
Cap Rate 9%
$349,267
$349.3K
Market Conditions
NOI Build-Up for 1,760 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
$47.5K $27.00/SF
− Vacancy
−$2.6K −$1.49/SF
EGI
$44.9K $25.51/SF
− OpEx
−$13.5K −$7.65/SF
NOI
$31.4K $17.86/SF
Area
ZIP 98103
Vacancy
5.50%
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%
$628,680
Cap Rate 7%
$449,057
Cap Rate 9%
$349,267
Alternative Uses
Best Use
Multifamily LT 5
$449.1K
$392.9K – $523.9K
NOI $31,434 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$401.2K
$351.0K – $468.0K
NOI $28,081 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$711.4K
$622.5K – $830.0K
NOI $49,801 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
991
Businesses Nearby
Explore this area
Business Placement
Demographics for 98103, WA
53,056
Population
27,857
Households
1.9
Avg Household Size
35
Median Age
77%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
11,534
Density / Sq Mi
$127,372
Median Household Income
$80,508
Median Earnings
$2,006
Median Rent
$1,012,900
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?
Triplex - Each apartment offers a private entry, full kitchen, and in-unit laundry.
Where is this triplex located?
The property is located at 303 64TH Seattle, WA.
What is the asking price?
The asking price for this property is $969,000.
What are key features of this property?
This property features: 1918 Craftsman triplex at 303 64TH, Seattle, WA 98103; Three 1‑bedroom, 1‑bath apartments; Private entrances, full kitchens, and in‑unit laundry in each apartment
