Elegant Craftsman with Sweeping
For Sale
$999,500
Pending
303 Dravus St, Seattle, WA 98119
Craftsman with views in North Queen Anne. Many possibilities!
Property Size2,350 SF
Days on Market381
Property Features for 303 Dravus St
General Information
Standard status
Pending
Size
2,350 SF
Property subtype
Commercial
Building Details
Year Built
1920
Listing Agency:
LAKE & COMPANY REAL ESTATE
Listed By:
SARAH ROLLINGER
Source:
Corcoran
Added: Aug 5, 2025
Changed: Jul 6
Last Checked: Jul 23 at 7:41AM
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 LAKE & COMPANY REAL ESTATE
Investment Insights
Based on property information with market context.
This craftsman-style property, situated above street level, offers views of North Queen Anne. The property features a spacious porch leading to an entry. The living room includes an original fireplace, oak floors, tall baseboards, and coved crown moldings. A light-filled dining room is flanked by historic columns. The main floor contains two bedrooms and a bathroom, with fir floors, solid wood doors, and trim. The remodeled downstairs area includes one bedroom, an office or playroom, and laundry facilities. The upstairs Accessory Dwelling Unit (ADU) offers three bedrooms, one bathroom, and a family room with good head height. The property includes a garage and updated water heaters. The property offers multiple possibilities, including keeping it as is, converting the upstairs into a primary suite, or adding another unit in the basement. The property size is 2350 square feet.
Key Highlights
- Sweeping views of North Queen Anne.
- Upstairs ADU with 3 beds, 1 bath, and family room, ideal for income or flexible living.
- Original craftsman details including a fireplace, oak floors, and historic columns.
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
$39,663
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
3.97%
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%
$793,260
$793.3K
Cap Rate 7%
$566,614
$566.6K
Cap Rate 9%
$440,700
$440.7K
Market Conditions
NOI Build-Up for 2,350 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
$74.7K $31.80/SF
− Vacancy
−$2.6K −$1.11/SF
EGI
$72.1K $30.69/SF
− OpEx
−$32.5K −$13.81/SF
NOI
$39.7K $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%
$793,260
Cap Rate 7%
$566,614
Cap Rate 9%
$440,700
Alternative Uses
Best Use
Apartment 5plus
$566.6K
$495.8K – $661.1K
NOI $39,663 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$707.0K
$618.6K – $824.8K
NOI $49,490 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,602
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 - Craftsman with views in North Queen Anne. Many possibilities!
Where is this apartment building located?
The property is located at 303 Dravus St Seattle, WA.
What is the asking price?
The asking price for this property is $999,500.
What are key features of this property?
This property features: Sweeping views of North Queen Anne.; Upstairs ADU with 3 beds, 1 bath, and family room, ideal for income or flexible living.; Original craftsman details including a fireplace, oak floors, and historic columns.
