10-Unit Apartment
For Sale
$2,150,000
3055 140TH, Seattle, WA 98125
The property combines renovated residences with recent building-system and exterior upgrades.
Property Size8,711 SF
Lot Size0.19 Acres
Price / SF$246.81
Days on Market11
Property Features for 3055 140TH
General Information
Standard status
Active
Size
8,711 SF
Total Parking Spaces
14
Lot size
0.19 Acres
Property subtype
Multi-family
Occupancy
100%
Site & Location
Neighborhood
Olympic Hills
Public Transit
Yes
Units
Unit Mix
8 x 1BD/1BA, 2 x 2BD/1BA
Multifamily Units
10
Additional Details
Cap Rate
5.76%
Tenant in Place
Yes
Building Details
Year Built
1968
Listing Agency:
Opal Blue Real Estate,LLC
Listed By:
Grant Fosheim
(425) 359-7259
Source:
Skylineproperties
Added: Oct 15
Changed: Oct 25
Last Checked: Oct 24 at 9:13PM
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 Opal Blue Real Estate,LLC
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Investment Insights
Based on property information with market context.
Marella Apartments is a 10-unit residential property in Seattle’s Lake City neighborhood. Its mix includes eight 1-bedroom/1-bath units of approximately 675 square feet and two 2-bedroom/1-bath units of approximately 850 square feet. Seven apartments have been renovated, and common areas have also been updated. The 1968 building has an effective year built of 1992 per tax records, and the property includes 14 off-street parking spaces.
Recent work includes a replacement roof, windows installed in 2023, new electrical panels in 2025, and a sewer line installed in 2025–26. The exterior has been re-sided and painted. The apartments are professionally managed, with no vacancies or delinquencies. Walk-in closets are located beside the hot water tanks, a configuration that can accommodate the addition of in-unit washers and dryers.
Lake City Way shops, services, and transit are nearby. Stride bus rapid transit is planned for 2028. The in-place cap rate is 5.76%, with a 6.85% cap rate at market rents.
Recent work includes a replacement roof, windows installed in 2023, new electrical panels in 2025, and a sewer line installed in 2025–26. The exterior has been re-sided and painted. The apartments are professionally managed, with no vacancies or delinquencies. Walk-in closets are located beside the hot water tanks, a configuration that can accommodate the addition of in-unit washers and dryers.
Lake City Way shops, services, and transit are nearby. Stride bus rapid transit is planned for 2028. The in-place cap rate is 5.76%, with a 6.85% cap rate at market rents.
Key Highlights
- 10 apartments: eight 1BD/1BA units at approximately 675 sf and two 2BD/1BA units at approximately 850 sf
- Seven of the 10 units have been renovated; common areas are updated
- 14 off‑street parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$154,540
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,090,800
$3.1M
Cap Rate 7%
$2,207,714
$2.2M
Cap Rate 9%
$1,717,111
$1.7M
Market Conditions
NOI Build-Up for 8,711 SF
Gross rent
$292.7K $33.60/SF
− Vacancy
−$11.7K −$1.34/SF
EGI
$281.0K $32.26/SF
− OpEx
−$126.4K −$14.52/SF
NOI
$154.5K $17.74/SF
Area
ZIP 98125
Vacancy
4.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,090,800
Cap Rate 7%
$2,207,714
Cap Rate 9%
$1,717,111
Alternative Uses
Best Use
Apartment 5plus
$2.21M
$1.93M – $2.58M
NOI $154,540 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.81M
$2.46M – $3.28M
NOI $196,703 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
639
Businesses Nearby
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Business Placement
Demographics for 98125, WA
42,965
Population
21,493
Households
2
Avg Household Size
37
Median Age
61%
College-Educated
94%
High-School Grad
5.4 sq mi
ZIP Area
7,956
Density / Sq Mi
$96,725
Median Household Income
$61,552
Median Earnings
$1,856
Median Rent
$844,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The property combines renovated residences with recent building-system and exterior upgrades.
Where is this apartment building located?
The property is located at 3055 140TH Seattle, WA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 10 apartments: eight 1BD/1BA units at approximately 675 sf and two 2BD/1BA units at approximately 850 sf; Seven of the 10 units have been renovated; common areas are updated; 14 off‑street parking spaces
