Seven-Unit Residential Income
3056 60th Ave SW Seattle, WA 98116
For Sale
$2,650,000
Admiral 7 offers a mix of townhome-style units and flats with in-unit laundry and updated interiors.
Property Size6,281 SF
Price / SF$421.91
Days on Market46
Property Features for 3056 60th Ave SW
General Information
- Standard status
- Active
- Size
- 6,281 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1993
Listing Agency:
WESTLAKE ASSOCIATES, INC.
Listed By:
COLLIN HAGSTROM
Source:
Corcoran
Added: Jun 8
Changed: Jul 22
Last Checked: Jul 23 at 9:33AM
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 WESTLAKE ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
Admiral 7 is a seven-unit residential income property featuring a mix of spacious townhome-style units and flats. The unit mix includes four 2-bedroom, 1.5-bath townhome-style units, two 2-bedroom, 1-bath flats, and one large 1-bedroom unit. Across the building, units are described as having large living rooms, dedicated dining areas, open kitchens with modern updates, updated bathrooms, oversized closets, and abundant natural light through large windows, with the convenience of in-unit laundry.
The property is located in North Admiral, a neighborhood in West Seattle, with residents described as being just minutes from Alki.
The offering is structured as a multifamily residential asset and presents an established configuration of seven separately leased homes within one building.
The property is located in North Admiral, a neighborhood in West Seattle, with residents described as being just minutes from Alki.
The offering is structured as a multifamily residential asset and presents an established configuration of seven separately leased homes within one building.
Key Highlights
- Seven‑unit multifamily built in 1993 with a mix of townhome‑style units and flats
- Unit mix: four 2 bed/1.5 bath townhome‑style units averaging ~1,000 SF
- Unit mix: two 2 bed/1 bath flats averaging ~814 SF
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $199.7k | $31.80 |
| − Vacancy | −$7.0k | −$1.11 |
| EGI | $192.7k | $30.69 |
| − OpEx | −$86.7k | −$13.81 |
| NOI | $106.0k | $16.88 |
6,281 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.51M
$1.33M – $1.77M
NOI $106,010 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,276 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Finish Framing Carpentry
Construction Company
FAQs
What type of property is this?
Apartment building - Admiral 7 offers a mix of townhome-style units and flats with in-unit laundry and updated interiors.
Where is this apartment building located?
The property is located at 3056 60th Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Seven‑unit multifamily built in 1993 with a mix of townhome‑style units and flats; Unit mix: four 2 bed/1.5 bath townhome‑style units averaging ~1,000 SF; Unit mix: two 2 bed/1 bath flats averaging ~814 SF
