Seven-Unit Residential Income
For Sale
$2,650,000
Pending
3056 60th Ave SW, Seattle, WA 98116
Admiral 7 offers a mix of townhome-style units and flats with in-unit laundry and updated interiors.
Property Size9,257 SF
Days on Market155
Property Features for 3056 60th Ave SW
General Information
Standard status
Pending
Size
9,257 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
7
Amenities
in-unit laundry
Building Details
Year Built
1993
Tenancy
Multi
Listing Agency:
Westlake Associates, Inc.
Listed By:
Collin Hagstrom
(206) 505-9400
Source:
Eastsideseattleproperties
Added: Apr 22
Changed: Sep 9
Last Checked: Sep 22 at 5:19PM
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
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
$156,238
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
5.90%
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%
$3,124,760
$3.1M
Cap Rate 7%
$2,231,971
$2.2M
Cap Rate 9%
$1,735,978
$1.7M
Market Conditions
NOI Build-Up for 9,257 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
$294.4K $31.80/SF
− Vacancy
−$10.3K −$1.11/SF
EGI
$284.1K $30.69/SF
− OpEx
−$127.8K −$13.81/SF
NOI
$156.2K $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%
$3,124,760
Cap Rate 7%
$2,231,971
Cap Rate 9%
$1,735,978
Alternative Uses
Best Use
Apartment 5plus
$2.23M
$1.95M – $2.60M
NOI $156,238 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.44M – $3.25M
NOI $194,950 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 98116, WA
27,691
Population
14,652
Households
1.9
Avg Household Size
41
Median Age
69%
College-Educated
98%
High-School Grad
3.0 sq mi
ZIP Area
9,230
Density / Sq Mi
$130,504
Median Household Income
$86,680
Median Earnings
$2,033
Median Rent
$917,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
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
