Capitol Hill Apartment
For Sale
$1,800,000
Pending
311 12th Ave E, Seattle, WA 98102
Charming 5-unit apartment building in vibrant Capitol Hill, Seattle.
Property Size3,865 SF
Days on Market387
Property Features for 311 12th Ave E
General Information
Standard status
Pending
Size
3,865 SF
Property subtype
Commercial
Building Details
Year Built
1928
Listing Agency:
KIDDER MATHEWS
Listed By:
JERRID ANDERSON · License #0173323
Source:
Corcoran
Added: Jul 30, 2025
Changed: Jul 6
Last Checked: Jul 23 at 9:24AM
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 KIDDER MATHEWS
Investment Insights
Based on property information with market context.
The Maple is a 5-unit apartment building located in Seattle's Capitol Hill neighborhood. The property features 1-bedroom layouts averaging 773 square feet, including a dining room and office. The property is currently operating as furnished short-term rentals and offers development potential in its parking lot. The location has a Walk Score of 91 and is near dining, nightlife, and the Capitol Hill Light Rail Station. The property is positioned to benefit from a projected decrease in new apartment deliveries in Capitol Hill over the next three years, indicating potential rent growth.
Key Highlights
- Seller financing available.
- Value‑add opportunity with furnished short‑term rental operations and development potential in the parking lot.
- Located in a premier urban location with a Walk Score of 91, steps from dining, nightlife, and the Capitol Hill Light Rail Station.
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
$65,233
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
3.62%
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%
$1,304,660
$1.3M
Cap Rate 7%
$931,900
$931.9K
Cap Rate 9%
$724,811
$724.8K
Market Conditions
NOI Build-Up for 3,865 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
$122.9K $31.80/SF
− Vacancy
−$4.3K −$1.11/SF
EGI
$118.6K $30.69/SF
− OpEx
−$53.4K −$13.81/SF
NOI
$65.2K $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%
$1,304,660
Cap Rate 7%
$931,900
Cap Rate 9%
$724,811
Alternative Uses
Best Use
Apartment 5plus
$931.9K
$815.4K – $1.09M
NOI $65,233 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,396 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,687
Businesses Nearby
Explore this area
Business Placement
Demographics for 98102, WA
25,066
Population
17,944
Households
1.4
Avg Household Size
34
Median Age
79%
College-Educated
99%
High-School Grad
1.3 sq mi
ZIP Area
19,282
Density / Sq Mi
$114,395
Median Household Income
$80,130
Median Earnings
$1,920
Median Rent
$988,700
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?
Apartment building - Charming 5-unit apartment building in vibrant Capitol Hill, Seattle.
Where is this apartment building located?
The property is located at 311 12th Ave E Seattle, WA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Seller financing available.; Value‑add opportunity with furnished short‑term rental operations and development potential in the parking lot.; Located in a premier urban location with a Walk Score of 91, steps from dining, nightlife, and the Capitol Hill Light Rail Station.
