Six-Unit Brick Apartment
For Sale
$1,795,000
315 12TH, Seattle, WA 98102
Mid-Rise zoning, secure entry, and on-site laundry support apartment operations.
Property Size4,587 SF
Price / SF$391.32
Days on Market151
Property Features for 315 12TH
General Information
Standard status
Active
Size
4,587 SF
Total Parking Spaces
12
Property subtype
Multi-family
Zoning
MR-M1
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 1BR/1BA + den/NC bedroom
Multifamily Units
6
Amenities
Common laundry area
Secure entry with lobby
Building Details
Year Built
1928
Listing Agency:
Skyline Properties,Inc.
(206) 795-9500
Listed By:
Michael (Scott) Fladseth
(206) 795-9500
Source:
Skylineproperties
Added: Apr 4
Changed: Aug 31
Last Checked: Aug 31 at 8:21PM
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 Skyline Properties,Inc.
Investment Insights
Based on property information with market context.
Built in 1928, this 4,587-square-foot apartment property contains six above-grade corner units, each configured with one bedroom, one bathroom, and a den or non-conforming bedroom. Units include full kitchens, hardwood flooring, living and dining areas, natural light, and views toward the Space Needle, Downtown Seattle, and the Olympic Mountains. Original brick detailing, a secured lobby entry, common laundry, and a 12-car tenant parking area complete the existing improvements.
The property is located three blocks from light rail and has a Walk Score of 98. Downtown Seattle, major technology employers, restaurants, shopping, Whole Foods, Costco, Pike Place Market, hospitals, parks, major bus lines, I-5, I-90, and Hwy 99 are identified as nearby or accessible destinations. The parcel is zoned MR-M1 and includes a daylight basement that may offer the possibility of adding two additional one-bedroom units, subject to applicable approvals.
The property is located three blocks from light rail and has a Walk Score of 98. Downtown Seattle, major technology employers, restaurants, shopping, Whole Foods, Costco, Pike Place Market, hospitals, parks, major bus lines, I-5, I-90, and Hwy 99 are identified as nearby or accessible destinations. The parcel is zoned MR-M1 and includes a daylight basement that may offer the possibility of adding two additional one-bedroom units, subject to applicable approvals.
Key Highlights
- Six units, each with 1 bedroom, 1 bathroom, and a den/NC bedroom
- 4,587 SF apartment property built in 1928
- 12‑car tenant parking lot with driveway access
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
$77,419
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
4.31%
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%
$1,548,380
$1.5M
Cap Rate 7%
$1,105,986
$1.1M
Cap Rate 9%
$860,211
$860.2K
Market Conditions
NOI Build-Up for 4,587 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
$145.9K $31.80/SF
− Vacancy
−$5.1K −$1.11/SF
EGI
$140.8K $30.69/SF
− OpEx
−$63.3K −$13.81/SF
NOI
$77.4K $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%
$1,548,380
Cap Rate 7%
$1,105,986
Cap Rate 9%
$860,211
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$967.7K – $1.29M
NOI $77,419 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,601 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
10,574
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 - Mid-Rise zoning, secure entry, and on-site laundry support apartment operations.
Where is this apartment building located?
The property is located at 315 12TH Seattle, WA.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Six units, each with 1 bedroom, 1 bathroom, and a den/NC bedroom; 4,587 SF apartment property built in 1928; 12‑car tenant parking lot with driveway access
