Six-Unit Apartment
For Sale
$2,100,000
315 13TH, Seattle, WA 98102
The unit mix includes studios, one-bedroom, and two-bedroom apartments in a walkable Capitol Hill setting.
Property Size5,269 SF
Price / SF$398.56
Days on Market9
Property Features for 315 13TH
General Information
Standard status
Active
Size
5,269 SF
Total Parking Spaces
5
Property subtype
Multi-family
Units
Unit Mix
1 x studio, 2 x 1BR, 3 x 2BR
Multifamily Units
6
Additional Details
Public Transit
Yes
Amenities
private balconies or patios
Building Details
Year Built
1967
Buildings
1
Construction
Marblecrete
Listing Agency:
WPI Real Estate Services,Inc.
Listed By:
TC Wu · License #18933
(206) 849-8858
Source:
Skylineproperties
Added: Sep 11
Changed: Sep 18
Last Checked: Sep 18 at 9:14AM
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 WPI Real Estate Services,Inc.
Investment Insights
Based on property information with market context.
This 1967 apartment building at 315 13th Ave E contains six units: one studio, two one-bedroom apartments, and three two-bedroom apartments. Five units offer private balconies or patios, while Unit #6 has a Space Needle view. Units #2 and #6 have been completely renovated. Exterior unit access, Marblecrete siding, and updated double-pane windows support a practical, low-maintenance configuration with limited common area. Five on-site parking spaces are included.
Located in Seattle’s Capitol Hill neighborhood, the property has a Walk Score of 91 and sits near Broadway, 15th Ave E, Cal Anderson Park, the light rail station, dining, and nightlife. Long-term tenants are in place, and parking and utilities are currently included in rent. The existing setup also provides separate parking-fee and utility-billing options for future ownership consideration.
Located in Seattle’s Capitol Hill neighborhood, the property has a Walk Score of 91 and sits near Broadway, 15th Ave E, Cal Anderson Park, the light rail station, dining, and nightlife. Long-term tenants are in place, and parking and utilities are currently included in rent. The existing setup also provides separate parking-fee and utility-billing options for future ownership consideration.
Key Highlights
- Six‑unit apartment building with one studio, two one‑bedrooms, and three two‑bedrooms
- Five of six units include private balconies or patios
- Units #2 and #6 have been completely renovated
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
$88,929
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
4.23%
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%
$1,778,580
$1.8M
Cap Rate 7%
$1,270,414
$1.3M
Cap Rate 9%
$988,100
$988.1K
Market Conditions
NOI Build-Up for 5,269 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
$167.6K $31.80/SF
− Vacancy
−$5.9K −$1.11/SF
EGI
$161.7K $30.69/SF
− OpEx
−$72.8K −$13.81/SF
NOI
$88.9K $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%
$1,778,580
Cap Rate 7%
$1,270,414
Cap Rate 9%
$988,100
Alternative Uses
Best Use
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $88,929 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $110,964 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
6
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - The unit mix includes studios, one-bedroom, and two-bedroom apartments in a walkable Capitol Hill setting.
Where is this apartment building located?
The property is located at 315 13TH Seattle, WA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Six‑unit apartment building with one studio, two one‑bedrooms, and three two‑bedrooms; Five of six units include private balconies or patios; Units #2 and #6 have been completely renovated
