Casa Bella Apartment
New
For Sale
$2,400,000
3221 208TH, Seatac, WA 98198
Gated community with spacious two- and three-bedroom layouts, private outdoor areas, and in-unit laundry.
Property Size9,282 SF
Lot Size0.54 Acres
Price / SF$258.56
Days on Market5
Property Features for 3221 208TH
General Information
Standard status
Active
Size
9,282 SF
Lot size
0.54 Acres
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
9
Amenities
gated community
in-unit washers and dryers
private balconies or decks
Building Details
Year Built
2004
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Tanner Fogle
(253) 564-6211
Source:
Century21northhomes
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 13 at 2:55PM
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 Paragon Real Estate Advisors
Investment Insights
Based on property information with market context.
Casa Bella is a gated multifamily property containing 9 residential apartments with a mix of two- and three-bedroom floor plans. Units average 1,031 square feet and include in-unit washers and dryers along with private balconies or decks. Built in 2004, the property contains approximately 9,282 square feet of building area on an approximately 23,700 square foot, 0.54-acre lot.
The property is located in SeaTac, Washington, near Sea-Tac International Airport, Angle Lake Link light rail station, and the I-5 corridor. Its residential configuration, gated setting, and large floor plans provide a defined multifamily asset in a transit- and transportation-connected area.
The property is located in SeaTac, Washington, near Sea-Tac International Airport, Angle Lake Link light rail station, and the I-5 corridor. Its residential configuration, gated setting, and large floor plans provide a defined multifamily asset in a transit- and transportation-connected area.
Key Highlights
- 9 residential apartments with two- and three‑bedroom floor plans
- Units average 1,031 square feet
- In‑unit washers and dryers plus private balconies or decks
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
$144,270
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
6.01%
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%
$2,885,400
$2.9M
Cap Rate 7%
$2,061,000
$2.1M
Cap Rate 9%
$1,603,000
$1.6M
Market Conditions
NOI Build-Up for 9,282 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
$278.5K $30.00/SF
− Vacancy
−$16.2K −$1.74/SF
EGI
$262.3K $28.26/SF
− OpEx
−$118.0K −$12.72/SF
NOI
$144.3K $15.54/SF
Area
King County, WA
Vacancy
5.80%
Lease Rate
$30.00 /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%
$2,885,400
Cap Rate 7%
$2,061,000
Cap Rate 9%
$1,603,000
Alternative Uses
Best Use
Apartment 5plus
$2.06M
$1.80M – $2.40M
NOI $144,270 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.72M
$3.25M – $4.34M
NOI $260,238 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 98198, WA
38,727
Population
15,267
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
7.7 sq mi
ZIP Area
5,029
Density / Sq Mi
$83,938
Median Household Income
$48,776
Median Earnings
$1,770
Median Rent
$527,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Gated community with spacious two- and three-bedroom layouts, private outdoor areas, and in-unit laundry.
Where is this apartment building located?
The property is located at 3221 208TH Seatac, WA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 9 residential apartments with two- and three‑bedroom floor plans; Units average 1,031 square feet; In‑unit washers and dryers plus private balconies or decks
