For Sale
$4,300,000
3232 15th Ave W, Seattle, WA 98119
Apartment buildings
Property Size9,366 SF
Days on Market95
Property Features for 3232 15th Ave W
General Information
Standard status
Active
Size
9,366 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
Boutique Asset: Constructed in 2011 with an average residential unit size of 900 square feet
Diverse unit mix consisting of studio, one bedroom, two bedroom, two bedroom two bath and two bedroom two and one half bath townhome layouts.
Two floors of gated garage parking accommodating 15 vehicles, a 1.25 parking /unit ratio.
Convenient access to Seattle's major employers in South Lake Union, Downtown and Ballard with proximity to Magnolia's neighborhood amenities.
Building Details
Building Size
9,366 SF
Units
14
Listing Agency:
MARCUS & MILLICHAP, INC.
Listed By:
Jake Morse · License #License(s): WA: 20120840
(206) 826-5788
Source:
Marcusmillichap
Added: Jun 1
Changed: Aug 8
Last Checked: Sep 2 at 1:14PM
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 MARCUS & MILLICHAP, INC.
Investment Insights
Based on property information with market context.
Key Highlights
- Newer construction multifamily asset in desirable West Queen Anne, built in 2011.
- Diverse unit mix including townhomes with private rooftop decks.
- Enjoy premium unit amenities: in‑unit washer/dryer, granite countertops, and stainless‑steel appliances.
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
$158,078
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
3.68%
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%
$3,161,560
$3.2M
Cap Rate 7%
$2,258,257
$2.3M
Cap Rate 9%
$1,756,422
$1.8M
Market Conditions
NOI Build-Up for 9,366 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
$297.8K $31.80/SF
− Vacancy
−$10.4K −$1.11/SF
EGI
$287.4K $30.69/SF
− OpEx
−$129.3K −$13.81/SF
NOI
$158.1K $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%
$3,161,560
Cap Rate 7%
$2,258,257
Cap Rate 9%
$1,756,422
Alternative Uses
Best Use
Apartment 5plus
$2.26M
$1.98M – $2.63M
NOI $158,078 @ 7.0% cap · market cap 3.68%
Second Best
Mixed Use
$1.77M
$1.55M – $2.06M
NOI $123,631 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,245 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,087
Businesses Nearby
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
Median Home Value
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
Where is this apartment building located?
The property is located at 3232 15th Ave W Seattle, WA.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: Newer construction multifamily asset in desirable West Queen Anne, built in 2011.; Diverse unit mix including townhomes with private rooftop decks.; Enjoy premium unit amenities: in‑unit washer/dryer, granite countertops, and stainless‑steel appliances.
