9-Unit Apartment Building with Bay
For Sale
$2,750,000
3261 Fuhrman, Seattle, WA 98102
Mid-century apartment property with private decks, off-street parking, and a mix of updated interiors.
Property Size6,765 SF
Price / SF$406.50
Days on Market15
Property Features for 3261 Fuhrman
General Information
Standard status
Active
Size
6,765 SF
Property subtype
Multi-family
Building Details
Year Built
1952
Listing Agency:
Westlake Associates,Inc.
Listed By:
Reid Jones
(206) 522-3400
Source:
Skylineproperties
Added: Aug 6
Changed: Aug 19
Last Checked: Aug 19 at 10:42AM
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 Westlake Associates,Inc.
Investment Insights
Based on property information with market context.
Built in 1952, this 9-unit apartment building includes seven 1-bedroom, 1-bath residences and two 2-bedroom, 1.5-bath residences. The 6,765-square-foot wood-frame property has a brick exterior, private decks with Portage Bay views, and off-street parking. Interior features include hardwood or LVP flooring, updated cabinetry, quartz countertops, stainless-steel appliances, and modern lighting in a portion of the units. One residence has also been converted to include in-unit laundry.
The property occupies a 9,220-square-foot parcel at 3261 Fuhrman Ave E in Seattle, between the Eastlake and Montlake neighborhoods. The site is zoned LR3 (M). Recent capital improvements have been completed, while additional unit renovations and laundry installations remain among the documented property initiatives.
The property occupies a 9,220-square-foot parcel at 3261 Fuhrman Ave E in Seattle, between the Eastlake and Montlake neighborhoods. The site is zoned LR3 (M). Recent capital improvements have been completed, while additional unit renovations and laundry installations remain among the documented property initiatives.
Key Highlights
- 9 units: seven 1‑bedroom/1‑bath and two 2‑bedroom/1.5‑bath residences
- 6,765 SF apartment building on a 9,220 SF parcel
- Private decks with Portage Bay views
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
$114,179
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
4.15%
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%
$2,283,580
$2.3M
Cap Rate 7%
$1,631,129
$1.6M
Cap Rate 9%
$1,268,656
$1.3M
Market Conditions
NOI Build-Up for 6,765 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
$215.1K $31.80/SF
− Vacancy
−$7.5K −$1.11/SF
EGI
$207.6K $30.69/SF
− OpEx
−$93.4K −$13.81/SF
NOI
$114.2K $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%
$2,283,580
Cap Rate 7%
$1,631,129
Cap Rate 9%
$1,268,656
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.43M – $1.90M
NOI $114,179 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.78M – $2.37M
NOI $142,469 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,315
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-century apartment property with private decks, off-street parking, and a mix of updated interiors.
Where is this apartment building located?
The property is located at 3261 Fuhrman Seattle, WA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 9 units: seven 1‑bedroom/1‑bath and two 2‑bedroom/1.5‑bath residences; 6,765 SF apartment building on a 9,220 SF parcel; Private decks with Portage Bay views
