Vacant 11-Unit Apartment
For Sale
$2,800,000
34 Cremona St, Seattle, WA 98119
1961-built 11-unit apartment building offered fully vacant at closing for immediate leasing and tenant selection control.
Property Size6,417 SF
Price / SF$436.34
Days on Market47
Property Features for 34 Cremona St
General Information
Standard status
Active
Size
6,417 SF
Property subtype
Commercial
Additional Details
Multifamily Units
11
Building Details
Year Built
1961
Listing Agency:
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(206) 773-2694
Listed By:
CANDICE CHEVAILLIER, CCIM
Source:
Corcoran
Added: Jul 8
Changed: Aug 23
Last Checked: Aug 23 at 4:21AM
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
Cremona Apartments is an 11-unit apartment community built in 1961, delivered fully vacant at closing. The property offers the ability to lease all units immediately with full control over tenant selection and no inherited lease obligations. In-unit laundry is included, and the building presents a straightforward platform for targeted renovations.
Located in central Seattle, the property is positioned between Ballard, Fremont, South Lake Union, and Downtown Seattle, with direct access to Meta, Google, Amazon, and Expedia.
The studio unit includes adjacency considerations that may support expansion of net rentable space, though the buyer is required to verify feasibility. Offered as a vacant delivery, the asset supports both immediate leasing and value-add planning without displacement concerns for existing tenants.
Located in central Seattle, the property is positioned between Ballard, Fremont, South Lake Union, and Downtown Seattle, with direct access to Meta, Google, Amazon, and Expedia.
The studio unit includes adjacency considerations that may support expansion of net rentable space, though the buyer is required to verify feasibility. Offered as a vacant delivery, the asset supports both immediate leasing and value-add planning without displacement concerns for existing tenants.
Key Highlights
- 1961‑built 11‑unit apartment community
- Offered fully vacant at closing—lease all 11 units immediately at market rents
- No inherited lease obligations, with full control over tenant selection
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
$108,305
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
3.87%
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%
$2,166,100
$2.2M
Cap Rate 7%
$1,547,214
$1.5M
Cap Rate 9%
$1,203,389
$1.2M
Market Conditions
NOI Build-Up for 6,417 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
$204.1K $31.80/SF
− Vacancy
−$7.1K −$1.11/SF
EGI
$196.9K $30.69/SF
− OpEx
−$88.6K −$13.81/SF
NOI
$108.3K $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%
$2,166,100
Cap Rate 7%
$1,547,214
Cap Rate 9%
$1,203,389
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.35M – $1.81M
NOI $108,305 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,140 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
2,414
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
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Frequently Asked Questions
What type of property is this?
Apartment building - 1961-built 11-unit apartment building offered fully vacant at closing for immediate leasing and tenant selection control.
Where is this apartment building located?
The property is located at 34 Cremona St Seattle, WA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 1961‑built 11‑unit apartment community; Offered fully vacant at closing—lease all 11 units immediately at market rents; No inherited lease obligations, with full control over tenant selection
