Vacant 11-Unit Apartment
For Sale
$2,495,000
34 W 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
Days on Market117
Property Features for 34 W Cremona St
General Information
Standard status
Active
Size
6,417 SF
Property subtype
Multifamily
Site & Location
Neighborhood
Interbay
Additional Details
Multifamily Units
11
Building Details
Building Size
6,417 SF
Year Built
1961
Listed By:
Dea Sumantri
(206) 383-3399
Source:
Lee-associates
Added: Jul 8
Changed: Oct 26
Last Checked: Oct 30 at 11:55AM
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 Dea Sumantri
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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 / Yr
$108,305
Cap Rate
4.34%
Suggested Prices Based on Cap Rates
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
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 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 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,140 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Open Analytics
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
2,414
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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 W Cremona St Seattle, WA.
What is the asking price?
The asking price for this property is $2,495,000.
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
