3-Unit Triplex with Patio
New
For Sale
$769,000
3831 17th Ave SW, Seattle, WA 98106
Dishwashers, washers and dryers, plus patio and yard areas, serve the residential units.
Property Size1,900 SF
Price / SF$404.74
Days on Market4
Property Features for 3831 17th Ave SW
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
dishwashers
washer/dryer
patio & yard spaces
Building Details
Year Built
1920
Listing Agency:
Windermere West Metro
Listed By:
Bill Reid
Source:
Robb4realestate
Added: Sep 24
Last Checked: Sep 26 at 8:43AM
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 Windermere West Metro
Investment Insights
Based on property information with market context.
This Seattle triplex contains three 2-bedroom, 1-bathroom units within a 1,920-square-foot property built in 1920. Unit features include dishwashers, washers and dryers, along with patio and yard areas. The property is occupied by long-term tenants.
Key Highlights
- Three 2‑bedroom, 1‑bathroom units
- 1,920 square feet; built in 1920
- Dishwashers, washers and dryers included
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
$34,294
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
4.46%
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%
$685,880
$685.9K
Cap Rate 7%
$489,914
$489.9K
Cap Rate 9%
$381,044
$381.0K
Market Conditions
NOI Build-Up for 1,900 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
$51.3K $27.00/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$49.0K $25.79/SF
− OpEx
−$14.7K −$7.74/SF
NOI
$34.3K $18.05/SF
Area
Seattle, WA
Vacancy
4.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$685,880
Cap Rate 7%
$489,914
Cap Rate 9%
$381,044
Alternative Uses
Best Use
Multifamily LT 5
$489.9K
$428.7K – $571.6K
NOI $34,294 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$458.1K
$400.9K – $534.5K
NOI $32,068 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$571.6K
$500.2K – $666.9K
NOI $40,013 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 98106, WA
26,295
Population
12,107
Households
2.2
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
5.5 sq mi
ZIP Area
4,781
Density / Sq Mi
$115,529
Median Household Income
$60,223
Median Earnings
$1,824
Median Rent
$666,800
Median Home Value
Check the figures for this property
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?
Triplex - Dishwashers, washers and dryers, plus patio and yard areas, serve the residential units.
Where is this triplex located?
The property is located at 3831 17th Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $769,000.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bathroom units; 1,920 square feet; built in 1920; Dishwashers, washers and dryers included
