Two-Story Occupied
New
For Sale
$1,450,000
3910 NE 51st St, Seattle, WA 98105
Fully occupied residential income property with redevelopment plans and access to the Burke-Gilman Trail.
Property Size2,760 SF
Price / SF$525.36
Days on Market6
Property Features for 3910 NE 51st St
General Information
Standard status
Active
Size
2,760 SF
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$59,000
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1944
Buildings
1
Stories
2
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Sep 9
Last Checked: Sep 14 at 8:12AM
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 Graham McCarthy Realty Group
Investment Insights
Based on property information with market context.
Located at 3910 NE 51st St in Seattle’s Bryant neighborhood, this 2,760-square-foot duplex was built in 1944 and is arranged across two stories. The property is fully occupied and includes a generous front yard, street parking, and access to the Burke-Gilman Trail.
Preliminary plans envision five townhomes averaging approximately 1,400 square feet each. The SIP process is approximately 90% complete and nearing building permit submission. The property is approximately one mile from the University of Washington and minutes from University Village, with neighborhood amenities, employment centers, parks, dining, shopping, and light rail also identified in the surrounding area.
Preliminary plans envision five townhomes averaging approximately 1,400 square feet each. The SIP process is approximately 90% complete and nearing building permit submission. The property is approximately one mile from the University of Washington and minutes from University Village, with neighborhood amenities, employment centers, parks, dining, shopping, and light rail also identified in the surrounding area.
Key Highlights
- Fully occupied two‑story duplex at 3910 NE 51st St
- 2,760‑square‑foot property built in 1944
- Preliminary plans for five townhomes averaging approximately 1,400 square feet each
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
$49,817
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
3.44%
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%
$996,340
$996.3K
Cap Rate 7%
$711,671
$711.7K
Cap Rate 9%
$553,522
$553.5K
Market Conditions
NOI Build-Up for 2,760 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
$74.5K $27.00/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$71.2K $25.79/SF
− OpEx
−$21.3K −$7.74/SF
NOI
$49.8K $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%
$996,340
Cap Rate 7%
$711,671
Cap Rate 9%
$553,522
Alternative Uses
Best Use
Multifamily LT 5
$711.7K
$622.7K – $830.3K
NOI $49,817 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$665.5K
$582.3K – $776.4K
NOI $46,583 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$830.4K
$726.6K – $968.8K
NOI $58,125 @ 7.0% cap · market cap 4.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,288
Businesses Nearby
Explore this area
Business Placement
Demographics for 98105, WA
49,151
Population
20,582
Households
2.4
Avg Household Size
27
Median Age
77%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
12,934
Density / Sq Mi
$78,691
Median Household Income
$34,947
Median Earnings
$1,803
Median Rent
$1,261,100
Median Home Value
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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?
Duplex - Fully occupied residential income property with redevelopment plans and access to the Burke-Gilman Trail.
Where is this duplex located?
The property is located at 3910 NE 51st St Seattle, WA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Fully occupied two‑story duplex at 3910 NE 51st St; 2,760‑square‑foot property built in 1944; Preliminary plans for five townhomes averaging approximately 1,400 square feet each
