Well-Maintained 9-Unit Apartment
403 Thomas Unit 1-9, Seattle, WA 98102
Midcentury 1966 asset with updated windows, in-unit laundry for most units, and parking that’s uncommon for the area.
Type:Multi-family
Property size:
9,828 SFPrice / SF:
$284/SF- Added:
- Apr 10, 2026
- Days on Market:
- 83
- Last Refresh:
- Jun 5 at 1:52 am
Property Features for 403 Thomas Unit 1-9
General Information
- Standard status
- Active
- Size
- 9,828 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1966
Listing office Kidder Mathews
Listing date Apr 10, 2026
Source Century21northhomes
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 Kidder Mathews
HighLights
- 9‑unit apartment building built in 1966 with a unit mix of 4 two‑beds, 4 one‑beds, and 1 studio
- Top‑floor ±1,200 SF penthouse unit includes 2 bedrooms plus a den and 1.5 bathrooms, with Downtown and Space Needle views
- Upgrades include updated dual‑pane windows and elevator service
- In‑unit laundry and dishwashers in all units except the studio
- Parking supply of 11 spaces: 9 off‑street and 2 garage spaces
- Condo documents in place for 12 parcels: 1 land parcel, 2 parking parcels, and 9 individual unit parcels
Overview
Built in 1966, this well-maintained 9-unit apartment building offers a practical mix of 4 two-bedroom units, 4 one-bedroom units, and 1 studio. A standout is a ±1,200-SF top-floor penthouse unit featuring two bedrooms plus a den, 1.5 bathrooms, and sweeping Downtown and Space Needle views. The property has been thoughtfully upgraded with updated dual-pane windows, elevator service, and in-unit laundry and dishwashers in all units except the studio.
Located in Seattle’s Capitol Hill rental market, the building benefits from strong transit access, with a Walker’s Paradise score of 95 and an easy route to Downtown and SLU. Within a 10-minute walk, there are 7 bus lines and a light rail station. Parking is also a differentiator here, with 11 total spaces including 9 off-street spaces and 2 garage spaces.
This configuration supports multiple ownership strategies, including an owner-occupant scenario using the penthouse while operating the remaining units. The current marketing notes also point to potential income growth through rent adjustments to market levels, RUBS implementation, and monetizing parking. Condo documents are already in place, comprising 12 parcels (1 for the land, 2 for parking, and 9 individual unit parcels), which may provide flexibility for future sell-off planning and long-term disposition options.
Located in Seattle’s Capitol Hill rental market, the building benefits from strong transit access, with a Walker’s Paradise score of 95 and an easy route to Downtown and SLU. Within a 10-minute walk, there are 7 bus lines and a light rail station. Parking is also a differentiator here, with 11 total spaces including 9 off-street spaces and 2 garage spaces.
This configuration supports multiple ownership strategies, including an owner-occupant scenario using the penthouse while operating the remaining units. The current marketing notes also point to potential income growth through rent adjustments to market levels, RUBS implementation, and monetizing parking. Condo documents are already in place, comprising 12 parcels (1 for the land, 2 for parking, and 9 individual unit parcels), which may provide flexibility for future sell-off planning and long-term disposition options.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $312.5k | $31.80 |
| − Vacancy | −$10.9k | −$1.11 |
| EGI | $301.6k | $30.69 |
| − OpEx | −$135.7k | −$13.81 |
| NOI | $165.9k | $16.88 |
9,828 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.37M
$2.07M – $2.76M
NOI $165,876 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.96M
$2.59M – $3.45M
NOI $206,975 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.3264252
- Latitude
- 47.6206626
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Midcentury 1966 asset with updated windows, in-unit laundry for most units, and parking that’s uncommon for the area.
Where is this apartment building located?
The property is located at 403 Thomas Unit 1-9 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: 9‑unit apartment building built in 1966 with a unit mix of 4 two‑beds, 4 one‑beds, and 1 studio; Top‑floor ±1,200 SF penthouse unit includes 2 bedrooms plus a den and 1.5 bathrooms, with Downtown and Space Needle views; Upgrades include updated dual‑pane windows and elevator service
