Capitol Hill 22-Unit Multifamily
For Sale
$4,790,000
Pending
409 10th Ave E, Seattle, WA 98102
Classic 22-unit apartment building in vibrant Capitol Hill.
Property Size11,105 SF
Days on Market251
Property Features for 409 10th Ave E
General Information
Standard status
Pending
Size
11,105 SF
Property subtype
Commercial
Building Details
Year Built
1928
Listing Agency:
KIDDER MATHEWS
Listed By:
MATT LAIRD
Source:
Corcoran
Added: Dec 3, 2025
Changed: Jul 6
Last Checked: Jul 23 at 9:02AM
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
Investment Insights
Based on property information with market context.
This classic 22-unit multifamily property, constructed in 1928, is situated in Capitol Hill, near the Broadway retail corridor, within a quiet residential area. The property offers convenient access to various bars, restaurants, shops, and amenities. Architectural details include stained glass, vintage tile, coved ceilings, and arched doorways. The building provides in-place cash flow with potential for increased revenue by updating units to current market rental rates or completing renovations to achieve higher rents. The property is located two blocks from the Capitol Hill Light Rail station and includes gated parking. The building's total size is 11105 square feet.
Key Highlights
- Classic 1928 Capitol Hill trophy asset with old‑world charm including stained glass, vintage tile, coved ceilings, and arched doorways.
- Strong in‑place cash flow with upside potential through unit upgrades and renovations.
- Excellent location: Just off Broadway retail corridor with easy access to bars, restaurants, shops, and amenities.
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
$187,429
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
3.91%
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%
$3,748,580
$3.7M
Cap Rate 7%
$2,677,557
$2.7M
Cap Rate 9%
$2,082,544
$2.1M
Market Conditions
NOI Build-Up for 11,105 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
$353.1K $31.80/SF
− Vacancy
−$12.4K −$1.11/SF
EGI
$340.8K $30.69/SF
− OpEx
−$153.4K −$13.81/SF
NOI
$187.4K $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%
$3,748,580
Cap Rate 7%
$2,677,557
Cap Rate 9%
$2,082,544
Alternative Uses
Best Use
Apartment 5plus
$2.68M
$2.34M – $3.12M
NOI $187,429 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.34M
$2.92M – $3.90M
NOI $233,868 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,491
Businesses Nearby
Explore this area
Business Placement
Demographics for 98102, WA
25,066
Population
17,944
Households
1.4
Avg Household Size
34
Median Age
79%
College-Educated
99%
High-School Grad
1.3 sq mi
ZIP Area
19,282
Density / Sq Mi
$114,395
Median Household Income
$80,130
Median Earnings
$1,920
Median Rent
$988,700
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 - Classic 22-unit apartment building in vibrant Capitol Hill.
Where is this apartment building located?
The property is located at 409 10th Ave E Seattle, WA.
What is the asking price?
The asking price for this property is $4,790,000.
What are key features of this property?
This property features: Classic 1928 Capitol Hill trophy asset with old‑world charm including stained glass, vintage tile, coved ceilings, and arched doorways.; Strong in‑place cash flow with upside potential through unit upgrades and renovations.; Excellent location: Just off Broadway retail corridor with easy access to bars, restaurants, shops, and amenities.
