Craftsman Duplex with
For Sale
$945,000
410 N 46th St, Seattle, WA 98103
Two residences support living in one unit while generating rental income from the other.
Property Size1,870 SF
Price / SF$505.35
Days on Market13
Property Features for 410 N 46th St
General Information
Standard status
Active
Size
1,870 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Amenities
hardwood floors
leaded glass windows
built-in dining and cabinetry
wood-burning fireplace
covered off-street parking
level backyard
Building Details
Year Built
1923
Construction
Craftsman
Listing Agency:
Infiniti Real Estate & Dev
Listed By:
Eva Otto
Source:
Pugetsoundpropertyguide
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 25 at 7:34AM
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 Infiniti Real Estate & Dev
Investment Insights
Based on property information with market context.
Built in 1923, this Craftsman-style duplex combines two-unit functionality with original architectural details, including hardwood floors, leaded-glass windows, built-in dining features and cabinetry, and a wood-burning fireplace. The configuration allows an owner to occupy one residence while renting the other. Covered off-street parking is provided, with space for 1 to 2 additional vehicles on the level backyard area. The property also offers potential for a detached ADU, as stated in the property information.
Located at 410 46TH in Seattle, the home is described as within walking distance of Fremont, Woodland Park Zoo and Rose Garden, Green Lake, Wallingford, Ken's Market, restaurants, shops, and services. RapidRide transit, Highway 99, and I-5 provide additional transportation access.
Located at 410 46TH in Seattle, the home is described as within walking distance of Fremont, Woodland Park Zoo and Rose Garden, Green Lake, Wallingford, Ken's Market, restaurants, shops, and services. RapidRide transit, Highway 99, and I-5 provide additional transportation access.
Key Highlights
- Duplex configuration with two residences
- Craftsman details include hardwood floors, leaded‑glass windows, built‑ins, and a wood‑burning fireplace
- Built in 1923
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
$33,399
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
3.53%
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%
$667,980
$668.0K
Cap Rate 7%
$477,129
$477.1K
Cap Rate 9%
$371,100
$371.1K
Market Conditions
NOI Build-Up for 1,870 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
$50.5K $27.00/SF
− Vacancy
−$2.8K −$1.49/SF
EGI
$47.7K $25.51/SF
− OpEx
−$14.3K −$7.65/SF
NOI
$33.4K $17.86/SF
Area
ZIP 98103
Vacancy
5.50%
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%
$667,980
Cap Rate 7%
$477,129
Cap Rate 9%
$371,100
Alternative Uses
Best Use
Multifamily LT 5
$477.1K
$417.5K – $556.7K
NOI $33,399 @ 7.0% cap · market cap 3.53%
Second Best
Apartment 5plus
$426.2K
$373.0K – $497.3K
NOI $29,836 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$755.9K
$661.4K – $881.9K
NOI $52,914 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,658
Businesses Nearby
Explore this area
Business Placement
Demographics for 98103, WA
53,056
Population
27,857
Households
1.9
Avg Household Size
35
Median Age
77%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
11,534
Density / Sq Mi
$127,372
Median Household Income
$80,508
Median Earnings
$2,006
Median Rent
$1,012,900
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?
Duplex - Two residences support living in one unit while generating rental income from the other.
Where is this duplex located?
The property is located at 410 N 46th St Seattle, WA.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: Duplex configuration with two residences; Craftsman details include hardwood floors, leaded‑glass windows, built‑ins, and a wood‑burning fireplace; Built in 1923
