Capitol Hill Apartments with Redevelopment
For Sale
Contact for pricing
416 Summit Ave E, Seattle, WA 98102
Well-maintained 11-unit apartment building near transit and amenities.
Property Size8,220 SF
Price / SF$410.58
Days on Market182
Property Features for 416 Summit Ave E
General Information
Standard status
Active
Size
8,220 SF
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
MR (M)
Investment Type
Value Add
Net Operating Income
$173,657
Building Details
Year Built
1928
Buildings
1
Stories
3
Units
11
Listing Agency:
Kidder Mathews Seattle
(206) 296-9610
Listed By:
Dan Swanson · License #WA 13533
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Jul 22 at 4:40PM
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 Seattle
Investment Insights
Based on property information with market context.
This well-maintained wood-frame property, constructed in 1928, features 11 corner units, including one new and 10 remodeled units. The units have updated Square D electrical panels, and the main service appears to have been updated. Plumbing updates have been consistently made to the baths upon turnover. Finishes and features vary among the units and include walk-in closets, dining areas, updated countertops and backsplashes, and pedestal bathroom sinks. The west-facing top-floor units offer views of Downtown Seattle and the Space Needle. Six on-site parking spaces enhance tenant appeal. Positioned seven blocks from the Capitol Hill light rail station and near the First Hill Streetcar, the property offers connectivity. It is within close reach of neighborhood restaurants, shops, grocery stores, and parks, with a Walker’s Paradise walk score of 96 out of 100. The location places residents within a mile of Amazon’s campus and blocks from Seattle Central College and Seattle University, with direct transit access to the University of Washington. The property also offers value-add upside. Strategies include adding a 12th unit in the existing building, retaining the existing structure and adding new units in the current parking area, or pursuing a full redevelopment of the MR-zoned parcel, which can accommodate an estimated 150-unit building. The property size is 8,220 square feet.
Key Highlights
- Prime location: Walker's Paradise score of 96, near light rail, streetcar, restaurants, shops, grocery stores, and parks.
- Value‑add potential: Options to add units, redevelop the MR‑zoned parcel for approximately 50 units.
- Strong rental appeal: Six on‑site parking spaces and proximity to major employers (Amazon) and universities (Seattle Central College, Seattle University, University of Washington).
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
$138,736
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
4.11%
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%
$2,774,720
$2.8M
Cap Rate 7%
$1,981,943
$2.0M
Cap Rate 9%
$1,541,511
$1.5M
Market Conditions
NOI Build-Up for 8,220 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
$261.4K $31.80/SF
− Vacancy
−$9.1K −$1.11/SF
EGI
$252.2K $30.69/SF
− OpEx
−$113.5K −$13.81/SF
NOI
$138.7K $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%
$2,774,720
Cap Rate 7%
$1,981,943
Cap Rate 9%
$1,541,511
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,736 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.47M
$2.16M – $2.89M
NOI $173,111 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,588
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 - Well-maintained 11-unit apartment building near transit and amenities.
Where is this apartment building located?
The property is located at 416 Summit Ave E Seattle, WA.
What is the asking price?
The asking price for this property is $3,375,000.
What are key features of this property?
This property features: Prime location: Walker's Paradise score of 96, near light rail, streetcar, restaurants, shops, grocery stores, and parks.; Value‑add potential: Options to add units, redevelop the MR‑zoned parcel for approximately 50 units.; Strong rental appeal: Six on‑site parking spaces and proximity to major employers (Amazon) and universities (Seattle Central College, Seattle University, University of Washington).
