Occupied Triplex with Off-Alley
For Sale
$860,000
4207 S Bateman Street, Seattle, WA 98118
Fully occupied multifamily property with a two-bedroom-type mix, in-unit appliances, air conditioning, and documented maintenance history.
Property Size2,740 SF
Price / SF$313.87
Days on Market102
Property Features for 4207 S Bateman Street
General Information
Standard status
Active
Size
2,740 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Net Operating Income
$46,168
Taxes and HOA fees
Annual Taxes
$8,842
Amenities
Ceramic Tile,Hardwood
Yes
No
2
Electric,Natural Gas
Alley,Paved,Sidewalk
Public
Cable TV,Fenced-Partially,Gas Available,Outbuildings,Patio,RV Parking
6
5250
0.1205
RV Parking
Brick,Wood Products
Poured Concrete
2740
Building Details
Building Size
2,740 SF
Year Built
1952
Stories
2
Listing Agency:
eXp Realty
(360) 525-7564
Listed By:
Alexis Keith
(360) 525-7564
Source:
Premierepropertygroup
Added: May 11
Changed: Aug 20
Last Checked: Aug 20 at 5:43AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 1952 triplex contains two one-bedroom, one-bath units and one three-bedroom, two-bath unit within 2,740 square feet. The property is fully occupied and each residence includes a range/oven, refrigerator, dishwasher, washer/dryer, and air conditioning. A multi-year maintenance history documents ongoing property care. The building features brick and wood-product construction over a poured-concrete foundation, with a patio, partial fencing, outbuildings, and paved access.
Six off-alley parking spaces are provided, along with RV parking. The 5,250-square-foot lot sits on S Bateman Street in Seattle’s Rainier Valley corridor, between Hillman City and Brighton. The property offers access to Rainier Ave S, I-5, I-90, light rail, transit, parks, neighborhood amenities, and major employment centers. Financial records, a rent roll, and maintenance documentation are available for buyer review.
Six off-alley parking spaces are provided, along with RV parking. The 5,250-square-foot lot sits on S Bateman Street in Seattle’s Rainier Valley corridor, between Hillman City and Brighton. The property offers access to Rainier Ave S, I-5, I-90, light rail, transit, parks, neighborhood amenities, and major employment centers. Financial records, a rent roll, and maintenance documentation are available for buyer review.
Key Highlights
- Fully occupied triplex with two 1BR/1BA units and one 3BR/2BA unit
- 2,740 square feet on a 5,250‑square‑foot lot
- Six off‑alley parking spaces plus RV parking
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
$45,675
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
5.31%
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%
$913,500
$913.5K
Cap Rate 7%
$652,500
$652.5K
Cap Rate 9%
$507,500
$507.5K
Market Conditions
NOI Build-Up for 2,740 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
$69.0K $25.20/SF
− Vacancy
−$3.8K −$1.39/SF
EGI
$65.3K $23.81/SF
− OpEx
−$19.6K −$7.14/SF
NOI
$45.7K $16.67/SF
Area
ZIP 98118
Vacancy
5.50%
Lease Rate
$25.20 /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%
$913,500
Cap Rate 7%
$652,500
Cap Rate 9%
$507,500
Alternative Uses
Best Use
Multifamily LT 5
$652.5K
$570.9K – $761.3K
NOI $45,675 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$587.8K
$514.3K – $685.8K
NOI $41,145 @ 7.0% cap · market cap 4.78%
Theoretical Best
Specialty Retail
$985.9K
$862.6K – $1.15M
NOI $69,011 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
961
Businesses Nearby
Explore this area
Business Placement
Demographics for 98118, WA
47,504
Population
19,831
Households
2.4
Avg Household Size
38
Median Age
49%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
7,662
Density / Sq Mi
$109,085
Median Household Income
$54,827
Median Earnings
$1,831
Median Rent
$746,400
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?
Triplex - Fully occupied multifamily property with a two-bedroom-type mix, in-unit appliances, air conditioning, and documented maintenance history.
Where is this triplex located?
The property is located at 4207 S Bateman Street Seattle, WA.
What is the asking price?
The asking price for this property is $860,000.
What are key features of this property?
This property features: Fully occupied triplex with two 1BR/1BA units and one 3BR/2BA unit; 2,740 square feet on a 5,250‑square‑foot lot; Six off‑alley parking spaces plus RV parking
