Seattle Multifamily Property For
For Sale
$3,750,000
Pending
4217 Greenwood Ave N, Seattle, WA 98103
Eight-unit apartment building in Seattle's Fremont neighborhood with upside potential.
Property Size7,408 SF
Days on Market516
Property Features for 4217 Greenwood Ave N
General Information
Standard status
Pending
Size
7,408 SF
Property subtype
Commercial
Building Details
Year Built
1991
Listing Agency:
KIDDER MATHEWS
(206) 296-9610
Listed By:
DAN SWANSON · License #13533
Source:
Corcoran
Added: Apr 4, 2025
Changed: Aug 23
Last Checked: Jul 23 at 9:35AM
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.
Built in 1991, this multifamily property is located in the upper Fremont neighborhood of Seattle, four blocks north of the area's commercial corridor with entertainment, shopping, and culinary options. The property consists of eight homes, each with 2 bedrooms and 2 bathrooms, averaging approximately 880 square feet. One unit is an 1,100-square-foot penthouse featuring a large living room, walk-in closets, and an expansive deck. The building includes modern systems and sprinklers, as well as secured entry. Current rents are below market, offering potential for increased revenue without renovation.
Key Highlights
- Prime location in desirable upper Fremont, Seattle, close to entertainment, shopping, and restaurants.
- Significant rental upside potential due to below‑market rents.
- Eight well‑maintained units, each with 2 bedrooms and 2 bathrooms.
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
$118,193
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
3.15%
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%
$2,363,860
$2.4M
Cap Rate 7%
$1,688,471
$1.7M
Cap Rate 9%
$1,313,256
$1.3M
Market Conditions
NOI Build-Up for 7,408 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
$226.7K $30.60/SF
− Vacancy
−$11.8K −$1.59/SF
EGI
$214.9K $29.01/SF
− OpEx
−$96.7K −$13.05/SF
NOI
$118.2K $15.95/SF
Area
ZIP 98103
Vacancy
5.20%
Lease Rate
$30.60 /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%
$2,363,860
Cap Rate 7%
$1,688,471
Cap Rate 9%
$1,313,256
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,193 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.99M
$2.62M – $3.49M
NOI $209,617 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,658
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?
Apartment building - Eight-unit apartment building in Seattle's Fremont neighborhood with upside potential.
Where is this apartment building located?
The property is located at 4217 Greenwood Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Prime location in desirable upper Fremont, Seattle, close to entertainment, shopping, and restaurants.; Significant rental upside potential due to below‑market rents.; Eight well‑maintained units, each with 2 bedrooms and 2 bathrooms.
