Whitman Apartments: Turnkey Investment
For Sale
$1,790,000
Pending
4456 Whitman Ave N, Seattle, WA 98103
Turnkey apartment building with income upside in a walkable location.
Property Size4,609 SF
Days on Market442
Property Features for 4456 Whitman Ave N
General Information
Standard status
Pending
Size
4,609 SF
Property subtype
Commercial
Building Details
Year Built
1967
Listing Agency:
KIDDER MATHEWS
(206) 296-9610
Listed By:
DAN SWANSON · License #13533
Source:
Corcoran
Added: Jun 5, 2025
Changed: Aug 8
Last Checked: Jul 23 at 9:27AM
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.
Whitman Apartments is a turnkey property featuring a desirable unit mix of three 1-bed units, a 2-bedroom unit with a den, and a 3-bedroom/2-bathroom apartment. The units average approximately 844 square feet. Residents enjoy decks or patios, ample closet space, and dining areas. The property includes five tandem parking spaces, of which four are covered, providing combined space for 10 vehicles. The building features a newer roof (approximately 4 years old), updated dual-pane vinyl windows, and a freshly painted exterior. Original systems include ITE electrical panels and copper plumbing supply lines, which can indicate a high-quality build in 1967. Residents benefit from a Walker’s Paradise walk score of 93. There remains a likely opportunity for approximately 10% income upside. The property size is 4609 square feet.
Key Highlights
- Walker's Paradise: Walk Score of 93.
- Turnkey property with newer roof (±4 years old), updated dual‑pane vinyl windows, and freshly painted exterior.
- Desirable unit mix: three 1‑bed units, a 2‑bedroom unit with a den, and a 3‑bedroom/2‑bathroom apartment.
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
$73,536
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%
$1,470,720
$1.5M
Cap Rate 7%
$1,050,514
$1.1M
Cap Rate 9%
$817,067
$817.1K
Market Conditions
NOI Build-Up for 4,609 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
$141.0K $30.60/SF
− Vacancy
−$7.3K −$1.59/SF
EGI
$133.7K $29.01/SF
− OpEx
−$60.2K −$13.05/SF
NOI
$73.5K $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%
$1,470,720
Cap Rate 7%
$1,050,514
Cap Rate 9%
$817,067
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$919.2K – $1.23M
NOI $73,536 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,416 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,375
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 - Turnkey apartment building with income upside in a walkable location.
Where is this apartment building located?
The property is located at 4456 Whitman Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: Walker's Paradise: Walk Score of 93.; Turnkey property with newer roof (±4 years old), updated dual‑pane vinyl windows, and freshly painted exterior.; Desirable unit mix: three 1‑bed units, a 2‑bedroom unit with a den, and a 3‑bedroom/2‑bathroom apartment.
