Fully Remodeled
For Sale
$1,799,948
4617 189TH, Seatac, WA 98188
Fully remodeled 4-plex with three-bedroom units, in-unit washer/dryer, and new electrical, plumbing, and mini-split systems.
Property Size3,996 SF
Price / SF$450.44
Days on Market337
Property Features for 4617 189TH
General Information
Standard status
Active
Size
3,996 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
4
Amenities
in-unit washer and dryer
security system hookups
car charging stations
ADA-compliant unit
private balconies
covered patios
Building Details
Year Built
1970
Listing Agency:
John L. Scott,Inc
Listed By:
Phillip T. Rodocker
(253) 520-3780
Source:
Skylineproperties
Added: Oct 12, 2025
Changed: Sep 12
Last Checked: Sep 13 at 10:18AM
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 John L. Scott,Inc
Investment Insights
Based on property information with market context.
This fully remodeled four-plex offers updated, modern interiors in each unit, with three bedrooms and an open-concept living layout. Improvements include new electrical and plumbing, along with mini-split heating/cooling systems, all brought up to current code. Each unit includes in-unit washer and dryer and security system hookups. The property also features on-site car charging stations, with one ADA-compliant unit included for accessibility.
The upper units offer private balconies, while the lower units include covered patios. Conveniently located minutes to I-5 access and Sea-Tac International Airport, the property is also within walking distance to public transportation. It’s near Westfield Southcenter, community parks, schools, and shopping.
Per the provided remarks, the owner may offer financing terms with 20–25% down and a 4% interest rate with a 30-year do in 10 structure.
The upper units offer private balconies, while the lower units include covered patios. Conveniently located minutes to I-5 access and Sea-Tac International Airport, the property is also within walking distance to public transportation. It’s near Westfield Southcenter, community parks, schools, and shopping.
Per the provided remarks, the owner may offer financing terms with 20–25% down and a 4% interest rate with a 30-year do in 10 structure.
Key Highlights
- Fully remodeled 4‑plex (year built 1970) with modern, open‑concept 3‑bedroom units
- Top‑to‑bottom renovation includes new electrical, new plumbing, and new mini‑split systems
- Each unit includes an in‑unit washer and dryer
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
$67,398
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
3.74%
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%
$1,347,960
$1.3M
Cap Rate 7%
$962,829
$962.8K
Cap Rate 9%
$748,867
$748.9K
Market Conditions
NOI Build-Up for 3,996 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
$101.9K $25.50/SF
− Vacancy
−$5.6K −$1.41/SF
EGI
$96.3K $24.09/SF
− OpEx
−$28.9K −$7.23/SF
NOI
$67.4K $16.87/SF
Area
King County, WA
Vacancy
5.51%
Lease Rate
$25.50 /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%
$1,347,960
Cap Rate 7%
$962,829
Cap Rate 9%
$748,867
Alternative Uses
Best Use
Multifamily LT 5
$962.8K
$842.5K – $1.12M
NOI $67,398 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$887.3K
$776.4K – $1.04M
NOI $62,110 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,035 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
166
Businesses Nearby
Explore this area
Business Placement
Demographics for 98188, WA
27,851
Population
12,025
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
3,438
Density / Sq Mi
$76,559
Median Household Income
$45,245
Median Earnings
$1,641
Median Rent
$452,900
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?
Quadplex - Fully remodeled 4-plex with three-bedroom units, in-unit washer/dryer, and new electrical, plumbing, and mini-split systems.
Where is this quadplex located?
The property is located at 4617 189TH Seatac, WA.
What is the asking price?
The asking price for this property is $1,799,948.
What are key features of this property?
This property features: Fully remodeled 4‑plex (year built 1970) with modern, open‑concept 3‑bedroom units; Top‑to‑bottom renovation includes new electrical, new plumbing, and new mini‑split systems; Each unit includes an in‑unit washer and dryer
