Remodeled Four-Unit
For Sale
$1,799,948
4617 S 189th St, Seatac, WA 98188
Fully updated multifamily property with three-bedroom residences, private outdoor areas, and modern building systems.
Property Size3,960 SF
Price / SF$454.53
Days on Market8
Property Features for 4617 S 189th St
General Information
Standard status
Active
Size
3,960 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
4
Amenities
in-unit washer and dryer
security system hookups
on-site car charging stations
private balconies
covered patios
ADA-compliant unit
Building Details
Year Built
1970
Buildings
1
Listing Agency:
John L. Scott, Inc
(425) 227-9200
Listed By:
Phillip T. Rodocker · License #23636
Source:
Livnserverealestate
Added: Aug 26
Changed: Aug 29
Last Checked: Sep 1 at 10:12PM
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 four-unit multifamily property contains 3,960 square feet and was built in 1970. The building has undergone a comprehensive renovation that includes updated electrical and plumbing systems, mini-split heating and cooling, and improvements completed to current code. Each residence offers three bedrooms, open-concept living areas, in-unit laundry, and connections for security systems. One unit is ADA compliant. Upper-level homes include private balconies, while the lower-level residences have covered patios. On-site vehicle charging stations add another practical feature for residents.
The property is located in SeaTac near I-5, Sea-Tac International Airport, public transportation, Westfield Southcenter, parks, schools, and shopping. Public transit is within walking distance, providing convenient access to surrounding destinations.
The property is located in SeaTac near I-5, Sea-Tac International Airport, public transportation, Westfield Southcenter, parks, schools, and shopping. Public transit is within walking distance, providing convenient access to surrounding destinations.
Key Highlights
- Four‑unit building with 3,960 square feet, built in 1970
- Each residence includes three bedrooms and open‑concept living space
- Comprehensive renovation with new electrical, plumbing, and mini‑split systems
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
$66,791
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
3.71%
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%
$1,335,820
$1.3M
Cap Rate 7%
$954,157
$954.2K
Cap Rate 9%
$742,122
$742.1K
Market Conditions
NOI Build-Up for 3,960 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
$101.0K $25.50/SF
− Vacancy
−$5.6K −$1.41/SF
EGI
$95.4K $24.09/SF
− OpEx
−$28.6K −$7.23/SF
NOI
$66.8K $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%
$1,335,820
Cap Rate 7%
$954,157
Cap Rate 9%
$742,122
Alternative Uses
Best Use
Multifamily LT 5
$954.2K
$834.9K – $1.11M
NOI $66,791 @ 7.0% cap · market cap 3.71%
Second Best
Apartment 5plus
$879.3K
$769.4K – $1.03M
NOI $61,550 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,026 @ 7.0% cap · market cap 6.17%
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
352
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully updated multifamily property with three-bedroom residences, private outdoor areas, and modern building systems.
Where is this quadplex located?
The property is located at 4617 S 189th St 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: Four‑unit building with 3,960 square feet, built in 1970; Each residence includes three bedrooms and open‑concept living space; Comprehensive renovation with new electrical, plumbing, and mini‑split systems
