University District Multifamily Investment
For Sale
$3,350,000
Pending
4708 22nd Ave NE, Seattle, WA 98105
Multifamily property near University of Washington with strong growth potential.
Property Size6,775 SF
Days on Market411
Property Features for 4708 22nd Ave NE
General Information
Standard status
Pending
Size
6,775 SF
Property subtype
Commercial
Building Details
Year Built
1956
Listing Agency:
MARCUS & MILLICHAP, INC.
Listed By:
JAKE MORSE
Source:
Corcoran
Added: Jul 8, 2025
Changed: Aug 8
Last Checked: Jul 23 at 8:08AM
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 MARCUS & MILLICHAP, INC.
Investment Insights
Based on property information with market context.
Located in the University District, this multifamily property offers a vibrant atmosphere with diverse amenities and job opportunities. The University of Washington is located 0.4 miles away, providing residents access to University Village with over 120 shops and restaurants, and "The Ave," known for its food scene, coffee, and nightlife. The U District Light Rail Station, located 0.7 miles away, offers convenient access to Seattle. The University District has 50,097 enrolled students, with 71% living in off-campus housing. The university is projected to have a population of 80,479 by 2028. The property size is 6,775 square feet.
Key Highlights
- Prime location in the University District, close to amenities and job opportunities.
- Walking distance (0.4 miles) to the University of Washington.
- Convenient access to University Village (120+ shops and restaurants) and "The Ave".
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
$114,347
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
3.41%
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%
$2,286,940
$2.3M
Cap Rate 7%
$1,633,529
$1.6M
Cap Rate 9%
$1,270,522
$1.3M
Market Conditions
NOI Build-Up for 6,775 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
$215.4K $31.80/SF
− Vacancy
−$7.5K −$1.11/SF
EGI
$207.9K $30.69/SF
− OpEx
−$93.6K −$13.81/SF
NOI
$114.3K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /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%
$2,286,940
Cap Rate 7%
$1,633,529
Cap Rate 9%
$1,270,522
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.43M – $1.91M
NOI $114,347 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,680 @ 7.0% cap · market cap 4.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 98105, WA
49,151
Population
20,582
Households
2.4
Avg Household Size
27
Median Age
77%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
12,934
Density / Sq Mi
$78,691
Median Household Income
$34,947
Median Earnings
$1,803
Median Rent
$1,261,100
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 - Multifamily property near University of Washington with strong growth potential.
Where is this apartment building located?
The property is located at 4708 22nd Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: Prime location in the University District, close to amenities and job opportunities.; Walking distance (0.4 miles) to the University of Washington.; Convenient access to University Village (120+ shops and restaurants) and "The Ave".
