Multifamily Apartment Building with Parking
For Sale
$6,500,000
4731 12th Ave NE, Seattle, WA 98105
23-unit apartment building with A/C in all units and a gated, secure 17-space parking garage.
Property Size14,251 SF
Days on Market57
Property Features for 4731 12th Ave NE
General Information
Standard status
Active
Size
14,251 SF
Total Parking Spaces
17
Property subtype
Multifamily
Additional Details
Multifamily Units
23
Building Details
Building Size
14,251 SF
Year Built
1961
Listing Agency:
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(206) 928-2311
Listed By:
Daniel Lim
(206) 928-2311
Source:
Lee-associates
Added: Jun 17
Changed: Aug 11
Last Checked: Aug 12 at 4:07AM
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
The Laureate is a 23-unit multifamily apartment building originally built in 1961, offered for sale in well-maintained condition. Recent capital improvements and interior renovations are highlighted by a new roof completed in 2023, refreshed exterior siding, replacement of all individual hot water tanks, and an overhaul of life safety equipment. Unit comfort is supported by A/C in all units, with additional resident-focused features including building-wide internet and a security camera system. Furnished unit options are also available.
Located in Seattle’s University District at 4731 12th Ave NE, the property is described as within walking distance to the University of Washington and the Link Light Rail Station. Access is enhanced by a gated and secure 17-space parking garage, providing dedicated parking for residents.
For tenants, this mix of updated building systems, in-unit A/C, and secure parking can support day-to-day comfort and convenience. For buyers or operators, the property’s documented renovation program offers a straightforward path to continuing ongoing improvements, supported by the property’s recently refreshed roof, mechanical, exterior, and life safety upgrades.
Located in Seattle’s University District at 4731 12th Ave NE, the property is described as within walking distance to the University of Washington and the Link Light Rail Station. Access is enhanced by a gated and secure 17-space parking garage, providing dedicated parking for residents.
For tenants, this mix of updated building systems, in-unit A/C, and secure parking can support day-to-day comfort and convenience. For buyers or operators, the property’s documented renovation program offers a straightforward path to continuing ongoing improvements, supported by the property’s recently refreshed roof, mechanical, exterior, and life safety upgrades.
Key Highlights
- 23‑unit multifamily apartment building built in 1961
- A/C in all units
- Gated and secure 17‑space parking garage
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
$240,526
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
3.70%
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%
$4,810,520
$4.8M
Cap Rate 7%
$3,436,086
$3.4M
Cap Rate 9%
$2,672,511
$2.7M
Market Conditions
NOI Build-Up for 14,251 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
$453.2K $31.80/SF
− Vacancy
−$15.9K −$1.11/SF
EGI
$437.3K $30.69/SF
− OpEx
−$196.8K −$13.81/SF
NOI
$240.5K $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%
$4,810,520
Cap Rate 7%
$3,436,086
Cap Rate 9%
$2,672,511
Alternative Uses
Best Use
Apartment 5plus
$3.44M
$3.01M – $4.01M
NOI $240,526 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.29M
$3.75M – $5.00M
NOI $300,122 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23
Residential units
Location Intelligence
Trade Area within ½ mile
3,290
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 - 23-unit apartment building with A/C in all units and a gated, secure 17-space parking garage.
Where is this apartment building located?
The property is located at 4731 12th Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 23‑unit multifamily apartment building built in 1961; A/C in all units; Gated and secure 17‑space parking garage
