Brick Triplex with Two-Car
For Sale
$1,300,000
4815 Holly, Seattle, WA 98118
Three two-bedroom residences offer multifamily functionality with parking, storage, and yard space.
Property Size3,200 SF
Lot Size0.22 Acres
Price / SF$406.25
Days on Market10
Property Features for 4815 Holly
General Information
Standard status
Active
Size
3,200 SF
Lot size
0.22 Acres
Property subtype
Multi-family
Zoning
LR3(M)
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
storage
spacious yard
Building Details
Year Built
1952
Buildings
1
Construction
brick
Listing Agency:
Windermere Real Estate Co.
Listed By:
Casey J. Holme
(425) 455-2065
Source:
Skylineproperties
Added: Aug 26
Changed: Sep 2
Last Checked: Sep 1 at 8:53PM
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 Windermere Real Estate Co.
Investment Insights
Based on property information with market context.
Built in 1952, this brick multifamily property contains three 2-bedroom units within approximately 3,200 SF. Two residences are positioned on the main level, while the third occupies the lower level. The property also includes a two-car garage, off-street parking, storage areas, and a spacious yard.
The 9,589 SF parcel is zoned LR3(M) and sits in Seattle’s Brighton neighborhood. Parks, neighborhood amenities, transit, and Link light rail are nearby, with access to Rainier Ave S, downtown Seattle, and surrounding areas. The existing triplex configuration provides an established multifamily use, while the site’s zoning and land area support longer-term planning considerations subject to verification.
The 9,589 SF parcel is zoned LR3(M) and sits in Seattle’s Brighton neighborhood. Parks, neighborhood amenities, transit, and Link light rail are nearby, with access to Rainier Ave S, downtown Seattle, and surrounding areas. The existing triplex configuration provides an established multifamily use, while the site’s zoning and land area support longer-term planning considerations subject to verification.
Key Highlights
- Three 2‑bedroom units in a triplex configuration
- 9,589 SF lot zoned LR3(M)
- Approximately 3,200 SF property built in 1952
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
$53,343
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
4.10%
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%
$1,066,860
$1.1M
Cap Rate 7%
$762,043
$762.0K
Cap Rate 9%
$592,700
$592.7K
Market Conditions
NOI Build-Up for 3,200 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
$80.6K $25.20/SF
− Vacancy
−$4.4K −$1.39/SF
EGI
$76.2K $23.81/SF
− OpEx
−$22.9K −$7.14/SF
NOI
$53.3K $16.67/SF
Area
ZIP 98118
Vacancy
5.50%
Lease Rate
$25.20 /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%
$1,066,860
Cap Rate 7%
$762,043
Cap Rate 9%
$592,700
Alternative Uses
Best Use
Multifamily LT 5
$762.0K
$666.8K – $889.1K
NOI $53,343 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$686.5K
$600.7K – $800.9K
NOI $48,052 @ 7.0% cap · market cap 3.70%
Theoretical Best
Specialty Retail
$1.15M
$1.01M – $1.34M
NOI $80,597 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
688
Businesses Nearby
Explore this area
Business Placement
Demographics for 98118, WA
47,504
Population
19,831
Households
2.4
Avg Household Size
38
Median Age
49%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
7,662
Density / Sq Mi
$109,085
Median Household Income
$54,827
Median Earnings
$1,831
Median Rent
$746,400
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?
Triplex - Three two-bedroom residences offer multifamily functionality with parking, storage, and yard space.
Where is this triplex located?
The property is located at 4815 Holly Seattle, WA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Three 2‑bedroom units in a triplex configuration; 9,589 SF lot zoned LR3(M); Approximately 3,200 SF property built in 1952
