Five-Unit Apartment
New
For Sale
$1,325,000
5030 15th Ave Ne Unit 1-5, Seattle, WA 98105
Near the University of Washington, with renovated units, parking, laundry, and storage.
Property Size4,005 SF
Price / SF$330.84
Days on Market7
Property Features for 5030 15th Ave Ne Unit 1-5
General Information
Standard status
Active
Size
4,005 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR, 3 x 2BR
Multifamily Units
5
Additional Details
Public Transit
Yes
Amenities
on-site laundry
storage
Building Details
Year Built
1911
Listing Agency:
Kidder Mathews
Listed By:
Dan S. Swanson · License #13533
(206) 296-9610
Source:
Handrisrealty
Added: Sep 14
Changed: Sep 19
Last Checked: Sep 20 at 8:32AM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
This 4,005-square-foot apartment building, constructed in 1911, contains five units: two one-bedroom apartments and three two-bedroom apartments averaging approximately 763 square feet. The property has a pitched composition roof, on-site laundry, storage, and five off-alley parking spaces. Two apartments have been renovated, while the remaining three retain classic interiors and may be updated as units turn over.
Capital improvements include an updated electrical system with Square D panels, new sewer lines, and dual-pane windows throughout. The address is a few blocks north of the University of Washington campus, within walking distance of The Ave's retail and dining corridor. Transit connectivity provides additional access to the surrounding area and nearby institutions.
Capital improvements include an updated electrical system with Square D panels, new sewer lines, and dual-pane windows throughout. The address is a few blocks north of the University of Washington campus, within walking distance of The Ave's retail and dining corridor. Transit connectivity provides additional access to the surrounding area and nearby institutions.
Key Highlights
- Five‑unit apartment building with two one‑bedroom and three two‑bedroom units
- 4,005 SF building constructed in 1911
- Two units recently renovated; three classic units remain
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
$67,596
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
5.10%
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%
$1,351,920
$1.4M
Cap Rate 7%
$965,657
$965.7K
Cap Rate 9%
$751,067
$751.1K
Market Conditions
NOI Build-Up for 4,005 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
$127.4K $31.80/SF
− Vacancy
−$4.5K −$1.11/SF
EGI
$122.9K $30.69/SF
− OpEx
−$55.3K −$13.81/SF
NOI
$67.6K $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%
$1,351,920
Cap Rate 7%
$965,657
Cap Rate 9%
$751,067
Alternative Uses
Best Use
Apartment 5plus
$965.7K
$845.0K – $1.13M
NOI $67,596 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.41M
NOI $84,344 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,768
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Near the University of Washington, with renovated units, parking, laundry, and storage.
Where is this apartment building located?
The property is located at 5030 15th Ave Ne Unit 1-5 Seattle, WA.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Five‑unit apartment building with two one‑bedroom and three two‑bedroom units; 4,005 SF building constructed in 1911; Two units recently renovated; three classic units remain
