Updated Triplex with Private Outdoor
New
For Sale
$1,649,500
5208 Sand Point Way NE, Seattle, WA 98105
Three separately entered units offer updated interiors, individual laundry, and dedicated outdoor areas.
Property Size3,510 SF
Price / SF$469.94
Days on Market5
Property Features for 5208 Sand Point Way NE
General Information
Standard status
Active
Size
3,510 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1.75BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Building Details
Year Built
1958
Listing Agency:
WILCOX REAL ESTATE
Listed By:
Charles and Janette Wilcox
(253) 256-1721
Source:
Wilcoxrealestatewa
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 21 at 6:04AM
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 WILCOX REAL ESTATE
Investment Insights
Based on property information with market context.
This 3,510-square-foot triplex, built in 1958, contains three distinct residences: a 3BD/1.75BA unit, a 2BD/1BA unit, and a 1BD/1BA unit. Each apartment has its own entrance, updated finishes, modern appliances, brick fireplace, gas heating, and in-unit laundry. Outdoor features include a large patio, balcony, new composition deck and railing, and front porch. Two larger units include single-car garages, while additional on-site and off-street parking is available. The property also includes a fenced backyard with rear-gate access and received fresh exterior paint in 2025.
Located on Sand Point Way NE in Seattle, the property is minutes from UW, Magnuson Park, Seattle Children's, University Village, shopping, dining, transit, and the Burke-Gilman Trail.
Located on Sand Point Way NE in Seattle, the property is minutes from UW, Magnuson Park, Seattle Children's, University Village, shopping, dining, transit, and the Burke-Gilman Trail.
Key Highlights
- 3,510 SF triplex with 3BD/1.75BA, 2BD/1BA, and 1BD/1BA units
- Fresh exterior paint completed in 2025
- Each unit includes a private entrance, in‑unit laundry, fireplace, gas heating, and outdoor space
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
$63,354
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
3.84%
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%
$1,267,080
$1.3M
Cap Rate 7%
$905,057
$905.1K
Cap Rate 9%
$703,933
$703.9K
Market Conditions
NOI Build-Up for 3,510 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
$94.8K $27.00/SF
− Vacancy
−$4.3K −$1.22/SF
EGI
$90.5K $25.79/SF
− OpEx
−$27.2K −$7.74/SF
NOI
$63.4K $18.05/SF
Area
Seattle, WA
Vacancy
4.50%
Lease Rate
$27.00 /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%
$1,267,080
Cap Rate 7%
$905,057
Cap Rate 9%
$703,933
Alternative Uses
Best Use
Multifamily LT 5
$905.1K
$791.9K – $1.06M
NOI $63,354 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$846.3K
$740.5K – $987.4K
NOI $59,241 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$1.06M
$924.0K – $1.23M
NOI $73,920 @ 7.0% cap · market cap 4.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,082
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?
Triplex - Three separately entered units offer updated interiors, individual laundry, and dedicated outdoor areas.
Where is this triplex located?
The property is located at 5208 Sand Point Way NE Seattle, WA.
What is the asking price?
The asking price for this property is $1,649,500.
What are key features of this property?
This property features: 3,510 SF triplex with 3BD/1.75BA, 2BD/1BA, and 1BD/1BA units; Fresh exterior paint completed in 2025; Each unit includes a private entrance, in‑unit laundry, fireplace, gas heating, and outdoor space
