Seattle U-District 5-Plex
For Sale
$1,599,000
Pending
5210 11th Ave NE, Seattle, WA 98105
Well-kept 5-unit property near UW campus with income potential.
Property Size4,086 SF
Days on Market268
Property Features for 5210 11th Ave NE
General Information
Standard status
Pending
Size
4,086 SF
Property subtype
Commercial
Building Details
Year Built
1985
Listing Agency:
LOTSIDE LLC
(727) 503-0752
Listed By:
NICHOLAS RIDDELL
Source:
Corcoran
Added: Nov 14, 2025
Changed: Jul 6
Last Checked: Jul 23 at 7:49AM
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 LOTSIDE LLC
Investment Insights
Based on property information with market context.
This 5-plex in Seattle’s U-District presents a solid investment opportunity. The property features four 3-bedroom, 1-bathroom units and one 2-bedroom, 1-bathroom unit, all with bright interiors and updated finishes. The building's exterior includes durable fiber cement siding and double-pane windows. Upgraded flooring is present throughout the units. Tenants have access to a shared deck and on-site laundry facilities. Four off-alley rentable parking spaces are available, providing additional income potential. The property is centrally located in the U-District, within walking distance of the University of Washington campus, transit options, and major commuter routes. The property has a total size of 4,086 square feet and is a consistently desirable rental property with great income potential. A coin-operated laundry room is available for tenant use.
Key Highlights
- Solid 5‑plex investment property in Seattle's U‑District.
- Prime location: Walking distance to UW campus, transit, and major commuter routes.
- Great income potential with easily obtainable 5%+ cap rate.
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
$68,963
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
4.31%
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%
$1,379,260
$1.4M
Cap Rate 7%
$985,186
$985.2K
Cap Rate 9%
$766,256
$766.3K
Market Conditions
NOI Build-Up for 4,086 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
$129.9K $31.80/SF
− Vacancy
−$4.5K −$1.11/SF
EGI
$125.4K $30.69/SF
− OpEx
−$56.4K −$13.81/SF
NOI
$69.0K $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%
$1,379,260
Cap Rate 7%
$985,186
Cap Rate 9%
$766,256
Alternative Uses
Best Use
Apartment 5plus
$985.2K
$862.0K – $1.15M
NOI $68,963 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.08M – $1.43M
NOI $86,050 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,801
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 - Well-kept 5-unit property near UW campus with income potential.
Where is this apartment building located?
The property is located at 5210 11th Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Solid 5‑plex investment property in Seattle's U‑District.; Prime location: Walking distance to UW campus, transit, and major commuter routes.; Great income potential with easily obtainable 5%+ cap rate.
