Midrise Mixed-Use Redevelopment
For Sale
$3,500,000
Pending
5222 -36 Delridge Way SW, Seattle, WA 98106
Five-parcel assemblage with current apartment units and NC2P 55(M) zoning allowing up to five stories.
Property Size8,682 SF
Days on Market149
Property Features for 5222 -36 Delridge Way SW
General Information
Standard status
Pending
Size
8,682 SF
Total Parking Spaces
15
Property subtype
Pending
Zoning
NC2P 55(M)
Net Operating Income
$39,933
Additional Details
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$31,940
Amenities
Hardwood,Softwood,Vinyl
Yes
No
2
Electric,Natural Gas
Alley,Corner Lot,Cul-De-Sac,Curbs,Paved,Sidewalk
Public
15
0.5455
Wood
Poured Concrete
8682
Building Details
Building Size
8,682 SF
Year Built
1966
Stories
2
Listing Agency:
RE/MAX Eastside Brokers, Inc.
(503) 704-2338
Listed By:
Eric & Sonya MacDonald
(503) 704-2338
Source:
Premierepropertygroup
Added: Mar 25
Changed: Aug 19
Last Checked: Aug 20 at 4:30AM
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 RE/MAX Eastside Brokers, Inc.
Investment Insights
Based on property information with market context.
This offering is a five-parcel assemblage positioned along West Seattle’s Delridge corridor, totaling approximately 23,760 square feet. The property currently includes 15 apartment units, with a mix of rented and vacant homes. The configuration provides an immediate operational component while leaving room for future planning related to residential and ground-floor uses.
Zoning for the site is listed as NC2P 55(M), which contemplates a midrise framework with residential over active ground-floor commercial. The property is described as having generous frontage and strong visibility, with easy access to the RapidRide H Line. The remarks also note the forthcoming West Seattle light rail and its relevance to the area’s transit improvements.
For buyers and operators, the combination of multiple parcels, existing apartment units, and midrise mixed-use zoning supports a range of approaches. Interested parties may consider mixed-use development, an all-residential concept, or a phased redevelopment strategy that incorporates current income producing units while addressing vacancies over time. The site’s assembled scale and stated zoning parameters make it a practical option for developers seeking a midrise project platform in one ownership.
Zoning for the site is listed as NC2P 55(M), which contemplates a midrise framework with residential over active ground-floor commercial. The property is described as having generous frontage and strong visibility, with easy access to the RapidRide H Line. The remarks also note the forthcoming West Seattle light rail and its relevance to the area’s transit improvements.
For buyers and operators, the combination of multiple parcels, existing apartment units, and midrise mixed-use zoning supports a range of approaches. Interested parties may consider mixed-use development, an all-residential concept, or a phased redevelopment strategy that incorporates current income producing units while addressing vacancies over time. The site’s assembled scale and stated zoning parameters make it a practical option for developers seeking a midrise project platform in one ownership.
Key Highlights
- 5‑parcel assemblage totaling approx. 23,760 SF with 15 apartment units on site
- NC2P 55(M) zoning allows residential over active ground floor commercial up to five stories
- Total building area is 8,682 SF; 2‑story building with poured concrete foundation
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
$146,533
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
4.19%
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%
$2,930,660
$2.9M
Cap Rate 7%
$2,093,329
$2.1M
Cap Rate 9%
$1,628,144
$1.6M
Market Conditions
NOI Build-Up for 8,682 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
$276.1K $31.80/SF
− Vacancy
−$9.7K −$1.11/SF
EGI
$266.4K $30.69/SF
− OpEx
−$119.9K −$13.81/SF
NOI
$146.5K $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%
$2,930,660
Cap Rate 7%
$2,093,329
Cap Rate 9%
$1,628,144
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,533 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.29M – $3.05M
NOI $182,840 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
392
Businesses Nearby
Explore this area
Business Placement
Demographics for 98106, WA
26,295
Population
12,107
Households
2.2
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
5.5 sq mi
ZIP Area
4,781
Density / Sq Mi
$115,529
Median Household Income
$60,223
Median Earnings
$1,824
Median Rent
$666,800
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 - Five-parcel assemblage with current apartment units and NC2P 55(M) zoning allowing up to five stories.
Where is this apartment building located?
The property is located at 5222 -36 Delridge Way SW Seattle, WA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 5‑parcel assemblage totaling approx. 23,760 SF with 15 apartment units on site; NC2P 55(M) zoning allows residential over active ground floor commercial up to five stories; Total building area is 8,682 SF; 2‑story building with poured concrete foundation
