Two-Cottage
For Sale
$594,000
547 S Sullivan Street, Seattle, WA 98108
Two detached residences have separate utility meters and private parking areas.
Property Size1,250 SF
Price / SF$475.20
Days on Market47
Property Features for 547 S Sullivan Street
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Multi Family
Zoning
LR3(m)
Site & Location
Neighborhood
South Park
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR
Multifamily Units
2
Individually Metered Utilities
unspecified utilities
Additional Details
Gross Income
$48,000
Tenant in Place
Yes
Building Details
Year Built
1905
Listing Agency:
Inspire Realty
(253) 365-1778
Listed By:
Autumn Allen · License #135967
(206) 604-3160
Source:
Realestateyelm
Added: Sep 21
Changed: Nov 5
Last Checked: Nov 5 at 9:09AM
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 Inspire Realty
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Investment Insights
Based on property information with market context.
This 1,250-square-foot duplex comprises two cottages with no shared walls and separate utility meters. The front residence has two bedrooms, one bathroom, and a living room; the rear unit has one bedroom. Improvements include updated paint, flooring, and appliances, with new interior paint in the front unit and a new washer and dryer in the rear. Both roofs were cleaned and reported leak-free. The property was built in 1905 and has an effective year built of 2022.
Located in Seattle’s South Park area, the property is zoned LR3(m). The front cottage has parking, while the rear residence has a double driveway and a rolling gate. Nearby coffee shops and local eateries include Little Jaye.
Located in Seattle’s South Park area, the property is zoned LR3(m). The front cottage has parking, while the rear residence has a double driveway and a rolling gate. Nearby coffee shops and local eateries include Little Jaye.
Key Highlights
- Two detached cottages with no shared walls
- 1,250 square feet; front unit has 2 bedrooms and 1 bathroom, rear unit has 1 bedroom
- LR3(m) zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,562
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$451,240
$451.2K
Cap Rate 7%
$322,314
$322.3K
Cap Rate 9%
$250,689
$250.7K
Market Conditions
NOI Build-Up for 1,250 SF
Gross rent
$33.8K $27.00/SF
− Vacancy
−$1.5K −$1.22/SF
EGI
$32.2K $25.79/SF
− OpEx
−$9.7K −$7.74/SF
NOI
$22.6K $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 Rate 5%
$451,240
Cap Rate 7%
$322,314
Cap Rate 9%
$250,689
Alternative Uses
Best Use
Multifamily LT 5
$322.3K
$282.0K – $376.0K
NOI $22,562 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$301.4K
$263.7K – $351.6K
NOI $21,097 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$376.1K
$329.1K – $438.8K
NOI $26,325 @ 7.0% cap · market cap 4.43%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
598
Businesses Nearby
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Business Placement
Demographics for 98108, WA
25,009
Population
9,096
Households
2.7
Avg Household Size
37
Median Age
37%
College-Educated
83%
High-School Grad
7.4 sq mi
ZIP Area
3,380
Density / Sq Mi
$90,806
Median Household Income
$48,703
Median Earnings
$1,463
Median Rent
$693,500
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Seattle, WA
Properties on Market for Duplexes in Seattle
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two detached residences have separate utility meters and private parking areas.
Where is this duplex located?
The property is located at 547 S Sullivan Street Seattle, WA.
What is the asking price?
The asking price for this property is $594,000.
What are key features of this property?
This property features: Two detached cottages with no shared walls; 1,250 square feet; front unit has 2 bedrooms and 1 bathroom, rear unit has 1 bedroom; LR3(m) zoning
