554 Prospect Street, Seattle, WA 98109
Purpose-built five-unit building with in-unit laundry and private storage, recently renovated through studs-out work.
- Added:
- Jan 5, 2026
- Days on Market:
- 184
- Last Refresh:
- Jul 8 at 1:59 am
Property Features for 554 Prospect Street
General Information
- Standard status
- Active
- Size
- 5,656 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1909
Listing office Red Barn Properties LLC (541) 619-0596
Listing date Jan 5, 2026
Source Premierepropertygroup
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 Red Barn Properties LLC
HighLights
- Purpose‑built 5‑unit building with 2 total stories, built in 1909
- Recently renovated through studs‑out (2013) with a unit mix of 1 studio, two 2‑bedroom, and two 2‑bedroom + den homes
- In‑unit laundry in 4 homes and private storage units for all homes
- Building area total: 5,656 sq ft; poured concrete foundation
- Public water; lot size 0.0875 acres with curbs, paved street, and sidewalk
- Interior flooring includes ceramic tile, engineered hardwood, vinyl, and carpet; heating available
Overview
Located in the Lower Queen Anne/Uptown area, the property is described as the closest neighborhood to downtown Seattle, with easy access to coffee, bars, restaurants, shopping, and entertainment. The remarks also note that Seattle Center, Climate Pledge, South Lake Union, and the top of Queen Anne are nearby, supported by an 84 “Very Walkable” Walk Score.
From a tenant- and operator-fit perspective, the mix of studio and two-bedroom configurations provides multiple residential options within a single asset, while in-unit laundry and dedicated storage support everyday livability. The two two-bedroom + den layouts offer flexibility for use of the den space. The recently renovated condition and clear unit mix make this building a practical choice for buyers looking to own a compact, professionally updated income property in a highly walkable Seattle submarket.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $179.9k | $31.80 |
| − Vacancy | −$6.3k | −$1.11 |
| EGI | $173.6k | $30.69 |
| − OpEx | −$78.1k | −$13.81 |
| NOI | $95.5k | $16.88 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.3458552
- Latitude
- 47.6290721
