Shared-Space Student Housing
5604 17th Ave NE Seattle, WA 98105
For Sale
$1,750,000
1910 construction building featuring a mix of apartment units and rooms with shared spaces.
Property Size3,900 SF
Price / SF$448.72
Days on Market45
Property Features for 5604 17th Ave NE
General Information
- Standard status
- Active
- Size
- 3,900 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1910
Listing Agency:
WESTLAKE ASSOCIATES, INC.
(206) 623-8880
Listed By:
DAVID PETERSEN · License #109793
Source:
Corcoran
Added: Jun 9
Changed: Jul 20
Last Checked: Jul 23 at 8:07AM
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 WESTLAKE ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
Ravenna House is a unique 1910 construction multifamily building totaling 3,900 square feet, configured with a mix of apartment units and rooms that share common spaces. The property is presented as well-suited to the University/Ravenna rental market, with its layout supporting shared-living arrangements.
The building is positioned to serve student housing demand with proximity to the University of Washington campus and University Village. It also offers convenient access to Sound Transit link light rail and bus lines for commuting to downtown Seattle.
As offered for sale, Ravenna House provides value through its existing rental-oriented configuration and includes additional value potential through renovation.
The building is positioned to serve student housing demand with proximity to the University of Washington campus and University Village. It also offers convenient access to Sound Transit link light rail and bus lines for commuting to downtown Seattle.
As offered for sale, Ravenna House provides value through its existing rental-oriented configuration and includes additional value potential through renovation.
Key Highlights
- 1910 construction 3,900 sq ft building with a mix of apartment units and rooms
- Apartment and room layout includes shared spaces
- Well suited to the University/Ravenna rental market
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 | $124.0k | $31.80 |
| − Vacancy | −$4.3k | −$1.11 |
| EGI | $119.7k | $30.69 |
| − OpEx | −$53.9k | −$13.81 |
| NOI | $65.8k | $16.88 |
3,900 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$940.3K
$822.8K – $1.10M
NOI $65,824 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,133 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Multifamily properties
FAQs
What type of property is this?
Multifamily property - 1910 construction building featuring a mix of apartment units and rooms with shared spaces.
Where is this multifamily property located?
The property is located at 5604 17th Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 1910 construction 3,900 sq ft building with a mix of apartment units and rooms; Apartment and room layout includes shared spaces; Well suited to the University/Ravenna rental market
