Five-Unit Apartment Building
For Sale
$1,725,000
5816 14TH, Seattle, WA 98107
Five two-bedroom, two-bath units in a 1978 wood-frame building with dedicated parking and LR3 RC (M1) zoning.
Property Size4,950 SF
Lot Size0.12 Acres
Price / SF$348.48
Days on Market136
Property Features for 5816 14TH
General Information
Standard status
Active
Size
4,950 SF
Total Parking Spaces
5
Lot size
0.12 Acres
Property subtype
Multi-family
Zoning
LR3 RC (M1)
Occupancy
100%
Additional Details
Cap Rate
6.4%
Multifamily Units
5
Building Details
Year Built
1978
Construction
wood frame
Tenancy
Multi
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Michael Urquhart
(206) 363-8509
Source:
Century21northhomes
Added: May 19
Changed: Oct 1
Last Checked: Oct 1 at 11:58AM
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 Paragon Real Estate Advisors
Investment Insights
Based on property information with market context.
Kos Apartments is a five-unit multifamily property featuring all units as two-bedroom, two-bath residences. Constructed in 1978, the building is wood frame and includes double pane vinyl windows and copper plumbing. The property provides five dedicated parking stalls, including four carport stalls. Two of the five units have been renovated and are leased at rents approaching market, while the remaining three units are in original condition and leased month to month, with two tenants in place since 2011.
Located in Seattle’s Ballard neighborhood at 5816 14TH, the property sits on a 5,100 square foot LR3 RC (M1) zoned lot. The unit mix and current occupancy offer straightforward management continuity for an owner considering updates as existing tenancies turn over.
Located in Seattle’s Ballard neighborhood at 5816 14TH, the property sits on a 5,100 square foot LR3 RC (M1) zoned lot. The unit mix and current occupancy offer straightforward management continuity for an owner considering updates as existing tenancies turn over.
Key Highlights
- Five‑unit multifamily in Seattle’s Ballard neighborhood; all units are 2 bed, 2 bath
- Built in 1978 with wood frame construction; double pane vinyl windows and copper plumbing
- Units average 990 SF each, with two units renovated and leased at rents approaching market
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
$83,545
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
4.84%
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%
$1,670,900
$1.7M
Cap Rate 7%
$1,193,500
$1.2M
Cap Rate 9%
$928,278
$928.3K
Market Conditions
NOI Build-Up for 4,950 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
$157.4K $31.80/SF
− Vacancy
−$5.5K −$1.11/SF
EGI
$151.9K $30.69/SF
− OpEx
−$68.4K −$13.81/SF
NOI
$83.5K $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%
$1,670,900
Cap Rate 7%
$1,193,500
Cap Rate 9%
$928,278
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,545 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,246 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,131
Businesses Nearby
Explore this area
Business Placement
Demographics for 98107, WA
28,557
Population
16,538
Households
1.7
Avg Household Size
35
Median Age
76%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
12,980
Density / Sq Mi
$137,748
Median Household Income
$82,884
Median Earnings
$2,194
Median Rent
$924,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five two-bedroom, two-bath units in a 1978 wood-frame building with dedicated parking and LR3 RC (M1) zoning.
Where is this apartment building located?
The property is located at 5816 14TH Seattle, WA.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: Five‑unit multifamily in Seattle’s Ballard neighborhood; all units are 2 bed, 2 bath; Built in 1978 with wood frame construction; double pane vinyl windows and copper plumbing; Units average 990 SF each, with two units renovated and leased at rents approaching market
