Multifamily Property with
For Sale
$1,275,000
5911 Admiral, Seattle, WA 98116
Three-unit property with separate structures, updated interiors, private laundry, and flexible owner-user potential.
Property Size2,340 SF
Price / SF$544.87
Days on Market14
Property Features for 5911 Admiral
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Multi-family
Building Details
Year Built
1946
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Ben Douglas
(206) 522-3400
Source:
Skylineproperties
Added: Sep 10
Changed: Sep 21
Last Checked: Sep 22 at 5:34PM
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.
This multifamily property includes a front house built in 1946 and a separate duplex constructed in 1988. The three units provide 2,340 square feet of net rentable area, with each offering two bedrooms, one bathroom, a dedicated storage locker, and a full-size washer and dryer. The duplex units are vacant. Recent improvements include fresh interior paint, vinyl plank flooring, carpet, window blinds, and a new appliance package in the upper duplex unit. Hot water tanks were replaced in 2023 and 2024.
The 4,800-square-foot parcel is zoned NR3, which allows four units on the site. The house includes a 720-square-foot unfinished basement with a separate entry, good ceiling height, and a sewer line configuration that may support adding a bathroom. The basement could be finished as additional house living area or evaluated for a fourth unit, subject to confirmation with the appropriate City of Seattle zoning and construction departments.
The property also offers an owner-user option, including the ability to occupy a duplex unit at closing.
The 4,800-square-foot parcel is zoned NR3, which allows four units on the site. The house includes a 720-square-foot unfinished basement with a separate entry, good ceiling height, and a sewer line configuration that may support adding a bathroom. The basement could be finished as additional house living area or evaluated for a fourth unit, subject to confirmation with the appropriate City of Seattle zoning and construction departments.
The property also offers an owner-user option, including the ability to occupy a duplex unit at closing.
Key Highlights
- Three units across two separate structures with 2,340 square feet of net rentable area
- 4,800‑square‑foot NR3‑zoned parcel allowing four units on the site
- Each unit has 2 bedrooms, 1 bathroom, a storage locker, and a full‑size washer and dryer
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
$42,236
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
3.31%
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%
$844,720
$844.7K
Cap Rate 7%
$603,371
$603.4K
Cap Rate 9%
$469,289
$469.3K
Market Conditions
NOI Build-Up for 2,340 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
$63.2K $27.00/SF
− Vacancy
−$2.8K −$1.22/SF
EGI
$60.3K $25.79/SF
− OpEx
−$18.1K −$7.74/SF
NOI
$42.2K $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 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%
$844,720
Cap Rate 7%
$603,371
Cap Rate 9%
$469,289
Alternative Uses
Best Use
Multifamily LT 5
$603.4K
$528.0K – $703.9K
NOI $42,236 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$564.2K
$493.7K – $658.2K
NOI $39,494 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$704.0K
$616.0K – $821.3K
NOI $49,280 @ 7.0% cap · market cap 3.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 98116, WA
27,691
Population
14,652
Households
1.9
Avg Household Size
41
Median Age
69%
College-Educated
98%
High-School Grad
3.0 sq mi
ZIP Area
9,230
Density / Sq Mi
$130,504
Median Household Income
$86,680
Median Earnings
$2,033
Median Rent
$917,000
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?
Multifamily property - Three-unit property with separate structures, updated interiors, private laundry, and flexible owner-user potential.
Where is this multifamily property located?
The property is located at 5911 Admiral Seattle, WA.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Three units across two separate structures with 2,340 square feet of net rentable area; 4,800‑square‑foot NR3‑zoned parcel allowing four units on the site; Each unit has 2 bedrooms, 1 bathroom, a storage locker, and a full‑size washer and dryer
