10-Unit Apartment Building with
For Sale
$2,750,000
5920 24th Ave NW, Seattle, WA 98107
Fully leased multifamily property in Ballard with laundry facilities, storage lockers, and on-site parking.
Property Size6,650 SF
Price / SF$413.53
Days on Market39
Property Features for 5920 24th Ave NW
General Information
Standard status
Active
Size
6,650 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
9 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
10
Amenities
laundry room
storage lockers
Building Details
Year Built
1965
Buildings
1
Listing Agency:
L. Dankers Real Estate Group
Listed By:
David Dankers
(206) 285-2333
Source:
Theinspiregroup
Added: Aug 20
Changed: Sep 18
Last Checked: Sep 26 at 8:40AM
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 L. Dankers Real Estate Group
Investment Insights
Based on property information with market context.
This 10-unit apartment building was constructed in 1965 and includes nine one-bedroom, one-bath residences plus one two-bedroom, one-bath residence. A first-floor laundry room with storage lockers serves the building. The property also includes three carports and three off-street parking spaces.
Located in Ballard at 5920 24th Ave NW in Seattle, the building is fully leased and offers an established multifamily configuration with a mix of one- and two-bedroom units.
Located in Ballard at 5920 24th Ave NW in Seattle, the building is fully leased and offers an established multifamily configuration with a mix of one- and two-bedroom units.
Key Highlights
- 10‑unit apartment building constructed in 1965
- Unit mix includes 9 one‑bedroom units and 1 two‑bedroom unit
- All units are fully leased
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
$112,238
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
4.08%
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%
$2,244,760
$2.2M
Cap Rate 7%
$1,603,400
$1.6M
Cap Rate 9%
$1,247,089
$1.2M
Market Conditions
NOI Build-Up for 6,650 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
$211.5K $31.80/SF
− Vacancy
−$7.4K −$1.11/SF
EGI
$204.1K $30.69/SF
− OpEx
−$91.8K −$13.81/SF
NOI
$112.2K $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%
$2,244,760
Cap Rate 7%
$1,603,400
Cap Rate 9%
$1,247,089
Alternative Uses
Best Use
Apartment 5plus
$1.60M
$1.40M – $1.87M
NOI $112,238 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $140,047 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,069
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
Check the figures for this property
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 - Fully leased multifamily property in Ballard with laundry facilities, storage lockers, and on-site parking.
Where is this apartment building located?
The property is located at 5920 24th Ave NW Seattle, WA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 10‑unit apartment building constructed in 1965; Unit mix includes 9 one‑bedroom units and 1 two‑bedroom unit; All units are fully leased
