10-Unit Apartment
New
For Sale
$2,650,000
5920 24TH, Seattle, WA 98107
The unit mix includes nine one-bedroom apartments and one two-bedroom apartment.
Property Size7,120 SF
Price / SF$372.19
Days on Market4
Property Features for 5920 24TH
General Information
Standard status
Active
Size
7,120 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) 522-3400
Source:
Skylineproperties
Added: Sep 30
Changed: Oct 3
Last Checked: Oct 3 at 2:13AM
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 7,120-square-foot apartment property in Seattle’s Ballard neighborhood was built in 1965. Its 10 apartments comprise nine one-bedroom, one-bath units and one two-bedroom, one-bath unit. A first-floor laundry room and storage lockers serve the building.
Parking consists of three carports and three off-street spaces. The property is fully leased.
Parking consists of three carports and three off-street spaces. The property is fully leased.
Key Highlights
- 10 apartments: nine one‑bedroom, one‑bath units and one two‑bedroom, one‑bath unit
- 7,120 square feet; built in 1965
- First‑floor laundry room with storage lockers
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
$120,170
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
4.53%
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%
$2,403,400
$2.4M
Cap Rate 7%
$1,716,714
$1.7M
Cap Rate 9%
$1,335,222
$1.3M
Market Conditions
NOI Build-Up for 7,120 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
$226.4K $31.80/SF
− Vacancy
−$7.9K −$1.11/SF
EGI
$218.5K $30.69/SF
− OpEx
−$98.3K −$13.81/SF
NOI
$120.2K $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%
$2,403,400
Cap Rate 7%
$1,716,714
Cap Rate 9%
$1,335,222
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.50M – $2.00M
NOI $120,170 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.87M – $2.50M
NOI $149,945 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
104
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - The unit mix includes nine one-bedroom apartments and one two-bedroom apartment.
Where is this apartment building located?
The property is located at 5920 24TH Seattle, WA.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 10 apartments: nine one‑bedroom, one‑bath units and one two‑bedroom, one‑bath unit; 7,120 square feet; built in 1965; First‑floor laundry room with storage lockers
