Vacant 12-Unit Apartment
For Sale
$3,195,000
600 W Emerson St, Seattle, WA 98119
12-unit apartment community built in 1965, fully vacant at closing and ready to lease under new ownership.
Property Size8,860 SF
Days on Market115
Property Features for 600 W Emerson St
General Information
Standard status
Active
Size
8,860 SF
Property subtype
Multifamily
Site & Location
Neighborhood
Interbay
Additional Details
Multifamily Units
12
Building Details
Building Size
8,860 SF
Year Built
1965
Listed By:
Dea Sumantri
(206) 383-3399
Source:
Lee-associates
Added: Jul 8
Changed: Oct 25
Last Checked: Oct 28 at 7:10AM
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 Dea Sumantri
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Investment Insights
Based on property information with market context.
Emerson Apartments is a 12-unit apartment community built in 1965, offered for sale fully vacant at closing. The property provides a straightforward path for new ownership to lease all units and manage tenant selection without inherited lease obligations.
Public remarks indicate major systems upgrades have been addressed, including electrical upgrades completed in 2023 and 2024. The asset is presented as well-maintained, with the opportunity to direct capital toward interior improvements.
Located in Seattle’s North Queen Anne neighborhood, the property is described as walkable and offering access to Fremont, Ballard, South Lake Union, and Downtown Seattle.
Public remarks indicate major systems upgrades have been addressed, including electrical upgrades completed in 2023 and 2024. The asset is presented as well-maintained, with the opportunity to direct capital toward interior improvements.
Located in Seattle’s North Queen Anne neighborhood, the property is described as walkable and offering access to Fremont, Ballard, South Lake Union, and Downtown Seattle.
Key Highlights
- 12‑unit apartment community built in 1965 in Seattle’s North Queen Anne neighborhood
- Fully vacant at closing, giving the new owner control to lease all 12 units at current market rents
- Major systems updates include electrical upgrades in 2023 and 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$149,538
Cap Rate
4.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,990,760
$3.0M
Cap Rate 7%
$2,136,257
$2.1M
Cap Rate 9%
$1,661,533
$1.7M
Market Conditions
NOI Build-Up for 8,860 SF
Gross rent
$281.7K $31.80/SF
− Vacancy
−$9.9K −$1.11/SF
EGI
$271.9K $30.69/SF
− OpEx
−$122.3K −$13.81/SF
NOI
$149.5K $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 Rate 5%
$2,990,760
Cap Rate 7%
$2,136,257
Cap Rate 9%
$1,661,533
Alternative Uses
Best Use
Apartment 5plus
$2.14M
$1.87M – $2.49M
NOI $149,538 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.67M
$2.33M – $3.11M
NOI $186,589 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,359
Businesses Nearby
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Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
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
Frequently Asked Questions
What type of property is this?
Apartment building - 12-unit apartment community built in 1965, fully vacant at closing and ready to lease under new ownership.
Where is this apartment building located?
The property is located at 600 W Emerson St Seattle, WA.
What is the asking price?
The asking price for this property is $3,195,000.
What are key features of this property?
This property features: 12‑unit apartment community built in 1965 in Seattle’s North Queen Anne neighborhood; Fully vacant at closing, giving the new owner control to lease all 12 units at current market rents; Major systems updates include electrical upgrades in 2023 and 2024
