Queen Anne Multifamily Investment
For Sale
$2,875,000
Pending
608 Emerson St, Seattle, WA 98119
Vacant 10-unit property in prime Queen Anne location.
Property Size7,650 SF
Days on Market409
Property Features for 608 Emerson St
General Information
Standard status
Pending
Size
7,650 SF
Property subtype
Commercial
Building Details
Year Built
1975
Listing Agency:
NORTHMARQ MULTIFAMILY LLC
(206) 505-9435
Listed By:
STEVE FISCHER · License #87455
Source:
Corcoran
Added: Jul 8, 2025
Changed: Jul 6
Last Checked: Jul 23 at 9:05AM
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 NORTHMARQ MULTIFAMILY LLC
Investment Insights
Based on property information with market context.
This multifamily property, located on W Emerson St in North Queen Anne, is within walking distance of Seattle Pacific University. The property is being delivered 100% vacant, presenting an opportunity to renovate all 10 units. The building features a mix of 2-bedroom and 3-bedroom units, totaling 7,650 net rentable square feet. The property includes a laundry facility, balconies with views, 9 parking spaces, mature landscaping, and storage space. All units were renovated in 2016, including updated kitchens.
Key Highlights
- Attractive Price: Stabilizes to a 7.42% cap on cost and a 9.42% cash on cash return at $2.875M.
- Property Delivered Vacant: Excellent opportunity to renovate all 10 units and achieve higher rents.
- Prime Queen Anne Location: Located in North Queen Anne, walking distance from Seattle Pacific University.
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
$129,116
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
4.49%
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%
$2,582,320
$2.6M
Cap Rate 7%
$1,844,514
$1.8M
Cap Rate 9%
$1,434,622
$1.4M
Market Conditions
NOI Build-Up for 7,650 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
$243.3K $31.80/SF
− Vacancy
−$8.5K −$1.11/SF
EGI
$234.8K $30.69/SF
− OpEx
−$105.6K −$13.81/SF
NOI
$129.1K $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%
$2,582,320
Cap Rate 7%
$1,844,514
Cap Rate 9%
$1,434,622
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $129,116 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.30M
$2.01M – $2.69M
NOI $161,107 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,359
Businesses Nearby
Explore this area
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
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 - Vacant 10-unit property in prime Queen Anne location.
Where is this apartment building located?
The property is located at 608 Emerson St Seattle, WA.
What is the asking price?
The asking price for this property is $2,875,000.
What are key features of this property?
This property features: Attractive Price: Stabilizes to a 7.42% cap on cost and a 9.42% cash on cash return at $2.875M.; Property Delivered Vacant: Excellent opportunity to renovate all 10 units and achieve higher rents.; Prime Queen Anne Location: Located in North Queen Anne, walking distance from Seattle Pacific University.
