Legal Duplex with Redevelopment
For Sale
$1,200,000
618 Nw 58th St, Seattle, WA 98107
Existing legal duplex in Ballard with redevelopment concepts that include additional housing configurations, subject to buyer verification.
Property Size2,460 SF
Price / SF$487.80
Days on Market15
Property Features for 618 Nw 58th St
General Information
Standard status
Active
Size
2,460 SF
Property subtype
Multi-Family
Building Details
Year Built
1910
Listing Agency:
Windermere Real Estate/HLC
Listed By:
Suzanne Fortune · License #119325
(425) 483-5100
Source:
Nwwashingtonhomesforsale
Added: Aug 20
Changed: Sep 1
Last Checked: Sep 2 at 6:33PM
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 Windermere Real Estate/HLC
Investment Insights
Based on property information with market context.
This Seattle property contains a legal duplex totaling 2,460 SF and was built in 1910. The existing residential configuration is positioned on a roughly 5,000 SF site in Ballard.
Redevelopment concepts described for the property include adding a second stacked duplex or DADU while retaining the current duplex. Other outlined possibilities include four single-family townhomes or a stacked condo project with as many as eight units using 2.0 FAR for qualifying NR stacked-flat projects. That scenario could allow up to 10,000 SF of maximum floor area before other site constraints are applied. Buyers should independently verify zoning, feasibility, and all development assumptions.
Redevelopment concepts described for the property include adding a second stacked duplex or DADU while retaining the current duplex. Other outlined possibilities include four single-family townhomes or a stacked condo project with as many as eight units using 2.0 FAR for qualifying NR stacked-flat projects. That scenario could allow up to 10,000 SF of maximum floor area before other site constraints are applied. Buyers should independently verify zoning, feasibility, and all development assumptions.
Key Highlights
- Legal duplex totaling 2,460 SF
- Built in 1910 on a roughly 5,000 SF lot
- Potential to add a second stacked duplex or DADU while retaining the existing duplex
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
$44,402
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
3.70%
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%
$888,040
$888.0K
Cap Rate 7%
$634,314
$634.3K
Cap Rate 9%
$493,356
$493.4K
Market Conditions
NOI Build-Up for 2,460 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
$66.4K $27.00/SF
− Vacancy
−$3.0K −$1.22/SF
EGI
$63.4K $25.79/SF
− OpEx
−$19.0K −$7.74/SF
NOI
$44.4K $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%
$888,040
Cap Rate 7%
$634,314
Cap Rate 9%
$493,356
Alternative Uses
Best Use
Multifamily LT 5
$634.3K
$555.0K – $740.0K
NOI $44,402 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$593.1K
$519.0K – $692.0K
NOI $41,520 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$740.1K
$647.6K – $863.5K
NOI $51,807 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,714
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?
Duplex - Existing legal duplex in Ballard with redevelopment concepts that include additional housing configurations, subject to buyer verification.
Where is this duplex located?
The property is located at 618 Nw 58th St Seattle, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Legal duplex totaling 2,460 SF; Built in 1910 on a roughly 5,000 SF lot; Potential to add a second stacked duplex or DADU while retaining the existing duplex
