New Construction Multifamily Apartment
For Sale
$4,500,000
6318 41ST Unit A-F, Seattle, WA 98136
New construction multifamily building with a rooftop deck and off-street parking with EV chargers.
Property Size8,664 SF
Price / SF$519.39
Days on Market89
Property Features for 6318 41ST Unit A-F
General Information
Standard status
Active
Size
8,664 SF
Property subtype
Multi-family
Building Details
Year Built
2026
Listing Agency:
Columbia Partners Real Estate
Listed By:
Mark Caldwell
(206) 363-8509
Source:
Century21northhomes
Added: May 16
Changed: Aug 12
Last Checked: Aug 12 at 3:37AM
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 Columbia Partners Real Estate
Investment Insights
Based on property information with market context.
New construction multifamily apartment building at 6318 41st, Unit A-F in Seattle, WA, offered for sale with six tax parcels included in one building. The design combines open floorplans with floor-to-ceiling windows, and includes multiple efficiency and comfort features such as Mitsubishi in-ceiling ductless heating/cooling, dual Panasonic energy recovery ventilators, HE hybrid recirculating hot water, and heated tile floors. Residences also feature primary suites with dual walk-in closets, custom built-in closet systems, dual sink vanities, and custom shower tile/glass. A rooftop deck provides views of Puget Sound and the Olympic Mountains, and off-street parking includes EV chargers.
The property is positioned in West Seattle’s Morgan Junction area, described as steps from dining, coffee, craft beers, Zeek’s Pizza, and West Seattle Town & Country/Thriftway. The remarks also note nearby access to Lincoln Park for hiking and biking, along with the Colman Saltwater Pool.
The property is positioned in West Seattle’s Morgan Junction area, described as steps from dining, coffee, craft beers, Zeek’s Pizza, and West Seattle Town & Country/Thriftway. The remarks also note nearby access to Lincoln Park for hiking and biking, along with the Colman Saltwater Pool.
Key Highlights
- New construction multifamily building (Year built: 2026) with rooftop deck and off‑street parking
- 6 tax parcels with one building
- Rooftop deck with commanding Puget Sound and Olympic Mountain views
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
$146,230
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
3.25%
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%
$2,924,600
$2.9M
Cap Rate 7%
$2,089,000
$2.1M
Cap Rate 9%
$1,624,778
$1.6M
Market Conditions
NOI Build-Up for 8,664 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
$275.5K $31.80/SF
− Vacancy
−$9.6K −$1.11/SF
EGI
$265.9K $30.69/SF
− OpEx
−$119.6K −$13.81/SF
NOI
$146.2K $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%
$2,924,600
Cap Rate 7%
$2,089,000
Cap Rate 9%
$1,624,778
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,230 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.28M – $3.04M
NOI $182,461 @ 7.0% cap · market cap 4.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,390
Businesses Nearby
Explore this area
Business Placement
Demographics for 98136, WA
16,424
Population
8,295
Households
2
Avg Household Size
43
Median Age
67%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,141
Density / Sq Mi
$153,636
Median Household Income
$85,279
Median Earnings
$1,917
Median Rent
$900,000
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 - New construction multifamily building with a rooftop deck and off-street parking with EV chargers.
Where is this apartment building located?
The property is located at 6318 41ST Unit A-F Seattle, WA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: New construction multifamily building (Year built: 2026) with rooftop deck and off‑street parking; 6 tax parcels with one building; Rooftop deck with commanding Puget Sound and Olympic Mountain views
