Updated Two-Residence
For Sale
$995,000
6322 5th Ave NE, Seattle, WA 98115
Two separately entered residences combine classic character with updated interiors and private outdoor spaces.
Property Size2,119 SF
Price / SF$469.56
Days on Market27
Property Features for 6322 5th Ave NE
General Information
Standard status
Active
Size
2,119 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
original hardwood floors
newly installed carpet
newer furnace
updated electrical
metal roof
private outdoor spaces
Building Details
Year Built
1909
Buildings
1
Construction
Craftsman
Listing Agency:
(425) 417-8036
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 28 at 1:05PM
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 Graham McCarthy Realty Group
Investment Insights
Based on property information with market context.
Built in 1909, this 2,119-square-foot duplex contains two distinct residences, each with 2 bedrooms and 1 bathroom. Individual entrances support separate occupancy, while updates include interior and exterior paint, electrical work, a newer furnace, newer carpet in select areas, and a metal roof. Original hardwood floors, natural light, and private outdoor areas retain the property's Craftsman character. Two off-street parking spaces are included.
The property is located blocks from Green Lake and Woodland Park Zoo, with Roosevelt Link Light Rail, PCC, Whole Foods, neighborhood cafés, breweries, and local dining nearby. Its Seattle setting provides access to both neighborhood amenities and transit connections.
The property is located blocks from Green Lake and Woodland Park Zoo, with Roosevelt Link Light Rail, PCC, Whole Foods, neighborhood cafés, breweries, and local dining nearby. Its Seattle setting provides access to both neighborhood amenities and transit connections.
Key Highlights
- 2,119‑square‑foot duplex built in 1909
- Two separate 2‑bedroom, 1‑bath residences with individual entrances
- Updated electrical, newer furnace, metal roof, and fresh interior and exterior paint
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
$36,742
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
3.69%
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%
$734,840
$734.8K
Cap Rate 7%
$524,886
$524.9K
Cap Rate 9%
$408,244
$408.2K
Market Conditions
NOI Build-Up for 2,119 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
$54.7K $25.80/SF
− Vacancy
−$2.2K −$1.03/SF
EGI
$52.5K $24.77/SF
− OpEx
−$15.7K −$7.43/SF
NOI
$36.7K $17.34/SF
Area
ZIP 98115
Vacancy
3.99%
Lease Rate
$25.80 /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%
$734,840
Cap Rate 7%
$524,886
Cap Rate 9%
$408,244
Alternative Uses
Best Use
Multifamily LT 5
$524.9K
$459.3K – $612.4K
NOI $36,742 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$457.4K
$400.3K – $533.7K
NOI $32,021 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$848.7K
$742.6K – $990.2K
NOI $59,410 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,976
Businesses Nearby
Explore this area
Business Placement
Demographics for 98115, WA
54,322
Population
24,966
Households
2.2
Avg Household Size
36
Median Age
78%
College-Educated
99%
High-School Grad
6.6 sq mi
ZIP Area
8,231
Density / Sq Mi
$148,190
Median Household Income
$82,332
Median Earnings
$2,118
Median Rent
$1,041,500
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?
Duplex - Two separately entered residences combine classic character with updated interiors and private outdoor spaces.
Where is this duplex located?
The property is located at 6322 5th Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2,119‑square‑foot duplex built in 1909; Two separate 2‑bedroom, 1‑bath residences with individual entrances; Updated electrical, newer furnace, metal roof, and fresh interior and exterior paint
