Madison Park Multifamily Investment
For Sale
$2,100,000
Pending
633 33rd Ave E, Seattle, WA 98112
Classic five-unit property in coveted Madison Park neighborhood.
Property Size5,400 SF
Days on Market415
Property Features for 633 33rd Ave E
General Information
Standard status
Pending
Size
5,400 SF
Property subtype
Commercial
Building Details
Year Built
1907
Listing Agency:
WESTLAKE ASSOCIATES, INC.
Listed By:
IAN BROWN
Source:
Corcoran
Added: Jun 25, 2025
Changed: Jul 6
Last Checked: Jul 23 at 7:58AM
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 WESTLAKE ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
Located on a tree-lined street in Madison Park, this five-unit property offers investment potential. The property is situated blocks from Broadmoor Golf Course, Seattle Tennis Club, the Japanese Garden, upscale shopping, and Lake Washington. The property provides value-add potential and the opportunity for an owner to occupy the cottage while generating income from the other units. The property size is 5400 square feet.
Key Highlights
- Prime location in highly coveted Madison Park, close to Broadmoor Golf Course, Seattle Tennis Club, Japanese Garden, upscale shopping, and Lake Washington.
- Significant value‑add potential for increased returns.
- Unique opportunity for owner occupancy of a charming cottage while generating income from other units.
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
$91,140
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
4.34%
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%
$1,822,800
$1.8M
Cap Rate 7%
$1,302,000
$1.3M
Cap Rate 9%
$1,012,667
$1.0M
Market Conditions
NOI Build-Up for 5,400 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
$171.7K $31.80/SF
− Vacancy
−$6.0K −$1.11/SF
EGI
$165.7K $30.69/SF
− OpEx
−$74.6K −$13.81/SF
NOI
$91.1K $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%
$1,822,800
Cap Rate 7%
$1,302,000
Cap Rate 9%
$1,012,667
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,140 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.90M
NOI $113,722 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,069
Businesses Nearby
Explore this area
Business Placement
Demographics for 98112, WA
23,152
Population
11,670
Households
2
Avg Household Size
39
Median Age
81%
College-Educated
99%
High-School Grad
3.2 sq mi
ZIP Area
7,235
Density / Sq Mi
$162,073
Median Household Income
$84,919
Median Earnings
$2,062
Median Rent
$1,407,400
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 - Classic five-unit property in coveted Madison Park neighborhood.
Where is this apartment building located?
The property is located at 633 33rd Ave E Seattle, WA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Prime location in highly coveted Madison Park, close to Broadmoor Golf Course, Seattle Tennis Club, Japanese Garden, upscale shopping, and Lake Washington.; Significant value‑add potential for increased returns.; Unique opportunity for owner occupancy of a charming cottage while generating income from other units.
