7-Unit Apartment
For Sale
$1,600,000
650 W Bertona St, Seattle, WA 98119
Well-maintained 7-unit apartment property delivered fully vacant, with one-bedroom layouts, parking, and on-site laundry.
Property Size3,485 SF
Days on Market69
Property Features for 650 W Bertona St
General Information
Standard status
Active
Size
3,485 SF
Total Parking Spaces
8
Property subtype
Multifamily
Additional Details
Multifamily Units
7
Building Details
Building Size
3,485 SF
Year Built
1958
Year Renovated
2024
Tenancy
Multi
Listed By:
Dea Sumantri
(206) 383-3399
Source:
Lee-associates
Added: Jul 9
Changed: Sep 11
Last Checked: Sep 14 at 8:24AM
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 Dea Sumantri
Investment Insights
Based on property information with market context.
Bertona Apartments is a 7-unit apartment building constructed in 1958. The property includes seven one-bedroom units with efficient layouts, plus 8 surface parking spaces. A dedicated common laundry and storage area supports daily tenant needs, and the building also includes a standout top-floor unit with a private deck.
The building is located in Seattle’s North Queen Anne area with access to Fremont, Ballard, Interbay, South Lake Union, and Downtown Seattle. It is also described as being near major employers including Apple, Anthropic, Meta, Google, Amazon, and Expedia.
Recent building improvements include a comprehensive capital improvement program in 2017 addressing building envelope repairs and plumbing upgrades, a full roof replacement in 2006, electrical upgrades in 2024, and new flooring throughout. The property is delivered fully vacant at closing, providing an immediately executable opportunity to lease or undertake light interior finishing.
The building is located in Seattle’s North Queen Anne area with access to Fremont, Ballard, Interbay, South Lake Union, and Downtown Seattle. It is also described as being near major employers including Apple, Anthropic, Meta, Google, Amazon, and Expedia.
Recent building improvements include a comprehensive capital improvement program in 2017 addressing building envelope repairs and plumbing upgrades, a full roof replacement in 2006, electrical upgrades in 2024, and new flooring throughout. The property is delivered fully vacant at closing, providing an immediately executable opportunity to lease or undertake light interior finishing.
Key Highlights
- 7‑unit apartment building built in 1958, delivered fully vacant at closing
- All units are 1‑bedroom layouts with dedicated common laundry and storage area
- 8 surface parking spaces included
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
$58,819
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
3.68%
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%
$1,176,380
$1.2M
Cap Rate 7%
$840,271
$840.3K
Cap Rate 9%
$653,544
$653.5K
Market Conditions
NOI Build-Up for 3,485 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
$110.8K $31.80/SF
− Vacancy
−$3.9K −$1.11/SF
EGI
$106.9K $30.69/SF
− OpEx
−$48.1K −$13.81/SF
NOI
$58.8K $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%
$1,176,380
Cap Rate 7%
$840,271
Cap Rate 9%
$653,544
Alternative Uses
Best Use
Apartment 5plus
$840.3K
$735.2K – $980.3K
NOI $58,819 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$917.4K – $1.22M
NOI $73,393 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 7-unit apartment property delivered fully vacant, with one-bedroom layouts, parking, and on-site laundry.
Where is this apartment building located?
The property is located at 650 W Bertona St Seattle, WA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 7‑unit apartment building built in 1958, delivered fully vacant at closing; All units are 1‑bedroom layouts with dedicated common laundry and storage area; 8 surface parking spaces included
