Duplex with Mixed-Use
For Sale
$950,000
652 NW 85th St, Seattle, WA 98117
Existing two-unit property with commercial redevelopment potential in Seattle’s Crown Hill area.
Property Size3,096 SF
Price / SF$306.85
Days on Market34
Property Features for 652 NW 85th St
General Information
Standard status
Active
Size
3,096 SF
Property subtype
Multi-Family
Zoning
NC1-55(M)
Additional Details
Traffic Count
20,000 vehicles/day
Building Details
Year Built
1918
Listing Agency:
Windermere RE Greenwood
(206) 527-5250
Listed By:
Jack Malek
Source:
Montgomeryht
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 29 at 12:27PM
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 RE Greenwood
Investment Insights
Based on property information with market context.
Built in 1918, this 3,096-square-foot duplex is currently identified as a former law office and is zoned NC1-55(M). The property offers an existing two-unit configuration alongside a stated mixed-use development concept that could include apartments, cooperative or condominium units, and ground-level retail, office, or medical space.
The development scope described for the site reaches up to 16 units and 41,000 square feet. The property is located at 652 NW 85th St in Seattle, within the Crown Hill area near Ballard and Greenwood. Reported traffic volume is 18,800–20,000, and owner occupancy with residential lending is identified as an available path.
The development scope described for the site reaches up to 16 units and 41,000 square feet. The property is located at 652 NW 85th St in Seattle, within the Crown Hill area near Ballard and Greenwood. Reported traffic volume is 18,800–20,000, and owner occupancy with residential lending is identified as an available path.
Key Highlights
- Duplex property built in 1918
- 3,096 square feet of existing property area
- Zoned NC1‑55(M)
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
$55,881
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
5.88%
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%
$1,117,620
$1.1M
Cap Rate 7%
$798,300
$798.3K
Cap Rate 9%
$620,900
$620.9K
Market Conditions
NOI Build-Up for 3,096 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
$83.6K $27.00/SF
− Vacancy
−$3.8K −$1.22/SF
EGI
$79.8K $25.79/SF
− OpEx
−$23.9K −$7.74/SF
NOI
$55.9K $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%
$1,117,620
Cap Rate 7%
$798,300
Cap Rate 9%
$620,900
Alternative Uses
Best Use
Multifamily LT 5
$798.3K
$698.5K – $931.4K
NOI $55,881 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$746.5K
$653.2K – $870.9K
NOI $52,254 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$931.4K
$815.0K – $1.09M
NOI $65,201 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,439
Businesses Nearby
Explore this area
Business Placement
Demographics for 98117, WA
35,608
Population
15,230
Households
2.3
Avg Household Size
39
Median Age
75%
College-Educated
98%
High-School Grad
3.9 sq mi
ZIP Area
9,130
Density / Sq Mi
$182,500
Median Household Income
$95,616
Median Earnings
$2,197
Median Rent
$1,028,100
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 two-unit property with commercial redevelopment potential in Seattle’s Crown Hill area.
Where is this duplex located?
The property is located at 652 NW 85th St Seattle, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Duplex property built in 1918; 3,096 square feet of existing property area; Zoned NC1‑55(M)
