Duplex with Mixed-Use Development
For Sale
$950,000
652 NW 85th Street, Seattle, WA 98117
Duplex zoned NC1-55(M) with current rents and a noted path to mixed-use development with ground-level commercial.
Property Size3,096 SF
Price / SF$306.85
Days on Market182
Property Features for 652 NW 85th Street
General Information
Standard status
Active
Size
3,096 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
NC1-55(M)
Additional Details
Traffic Count
20,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$825
Amenities
Hardwood,Vinyl,Carpet
Yes
No
2
Electric,Natural Gas
14
Curbs,Paved,Sidewalk
Fenced-Partially,Patio
3
94X50
0.1079
Wood
3096
Building Details
Building Size
3,096 SF
Year Built
1918
Stories
2
Listing Agency:
Keller Williams Realty
(360) 907-1008
Listed By:
Mike Hankel
(360) 907-1008
Source:
Premierepropertygroup
Added: Feb 23
Changed: Aug 23
Last Checked: Aug 23 at 5:54AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This Crown Hill duplex property is described as a former law office and is zoned NC1-55(M). The listing notes a plan to lease first and then develop a mixed-use project that could include residential units along with ground-level commercial space such as retail, office, or medical. The remarks cite up to 16 units and a total size up to 41,000 square feet.
The property is listed with current rents totaling $4,800. The remarks also reference an estimated traffic count of 18,800 to 20,000 and mention that surrounding density is growing with new NR zoning. Interior tours are described as available with a signed PSA.
The property is listed with current rents totaling $4,800. The remarks also reference an estimated traffic count of 18,800 to 20,000 and mention that surrounding density is growing with new NR zoning. Interior tours are described as available with a signed PSA.
Key Highlights
- Duplex property zoned NC1‑55(M) with stated plan to transition to mixed‑use development.
- Current rents total $4,800.
- Proposed mixed‑use concept includes apartments plus ground‑level commercial (retail, office, or medical).
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 - Duplex zoned NC1-55(M) with current rents and a noted path to mixed-use development with ground-level commercial.
Where is this duplex located?
The property is located at 652 NW 85th Street 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 zoned NC1‑55(M) with stated plan to transition to mixed‑use development.; Current rents total $4,800.; Proposed mixed‑use concept includes apartments plus ground‑level commercial (retail, office, or medical).
