Renovated Quadplex with Studio
For Sale
$1,399,000
6635 Carleton, Seattle, WA 98108
Renovated quadplex features one studio and three 1–2 bedroom units with updated kitchens and modern fixtures.
Property Size2,910 SF
Price / SF$480.76
Days on Market115
Property Features for 6635 Carleton
General Information
Standard status
Active
Size
2,910 SF
Property subtype
Multi-family
Additional Details
Cap Rate
4.6%
Multifamily Units
4
Building Details
Year Built
1908
Tenancy
Multi
Listing Agency:
Skyline Properties,Inc.
Listed By:
Amir Rashidi
(206) 498-2290
Source:
Skylineproperties
Added: Jun 9
Changed: Oct 1
Last Checked: Oct 1 at 11:28AM
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 Skyline Properties,Inc.
Investment Insights
Based on property information with market context.
This renovated quadplex includes one non-conforming studio unit, two 1-bedroom/1-bathroom units, and one 2-bedroom/1-bathroom unit. All units were renovated approximately five years ago and include hard-surface flooring, updated kitchens, fresh paint, and modern fixtures. The owner has maintained the property, and the grounds feature mature landscaping.
The property is located at 6635 Carleton in Seattle, in the Georgetown area.
The quadplex is currently operating at a 4.6% cap rate. The offering also notes potential upside through rent increases and the addition of storage income.
The property is located at 6635 Carleton in Seattle, in the Georgetown area.
The quadplex is currently operating at a 4.6% cap rate. The offering also notes potential upside through rent increases and the addition of storage income.
Key Highlights
- Renovated quadplex (1 studio, two 1 bed/1 bath, and one 2 bed/1 bath unit)
- All units renovated approximately five years ago with hard‑surface flooring and updated kitchens
- Fresh paint and modern fixtures throughout the 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
$52,524
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
3.75%
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%
$1,050,480
$1.1M
Cap Rate 7%
$750,343
$750.3K
Cap Rate 9%
$583,600
$583.6K
Market Conditions
NOI Build-Up for 2,910 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
$78.6K $27.00/SF
− Vacancy
−$3.5K −$1.22/SF
EGI
$75.0K $25.79/SF
− OpEx
−$22.5K −$7.74/SF
NOI
$52.5K $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%
$1,050,480
Cap Rate 7%
$750,343
Cap Rate 9%
$583,600
Alternative Uses
Best Use
Multifamily LT 5
$750.3K
$656.6K – $875.4K
NOI $52,524 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$701.6K
$613.9K – $818.6K
NOI $49,115 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$875.5K
$766.1K – $1.02M
NOI $61,284 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,310
Businesses Nearby
Explore this area
Business Placement
Demographics for 98108, WA
25,009
Population
9,096
Households
2.7
Avg Household Size
37
Median Age
37%
College-Educated
83%
High-School Grad
7.4 sq mi
ZIP Area
3,380
Density / Sq Mi
$90,806
Median Household Income
$48,703
Median Earnings
$1,463
Median Rent
$693,500
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?
Quadplex - Renovated quadplex features one studio and three 1–2 bedroom units with updated kitchens and modern fixtures.
Where is this quadplex located?
The property is located at 6635 Carleton Seattle, WA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Renovated quadplex (1 studio, two 1 bed/1 bath, and one 2 bed/1 bath unit); All units renovated approximately five years ago with hard‑surface flooring and updated kitchens; Fresh paint and modern fixtures throughout the units
