Ballard Multifamily Property For
For Sale
$998,000
Pending
6743 15th Ave NW, Seattle, WA 98117
Located in the heart of Ballard, generating strong cash flow.
Property Size2,350 SF
Days on Market517
Property Features for 6743 15th Ave NW
General Information
Standard status
Pending
Size
2,350 SF
Property subtype
Commercial
Building Details
Year Built
2021
Listing Agency:
SEA TO SKY REALTY
Listed By:
LIN SHEN
(408) 505-0355
Source:
Corcoran
Added: Apr 15, 2025
Changed: Jul 6
Last Checked: Sep 13 at 7:36AM
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 SEA TO SKY REALTY
Investment Insights
Based on property information with market context.
Located in the heart of Ballard, one of Seattle’s most sought-after neighborhoods, this multifamily property is surrounded by a vibrant community, popular restaurants, bars, and shopping destinations. The area attracts young professionals and families due to its proximity to downtown Seattle, top-rated schools, and convenient access to transit. The existing two-story building features three one-bedroom units and one two-bedroom unit. All units are currently leased and generating strong cash flow. The property also includes a private backyard and garage. Positioned along a bustling street with a wide range of nearby amenities, the average rental rates in the surrounding area are approximately 30% higher than the current rents. The property size is 2350 square feet.
Key Highlights
- Prime location in the heart of Ballard, a highly desirable Seattle neighborhood.
- Strong cash flow from four existing rental units (three 1‑bedroom, one 2‑bedroom).
- New construction: Built in 2021.
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
$39,663
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
3.97%
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%
$793,260
$793.3K
Cap Rate 7%
$566,614
$566.6K
Cap Rate 9%
$440,700
$440.7K
Market Conditions
NOI Build-Up for 2,350 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
$74.7K $31.80/SF
− Vacancy
−$2.6K −$1.11/SF
EGI
$72.1K $30.69/SF
− OpEx
−$32.5K −$13.81/SF
NOI
$39.7K $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%
$793,260
Cap Rate 7%
$566,614
Cap Rate 9%
$440,700
Alternative Uses
Best Use
Apartment 5plus
$566.6K
$495.8K – $661.1K
NOI $39,663 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$707.0K
$618.6K – $824.8K
NOI $49,490 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
864
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
Check the figures for this property
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 - Located in the heart of Ballard, generating strong cash flow.
Where is this apartment building located?
The property is located at 6743 15th Ave NW Seattle, WA.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Prime location in the heart of Ballard, a highly desirable Seattle neighborhood.; Strong cash flow from four existing rental units (three 1‑bedroom, one 2‑bedroom).; New construction: Built in 2021.
