Remodeled 4-Unit
New
For Sale
$975,000
701 Kenyon Street, Seattle, WA 98108
Unit mix includes three two-bedroom apartments and one one-bedroom apartment, each with one full bath.
Property Size2,880 SF
Price / SF$338.54
Days on Market7
Property Features for 701 Kenyon Street
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
4
Amenities
coin operated laundry room
Building Details
Year Built
1941
Buildings
1
Listing Agency:
Skyline Properties,Inc.
(206) 795-9500
Listed By:
Michael (Scott) Fladseth
(206) 795-9500
Source:
Skylineproperties
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 11 at 7:31AM
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.
Located at 701 Kenyon Street in Seattle, this 2,880-square-foot quadplex contains four residential units: three with two bedrooms and one full bathroom, plus one with one bedroom and one full bathroom. The building was constructed in 1941 and has received extensive updates, including remodeled kitchens and bathrooms, replacement windows and doors, new flooring, stainless steel appliances, updated plumbing, and newer hot water heaters. The roof is newer, and both the interior and exterior have been repainted.
Each apartment has a dedicated parking space, with additional visitor parking available. A remodeled coin-operated laundry room provides an additional income source. The layout is designed to bring natural light into the units. The property is within walking distance of Duwamish River Waterfront Park, walking trails, and restaurants, with proximity to Alki Beach, downtown Seattle, SeaTac Airport, Boeing, shopping, schools, light rail, Highway 99, and I-5.
Each apartment has a dedicated parking space, with additional visitor parking available. A remodeled coin-operated laundry room provides an additional income source. The layout is designed to bring natural light into the units. The property is within walking distance of Duwamish River Waterfront Park, walking trails, and restaurants, with proximity to Alki Beach, downtown Seattle, SeaTac Airport, Boeing, shopping, schools, light rail, Highway 99, and I-5.
Key Highlights
- Four residential units totaling 2,880 SF
- Unit mix: three 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- Remodeled kitchens, bathrooms, windows, doors, flooring, and stainless steel appliances
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
$51,983
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
5.33%
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%
$1,039,660
$1.0M
Cap Rate 7%
$742,614
$742.6K
Cap Rate 9%
$577,589
$577.6K
Market Conditions
NOI Build-Up for 2,880 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
$77.8K $27.00/SF
− Vacancy
−$3.5K −$1.22/SF
EGI
$74.3K $25.79/SF
− OpEx
−$22.3K −$7.74/SF
NOI
$52.0K $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%
$1,039,660
Cap Rate 7%
$742,614
Cap Rate 9%
$577,589
Alternative Uses
Best Use
Multifamily LT 5
$742.6K
$649.8K – $866.4K
NOI $51,983 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$694.4K
$607.6K – $810.1K
NOI $48,608 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$866.5K
$758.2K – $1.01M
NOI $60,652 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
733
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Unit mix includes three two-bedroom apartments and one one-bedroom apartment, each with one full bath.
Where is this quadplex located?
The property is located at 701 Kenyon Street Seattle, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Four residential units totaling 2,880 SF; Unit mix: three 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; Remodeled kitchens, bathrooms, windows, doors, flooring, and stainless steel appliances
