Six-Story Elevator-Served Multifamily
For Sale
Contact for pricing
705 S Weller St, Seattle, WA 98104
Well-stabilized 40-unit asset with structured parking and a ground-floor commercial tenant in a transit-oriented Seattle infill location.
Property Size27,560 SF
Price / SF$279.39
Days on Market77
Property Features for 705 S Weller St
General Information
Standard status
Active
Size
27,560 SF
Class
B
Total Parking Spaces
23
Property subtype
Multifamily, Mixed Use
Zoning
International District Mixed (IDM 85/85-170) — current use legally conforming
Occupancy
95%
Investment Type
Stabilized
Net Operating Income
$466,350
Additional Details
Multifamily Units
40
Building Details
Year Built
2006
Year Renovated
2008
Buildings
1
Stories
6
Units
40
Tenancy
Single
Listing Agency:
Orion Commercial Partners
(425) 260-4260
Listed By:
Dan Foster · License #WA 24312
Source:
Crexi
Added: Jun 11
Changed: Aug 24
Last Checked: Aug 24 at 8:23AM
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 Orion Commercial Partners
Investment Insights
Based on property information with market context.
705 Lofts is a well-stabilized 40-unit multifamily property built in 2006. The six-story building is elevator-served and includes structured parking. A single ground-floor commercial tenant occupies retail space within the property, creating a mixed-use component alongside the residential units. Recent capital improvements include a roof overlay and elevator modernization, supporting ongoing building functionality.
The property is located in Seattle’s International District submarket at 705 South Weller Street. It sits in an infill setting with access to regional transit, positioned two blocks from the new East Link light rail extension and a regional transit hub.
For investors and operators, this is a straightforward acquisition opportunity centered on an elevator-served 40-unit building with in-place stability and documented recent building upgrades. The combination of structured parking and ground-floor commercial tenancy can appeal to buyers seeking a multifamily platform with practical day-to-day operating considerations and a mixed-use arrangement within one asset.
The property is located in Seattle’s International District submarket at 705 South Weller Street. It sits in an infill setting with access to regional transit, positioned two blocks from the new East Link light rail extension and a regional transit hub.
For investors and operators, this is a straightforward acquisition opportunity centered on an elevator-served 40-unit building with in-place stability and documented recent building upgrades. The combination of structured parking and ground-floor commercial tenancy can appeal to buyers seeking a multifamily platform with practical day-to-day operating considerations and a mixed-use arrangement within one asset.
Key Highlights
- 40‑unit multifamily property built in 2006 on a six‑story, elevator‑served building
- Includes structured parking and a single ground‑floor commercial tenant
- Located at 705 S Weller St in Seattle’s International District submarket
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
$465,154
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
6.04%
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%
$9,303,080
$9.3M
Cap Rate 7%
$6,645,057
$6.6M
Cap Rate 9%
$5,168,378
$5.2M
Market Conditions
NOI Build-Up for 27,560 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
$876.4K $31.80/SF
− Vacancy
−$30.7K −$1.11/SF
EGI
$845.7K $30.69/SF
− OpEx
−$380.6K −$13.81/SF
NOI
$465.2K $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%
$9,303,080
Cap Rate 7%
$6,645,057
Cap Rate 9%
$5,168,378
Alternative Uses
Best Use
Apartment 5plus
$6.65M
$5.81M – $7.75M
NOI $465,154 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.29M
$7.26M – $9.67M
NOI $580,406 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
40
Residential units
Location Intelligence
Trade Area within ½ mile
9,641
Businesses Nearby
Explore this area
Business Placement
Demographics for 98104, WA
16,157
Population
10,803
Households
1.5
Avg Household Size
38
Median Age
45%
College-Educated
83%
High-School Grad
0.9 sq mi
ZIP Area
17,952
Density / Sq Mi
$61,866
Median Household Income
$57,791
Median Earnings
$1,511
Median Rent
$663,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-stabilized 40-unit asset with structured parking and a ground-floor commercial tenant in a transit-oriented Seattle infill location.
Where is this apartment building located?
The property is located at 705 S Weller St Seattle, WA.
What is the asking price?
The asking price for this property is $7,700,000.
What are key features of this property?
This property features: 40‑unit multifamily property built in 2006 on a six‑story, elevator‑served building; Includes structured parking and a single ground‑floor commercial tenant; Located at 705 S Weller St in Seattle’s International District submarket
