West Seattle Multifamily Investment
For Sale
$6,950,000
Pending
7060 Lincoln Park Way SW, Seattle, WA 98136
24-unit apartment building near Lincoln Park with rental upside.
Property Size19,340 SF
Days on Market450
Property Features for 7060 Lincoln Park Way SW
General Information
Standard status
Pending
Size
19,340 SF
Property subtype
Commercial
Building Details
Year Built
1968
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
TANNER FOGLE
Source:
Corcoran
Added: May 28, 2025
Changed: Jul 6
Last Checked: Jul 23 at 7:19AM
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 PARAGON REAL ESTATE ADVISORS
Investment Insights
Based on property information with market context.
The Halcyon Apartments present a rare investment opportunity, featuring a 24-unit multifamily asset in the Lincoln Park neighborhood of West Seattle. Constructed in 1968, the property is located steps from Lowman Beach, the Puget Sound waterfront, and Lincoln Park. The property, totaling 19340 square feet, has undergone extensive capital improvements within the last 6 years. The apartments feature spacious layouts, in-unit washer and dryers, private decks for the majority of units, generous living and dining areas, abundant unit storage, and full kitchens equipped with dishwashers and ranges. The property is well-positioned for a new owner to take advantage of strong immediate rental upside.
Key Highlights
- Prime location in West Seattle's Lincoln Park neighborhood, steps from Lowman Beach, Puget Sound waterfront, and Lincoln Park.
- 24‑unit multifamily asset offering significant scale.
- Significant rental upside potential in a desirable rental market.
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
$326,418
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
4.70%
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%
$6,528,360
$6.5M
Cap Rate 7%
$4,663,114
$4.7M
Cap Rate 9%
$3,626,867
$3.6M
Market Conditions
NOI Build-Up for 19,340 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
$615.0K $31.80/SF
− Vacancy
−$21.5K −$1.11/SF
EGI
$593.5K $30.69/SF
− OpEx
−$267.1K −$13.81/SF
NOI
$326.4K $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%
$6,528,360
Cap Rate 7%
$4,663,114
Cap Rate 9%
$3,626,867
Alternative Uses
Best Use
Apartment 5plus
$4.66M
$4.08M – $5.44M
NOI $326,418 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.82M
$5.09M – $6.79M
NOI $407,295 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Explore this area
Business Placement
Demographics for 98136, WA
16,424
Population
8,295
Households
2
Avg Household Size
43
Median Age
67%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,141
Density / Sq Mi
$153,636
Median Household Income
$85,279
Median Earnings
$1,917
Median Rent
$900,000
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?
Apartment building - 24-unit apartment building near Lincoln Park with rental upside.
Where is this apartment building located?
The property is located at 7060 Lincoln Park Way SW Seattle, WA.
What is the asking price?
The asking price for this property is $6,950,000.
What are key features of this property?
This property features: Prime location in West Seattle's Lincoln Park neighborhood, steps from Lowman Beach, Puget Sound waterfront, and Lincoln Park.; 24‑unit multifamily asset offering significant scale.; Significant rental upside potential in a desirable rental market.
