10-Unit Apartment
For Sale
$2,900,000
7101 6th Avenue Ne 1-10, Seattle, WA 98115
Green Lake apartment community with renovated residences, in-unit laundry, and covered and uncovered parking.
Property Size6,605 SF
Lot Size0.16 Acres
Price / SF$439.06
Days on Market47
Property Features for 7101 6th Avenue Ne 1-10
General Information
Standard status
Active
Size
6,605 SF
Total Parking Spaces
11
Lot size
0.16 Acres
Property subtype
Multi-Family
Financials
Cap Rate
5.7%
Gross Rent Multiplier
11.3
Site & Location
Neighborhood
Roosevelt
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
10
Building Details
Year Built
1969
Listing Agency:
Kidder Mathews
Listed By:
Dan Swanson · License #13533
(206) 296-9610
Source:
Robb4realestate
Added: Sep 21
Changed: Oct 26
Last Checked: Oct 7 at 2:24PM
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 Kidder Mathews
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Investment Insights
Based on property information with market context.
Greenlake Arms is a 10-unit apartment community built in 1969 on a 7,000-SF parcel, with 6,605 square feet of property size. Approximately half of the residences have been upgraded with new kitchens and in-unit laundry. All units include updated dual-pane windows, nearly all have updated electrical panels, and supply plumbing combines copper and PEX. Current operations reflect a 5.7% cap rate and an 11.3 GRM.
The property is located at 7101 6th Avenue NE in Seattle, within a short walk of Green Lake PCC and Green Lake Park. The location has a Walk Score of 89, with access to Interstate 5, Link light rail, downtown Seattle, and the Eastside. Parking accommodates 11 vehicles, including 6 covered spaces and 5 uncovered spaces.
The property is located at 7101 6th Avenue NE in Seattle, within a short walk of Green Lake PCC and Green Lake Park. The location has a Walk Score of 89, with access to Interstate 5, Link light rail, downtown Seattle, and the Eastside. Parking accommodates 11 vehicles, including 6 covered spaces and 5 uncovered spaces.
Key Highlights
- 10‑unit apartment community built in 1969
- 6,605 SF property on a 7,000‑SF parcel
- 5.7% cap rate and 11.3 GRM based on current operations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$99,811
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,996,220
$2.0M
Cap Rate 7%
$1,425,871
$1.4M
Cap Rate 9%
$1,109,011
$1.1M
Market Conditions
NOI Build-Up for 6,605 SF
Gross rent
$189.4K $28.68/SF
− Vacancy
−$8.0K −$1.20/SF
EGI
$181.5K $27.48/SF
− OpEx
−$81.7K −$12.36/SF
NOI
$99.8K $15.11/SF
Area
ZIP 98115
Vacancy
4.20%
Lease Rate
$28.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,996,220
Cap Rate 7%
$1,425,871
Cap Rate 9%
$1,109,011
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.66M
NOI $99,811 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.31M – $3.09M
NOI $185,183 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,742
Businesses Nearby
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Business Placement
Demographics for 98115, WA
54,322
Population
24,966
Households
2.2
Avg Household Size
36
Median Age
78%
College-Educated
99%
High-School Grad
6.6 sq mi
ZIP Area
8,231
Density / Sq Mi
$148,190
Median Household Income
$82,332
Median Earnings
$2,118
Median Rent
$1,041,500
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Seattle, WA
Properties on Market for Apartment buildings in Seattle
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Green Lake apartment community with renovated residences, in-unit laundry, and covered and uncovered parking.
Where is this apartment building located?
The property is located at 7101 6th Avenue Ne 1-10 Seattle, WA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 10‑unit apartment community built in 1969; 6,605 SF property on a 7,000‑SF parcel; 5.7% cap rate and 11.3 GRM based on current operations
