10-Unit Apartment
New
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 Market2
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
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
Last Checked: Sep 21 at 2:44PM
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
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 = 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
$99,811
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
3.44%
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%
$1,996,220
$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
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
$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 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%
$1,996,220
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.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,742
Businesses Nearby
Explore this area
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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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 - 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
