Central District 6-Unit Investment
711 21st Ave Seattle, WA 98122
711 21st Ave, Seattle, WA, 98122
$1,995,000
Pending
For Sale
$1,995,000
Pending
Well-located 6-unit in Seattle with redevelopment potential and solid income.
Property Size5,835 SF
Days on Market349
Property Features for 711 21st Ave
General Information
- Standard status
- Pending
- Size
- 5,835 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1900
Listing agency
WESTLAKE ASSOCIATES, INC.
Listed by
REID JONES
Source
Corcoran
Added: Aug 7, 2025 Updated: Jul 6 at 7:41AM Checked: Jul 21 at 4:47AM
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 WESTLAKE ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
This 6-unit property is located in a dynamic Seattle neighborhood and presents an opportunity for investors. Situated on a 7,200 SF lot, the property has proposed LR2 zoning, offering both in-place income and redevelopment potential. The unit mix includes 2-bedroom, 3-bedroom, and 4-bedroom layouts. Major updates were completed in 2018, including rebuilt units, PEX plumbing, new electrical panels, vinyl siding and windows, and a torchdown roof. There is potential to boost income through cosmetic upgrades, RUBS (Ratio Utility Billing System), and parking fees, with a pro forma cap rate of 6.7%+. The property includes a shared outdoor patio and surface parking. It is located blocks from the future light rail, Seattle University, and Swedish Cherry Hill. The property is professionally managed and maintained.
Key Highlights
- Prime Central District location with future LR2 rezone potential on a 7,200 SF lot.
- Six‑unit building with solid in‑place income and redevelopment possibilities.
- Mix of 2, 3, and rare 4‑bedroom layouts.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $185.6k | $31.80 |
| − Vacancy | −$6.5k | −$1.11 |
| EGI | $179.1k | $30.69 |
| − OpEx | −$80.6k | −$13.81 |
| NOI | $98.5k | $16.88 |
5,835 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.41M
$1.23M – $1.64M
NOI $98,482 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $122,883 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-located 6-unit in Seattle with redevelopment potential and solid income.
Where is this apartment building located?
The property is located at 711 21st Ave Seattle, WA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Prime Central District location with future LR2 rezone potential on a 7,200 SF lot.; Six‑unit building with solid in‑place income and redevelopment possibilities.; Mix of 2, 3, and rare 4‑bedroom layouts.
