Central District 6-Unit Investment
For Sale
$1,995,000
Pending
711 21st Ave, Seattle, WA 98122
Well-located 6-unit in Seattle with redevelopment potential and solid income.
Property Size5,835 SF
Days on Market396
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 · License #87080
(206) 250-9655
Source:
Corcoran
Added: Aug 7, 2025
Changed: Jul 6
Last Checked: Jul 23 at 9:55AM
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.
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
$98,482
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
4.94%
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%
$1,969,640
$2.0M
Cap Rate 7%
$1,406,886
$1.4M
Cap Rate 9%
$1,094,244
$1.1M
Market Conditions
NOI Build-Up for 5,835 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
$185.6K $31.80/SF
− Vacancy
−$6.5K −$1.11/SF
EGI
$179.1K $30.69/SF
− OpEx
−$80.6K −$13.81/SF
NOI
$98.5K $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%
$1,969,640
Cap Rate 7%
$1,406,886
Cap Rate 9%
$1,094,244
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,923
Businesses Nearby
Explore this area
Business Placement
Demographics for 98122, WA
41,646
Population
24,942
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
18,107
Density / Sq Mi
$106,479
Median Household Income
$69,673
Median Earnings
$1,991
Median Rent
$929,400
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 - 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.
