Fremont Mixed-Use Investment
For Sale
$10,700,000
Pending
711 35th St, Seattle, WA 98103
Mixed-use property in Seattle's Fremont neighborhood with diversified rent roll.
Property Size17,414 SF
Days on Market485
Property Features for 711 35th St
General Information
Standard status
Pending
Size
17,414 SF
Property subtype
Commercial
Building Details
Year Built
1902
Listing Agency:
LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
(206) 773-2694
Listed By:
CANDICE CHEVAILLIER, CCIM
Source:
Corcoran
Added: Apr 15, 2025
Changed: Aug 8
Last Checked: May 10 at 10:58PM
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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
The Equinox is located in the Fremont neighborhood of Seattle. The property features 23 residential units and 5 commercial spaces. The residential units include studio, SEDU, 1-bed, and 2-bed apartments. The units feature LVP flooring, stainless steel appliances, hard-surface countertops, in-unit washer/dryer, and in-unit views of the Fremont Bridge and Lake Union. Originally built in 2001, Equinox Apartments has undergone significant capital improvements in 2024/2025, to allow low operating costs and long-term asset durability. Notable capital upgrades include a new roof and siding. The property size is 17414 square feet.
Key Highlights
- Prime location in the highly desirable Fremont neighborhood of Seattle.
- Diversified rent roll with a mix of residential (studio, SEDU, 1‑bed, 2‑bed) and commercial units.
- High‑end unit finishes including LVP flooring, stainless steel appliances, hard‑surface countertops, and in‑unit washer/dryer.
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
$378,844
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
3.54%
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%
$7,576,880
$7.6M
Cap Rate 7%
$5,412,057
$5.4M
Cap Rate 9%
$4,209,378
$4.2M
Market Conditions
NOI Build-Up for 17,414 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
$557.9K $32.04/SF
− Vacancy
−$16.7K −$0.96/SF
EGI
$541.2K $31.08/SF
− OpEx
−$162.4K −$9.32/SF
NOI
$378.8K $21.76/SF
Area
ZIP 98103
Vacancy
3.00%
Lease Rate
$32.04 /SF/Yr
Expense Ratio
30.00%
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%
$7,576,880
Cap Rate 7%
$5,412,057
Cap Rate 9%
$4,209,378
Alternative Uses
Best Use
Retail
$5.41M
$4.74M – $6.31M
NOI $378,844 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$3.97M
$3.47M – $4.63M
NOI $277,838 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$7.04M
$6.16M – $8.21M
NOI $492,747 @ 7.0% cap · market cap 4.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,184
Businesses Nearby
Explore this area
Business Placement
Demographics for 98103, WA
53,056
Population
27,857
Households
1.9
Avg Household Size
35
Median Age
77%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
11,534
Density / Sq Mi
$127,372
Median Household Income
$80,508
Median Earnings
$2,006
Median Rent
$1,012,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use property in Seattle's Fremont neighborhood with diversified rent roll.
Where is this apartment building located?
The property is located at 711 35th St Seattle, WA.
What is the asking price?
The asking price for this property is $10,700,000.
What are key features of this property?
This property features: Prime location in the highly desirable Fremont neighborhood of Seattle.; Diversified rent roll with a mix of residential (studio, SEDU, 1‑bed, 2‑bed) and commercial units.; High‑end unit finishes including LVP flooring, stainless steel appliances, hard‑surface countertops, and in‑unit washer/dryer.
