Value-Add Apartment
For Sale
$2,450,000
712 143RD, Seattle, WA 98133
Apartment building with 14 units and recent roof, electrical panel, and window improvements supporting strong operational performance.
Property Size10,280 SF
Price / SF$238.33
Days on Market55
Property Features for 712 143RD
General Information
Standard status
Active
Size
10,280 SF
Property subtype
Multi-family
Additional Details
Cap Rate
7.4%
Multifamily Units
14
Building Details
Year Built
1983
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Michael Urquhart
(206) 363-8509
Source:
Century21northhomes
Added: Jul 13
Changed: Sep 4
Last Checked: Sep 4 at 10:36AM
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 Paragon Real Estate Advisors
Investment Insights
Based on property information with market context.
This apartment building was built in the 1980s and is currently in good physical condition, supported by capital improvements completed in recent years. Updates include a new TPO membrane roof (2023), upgraded electrical panels (2024), and replaced window panes (2025). The property features eleven one-bedroom units and three two-bedroom units, providing a mix of unit types.
The location is described as part of a rapidly improving rental corridor in North Seattle, with access supported by Sound Transit’s new Shoreline South/148th light rail station and direct bus access to downtown Seattle.
As presented, current in-place rents average $1,205 for the eleven one-bedroom units and $1,617 for the three two-bedroom units, with scheduled rents noted as below market and no utility bill-back currently in place. At market operations, the offering is underwritten at a 7.4% cap rate and a 9.7% cash-on-cash return, with the business plan focusing on income growth through natural lease turnover and selective unit upgrades, along with implementation of a utility recapture program.
The location is described as part of a rapidly improving rental corridor in North Seattle, with access supported by Sound Transit’s new Shoreline South/148th light rail station and direct bus access to downtown Seattle.
As presented, current in-place rents average $1,205 for the eleven one-bedroom units and $1,617 for the three two-bedroom units, with scheduled rents noted as below market and no utility bill-back currently in place. At market operations, the offering is underwritten at a 7.4% cap rate and a 9.7% cash-on-cash return, with the business plan focusing on income growth through natural lease turnover and selective unit upgrades, along with implementation of a utility recapture program.
Key Highlights
- 14‑unit apartment building built in 1983
- Recent improvements: TPO membrane roof (2023), upgraded electrical panels (2024), replaced window panes (2025)
- In‑place average rents: $1,205 for eleven 1‑bedroom units and $1,617 for three 2‑bedroom units
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
$172,246
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
7.03%
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%
$3,444,920
$3.4M
Cap Rate 7%
$2,460,657
$2.5M
Cap Rate 9%
$1,913,844
$1.9M
Market Conditions
NOI Build-Up for 10,280 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
$326.9K $31.80/SF
− Vacancy
−$13.7K −$1.34/SF
EGI
$313.2K $30.46/SF
− OpEx
−$140.9K −$13.71/SF
NOI
$172.2K $16.76/SF
Area
ZIP 98133
Vacancy
4.20%
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%
$3,444,920
Cap Rate 7%
$2,460,657
Cap Rate 9%
$1,913,844
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $172,246 @ 7.0% cap · market cap 7.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.56M – $3.41M
NOI $204,880 @ 7.0% cap · market cap 8.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,006
Businesses Nearby
Explore this area
Business Placement
Demographics for 98133, WA
50,720
Population
24,730
Households
2.1
Avg Household Size
39
Median Age
51%
College-Educated
94%
High-School Grad
7.1 sq mi
ZIP Area
7,144
Density / Sq Mi
$92,371
Median Household Income
$60,328
Median Earnings
$1,794
Median Rent
$719,100
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 - Apartment building with 14 units and recent roof, electrical panel, and window improvements supporting strong operational performance.
Where is this apartment building located?
The property is located at 712 143RD Seattle, WA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 14‑unit apartment building built in 1983; Recent improvements: TPO membrane roof (2023), upgraded electrical panels (2024), replaced window panes (2025); In‑place average rents: $1,205 for eleven 1‑bedroom units and $1,617 for three 2‑bedroom units
