Value-Add Apartment
712 143RD Seattle, WA 98133
For Sale
$2,450,000
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 Market14
Property Features for 712 143RD
General Information
- Standard status
- Active
- Size
- 10,280 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1983
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Michael Urquhart
(206) 363-8509
Source:
Century21northhomes
Added: Jul 10
Changed: Jul 21
Last Checked: Jul 23 at 9:00AM
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 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 | $326.9k | $31.80 |
| − Vacancy | −$13.7k | −$1.34 |
| EGI | $313.2k | $30.46 |
| − OpEx | −$140.9k | −$13.71 |
| NOI | $172.2k | $16.76 |
10,280 SF · lease $31.80/SF/yr · vacancy 4.20% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
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
