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    7206 NE 182Nd St Kenmore, WA 98028

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    For Sale
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    41-unit apartment community in Kenmore, Washington with value-add potential.

    Property size:
    36,183 SF
    Lot size:
    0.90 Acres

    Property Features for 7206 NE 182Nd St

    General Information

    Standard status
    Active
    Size
    36,183 SF
    Lot size
    0.90 Acres

    Building Details

    Year built
    2005

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    Listing Contact
    Michael Lyford
    Source: Crexi

    Listing Agency: JLL - Seattle, Washington Listing Agent: Michael Lyford

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Kenmore Apartment Community Investment

    Located in Kenmore, Washington, Chelsea Court is a 41-unit apartment community constructed in 2005. The property features a garden-style layout, comprising two one-bedroom units and 39 two-bedroom, two-bathroom units. A value-add opportunity exists, as 33 units (80%) are in their original classic condition. The current ownership has partially renovated four units (10%) and fully renovated another four units (10%). Fully renovated units achieve a $473 per month premium over non-renovated units, demonstrating the potential for revenue enhancement through renovations. Situated on NE 182nd Street, the property provides direct access to Interstate-405 and State Route 522, offering connectivity to Seattle metropolitan area employment hubs, including Bothell, Bellevue, and downtown Seattle. Nearby employers include Microsoft, Google, Amazon, and the University of Washington Bothell campus. Residents have access to recreational destinations, such as Lake Washington waterfront activities, the Burke-Gilman Trail, and other parks and outdoor amenities. Given median home prices in Kenmore exceeding $825,000, the property offers an alternative for residents seeking housing at a lower cost than homeownership.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Kenmore
    County
    King
    State
    Washington
    Longitude
    -122.3309283
    Latitude
    47.8338811

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    FAQs

    What type of property is this?
    Apartment building - 41-unit apartment community in Kenmore, Washington with value-add potential.
    Where is this apartment building located?
    The property is located at 7206 NE 182Nd St Kenmore, WA.
    What are key features of this property?
    This property features: - Value-add potential through renovation of 33 classic units, with proven $473/month rent premiums.; - Prime location in Kenmore, WA, offering exceptional connectivity to I-405 and SR-522 for easy access to major employment hubs and Seattle.; - Attractive alternative to homeownership in a market with median home prices exceeding $825,000.
    Request Owner's contact information
    7206 NE 182Nd St Kenmore, WA 98028
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    Kenmore, WA 98028
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    7206 NE 182Nd St Kenmore, WA 98028
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    We can help!
    Listing Contact
    Michael Lyford
    Real Estate License ID: 139567
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