1926 Brick 6-Unit Apartment
For Sale
$1,950,000
722 10TH, Seattle, WA 98102
Classic 1926 brick building with two studio and four one-bedroom units, featuring in-unit corner-style layouts and shared laundry.
Property Size5,376 SF
Price / SF$362.72
Days on Market200
Property Features for 722 10TH
General Information
Standard status
Active
Size
5,376 SF
Property subtype
Multi-family
Building Details
Year Built
1926
Listing Agency:
Westlake Associates,Inc.
Listed By:
Curran C. Hagstrom
(206) 363-8509
Source:
Century21northhomes
Added: Jan 24
Changed: Aug 11
Last Checked: Aug 11 at 9:46AM
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.
Classic 1926 brick 6-unit apartment building with a unit mix of two large studios and four one-bedroom units. The property features original architectural details including coved ceilings, mahogany trim, and oak hardwood floors. Kitchens have been updated with modern appliances and finishes while preserving the historic character. Layouts include full-depth, corner-style units with windows on three sides for natural light and cross ventilation, and the one-bedroom units include separate dining rooms. Community amenities include common laundry and individual storage lockers.
The building is located in North Capitol Hill near Broadway & Roy. It is described as stabilized with strong in-place cash flow and a 5.11% cap rate, supporting dependable income.
As part of a distinctive group of four architect-designed buildings, the asset retains its period charm while offering practical, efficient unit configurations for ongoing residential use.
The building is located in North Capitol Hill near Broadway & Roy. It is described as stabilized with strong in-place cash flow and a 5.11% cap rate, supporting dependable income.
As part of a distinctive group of four architect-designed buildings, the asset retains its period charm while offering practical, efficient unit configurations for ongoing residential use.
Key Highlights
- Classic 1926 brick 6‑unit apartment building with 2 large studios and 4 one‑bedroom units
- Corner‑style layouts with windows on three sides for natural light and cross ventilation; some one‑bedrooms include a separate dining room
- Updated kitchens with modern appliances and finishes, while preserving historic character
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
$90,735
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
4.65%
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%
$1,814,700
$1.8M
Cap Rate 7%
$1,296,214
$1.3M
Cap Rate 9%
$1,008,167
$1.0M
Market Conditions
NOI Build-Up for 5,376 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
$171.0K $31.80/SF
− Vacancy
−$6.0K −$1.11/SF
EGI
$165.0K $30.69/SF
− OpEx
−$74.2K −$13.81/SF
NOI
$90.7K $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%
$1,814,700
Cap Rate 7%
$1,296,214
Cap Rate 9%
$1,008,167
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.13M – $1.51M
NOI $90,735 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,217 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,065
Businesses Nearby
Explore this area
Business Placement
Demographics for 98102, WA
25,066
Population
17,944
Households
1.4
Avg Household Size
34
Median Age
79%
College-Educated
99%
High-School Grad
1.3 sq mi
ZIP Area
19,282
Density / Sq Mi
$114,395
Median Household Income
$80,130
Median Earnings
$1,920
Median Rent
$988,700
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 - Classic 1926 brick building with two studio and four one-bedroom units, featuring in-unit corner-style layouts and shared laundry.
Where is this apartment building located?
The property is located at 722 10TH Seattle, WA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Classic 1926 brick 6‑unit apartment building with 2 large studios and 4 one‑bedroom units; Corner‑style layouts with windows on three sides for natural light and cross ventilation; some one‑bedrooms include a separate dining room; Updated kitchens with modern appliances and finishes, while preserving historic character
