Renovated Mixed-Use Apartment
For Sale
Contact for pricing
7320 35th Ave NE, Seattle, WA 98115
Twenty residential units accompany an established commercial tenancy in a Seattle property with recent building and parking improvements.
Property Size12,160 SF
Price / SF$452.30
Days on Market14
Property Features for 7320 35th Ave NE
General Information
Standard status
Active
Size
12,160 SF
Total Parking Spaces
37
Property subtype
Mixed Use, Multifamily, Retail
Zoning
LR2 (M)
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$323,250
Units
Unit Mix
2 x urban 1BR, 10 x 1BR/1BA, 8 x 2BR/1BA
Multifamily Units
20
Additional Details
Highway Access
Yes
Building Details
Year Built
1968
Buildings
1
Units
21
Tenancy
Multi
Listing Agency:
Berkadia
Listed By:
Chad Blenz · License #WA 125100
Source:
Crexi
Added: Jul 29
Changed: Aug 4
Last Checked: Aug 10 at 2:51PM
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 Berkadia
Investment Insights
Based on property information with market context.
This 12,160-square-foot mixed-use property, built in 1968, contains 21 units, including 20 residential units and commercial space. The residential mix comprises 2 urban one-bedroom units, 10 one-bedroom/one-bath units, and 8 two-bedroom/one-bath units, averaging approximately 579 square feet. Thirteen residential units have been updated with LVP flooring, stainless steel appliances, upgraded lighting, renovated bathrooms, and in-unit washer/dryers. Recent property work includes a new roof, exterior painting, deck renovations, and parking-lot resealing and striping.
The property is located at 7320 35th Ave NE in Seattle, between Wedgwood and the University District, with access to the University of Washington, SR-520, I-5, and Magnuson Park. Nearby amenities include Safeway, Starbucks, Orangetheory Fitness, and dining options. The commercial component has a tenant with more than 15 years of occupancy and three years remaining on the current lease. Current occupancy is 100%, with zero delinquency reported.
The property is located at 7320 35th Ave NE in Seattle, between Wedgwood and the University District, with access to the University of Washington, SR-520, I-5, and Magnuson Park. Nearby amenities include Safeway, Starbucks, Orangetheory Fitness, and dining options. The commercial component has a tenant with more than 15 years of occupancy and three years remaining on the current lease. Current occupancy is 100%, with zero delinquency reported.
Key Highlights
- 21‑unit mixed‑use property with 12,160 square feet
- Residential mix includes 2 urban one‑bedroom, 10 one‑bedroom/one‑bath, and 8 two‑bedroom/one‑bath units
- 13 of 20 residential units renovated with LVP, stainless appliances, updated lighting, bathrooms, and in‑unit washer/dryers
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
$217,056
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
3.95%
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%
$4,341,120
$4.3M
Cap Rate 7%
$3,100,800
$3.1M
Cap Rate 9%
$2,411,733
$2.4M
Market Conditions
NOI Build-Up for 12,160 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
$408.6K $33.60/SF
− Vacancy
−$61.3K −$5.04/SF
EGI
$347.3K $28.56/SF
− OpEx
−$130.2K −$10.71/SF
NOI
$217.1K $17.85/SF
Area
ZIP 98115
Vacancy
15.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
37.50%
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%
$4,341,120
Cap Rate 7%
$3,100,800
Cap Rate 9%
$2,411,733
Alternative Uses
Best Use
Mixed Use
$3.10M
$2.71M – $3.62M
NOI $217,056 @ 7.0% cap · market cap 3.95%
Second Best
Apartment 5plus
$2.63M
$2.30M – $3.06M
NOI $183,756 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$4.87M
$4.26M – $5.68M
NOI $340,927 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
736
Businesses Nearby
Explore this area
Business Placement
Demographics for 98115, WA
54,322
Population
24,966
Households
2.2
Avg Household Size
36
Median Age
78%
College-Educated
99%
High-School Grad
6.6 sq mi
ZIP Area
8,231
Density / Sq Mi
$148,190
Median Household Income
$82,332
Median Earnings
$2,118
Median Rent
$1,041,500
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?
Mixed-use property - Twenty residential units accompany an established commercial tenancy in a Seattle property with recent building and parking improvements.
Where is this mixed-use property located?
The property is located at 7320 35th Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 21‑unit mixed‑use property with 12,160 square feet; Residential mix includes 2 urban one‑bedroom, 10 one‑bedroom/one‑bath, and 8 two‑bedroom/one‑bath units; 13 of 20 residential units renovated with LVP, stainless appliances, updated lighting, bathrooms, and in‑unit washer/dryers
