Seven-Unit Apartment
For Sale
$1,400,000
7329 15TH, Seattle, WA 98107
Well-maintained seven-unit apartment complex with studio, one-bedroom, and two-bedroom apartments.
Property Size4,660 SF
Price / SF$300.43
Days on Market239
Property Features for 7329 15TH
General Information
Standard status
Active
Size
4,660 SF
Property subtype
Multi-family
Building Details
Year Built
1912
Listing Agency:
Westlake Associates,Inc.
Listed By:
River Voorhees
(206) 363-8509
Source:
Century21northhomes
Added: Dec 30, 2025
Changed: Aug 25
Last Checked: Aug 25 at 9:45AM
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.
The Ballard Seven is a 7-unit apartment complex with a unit mix of one studio, three one-bedroom/one-bath units, and three two-bedroom/one-bath units. One of the two-bedroom units includes approximately 1,100 square feet and features a large rooftop terrace. The apartment interiors have been diligently maintained by the current ownership, including recent plumbing and electrical upgrades.
The property is located just blocks from Ballard High School. The offering includes a straightforward tenant-in-place configuration across the seven units.
Current improvements include recent plumbing and electrical work, supporting continued upkeep of the building’s residential units.
The property is located just blocks from Ballard High School. The offering includes a straightforward tenant-in-place configuration across the seven units.
Current improvements include recent plumbing and electrical work, supporting continued upkeep of the building’s residential units.
Key Highlights
- 7‑unit apartment complex built in 1912, with studio, 1‑bedroom/1‑bath, and 2‑bedroom/1‑bath apartments
- Unit mix: 1 studio, 3 one‑bedroom/1‑bath, and 3 two‑bedroom/1‑bath units
- One 2‑bedroom unit includes 1,100 SF and features a large rooftop terrace
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
$78,651
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
5.62%
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%
$1,573,020
$1.6M
Cap Rate 7%
$1,123,586
$1.1M
Cap Rate 9%
$873,900
$873.9K
Market Conditions
NOI Build-Up for 4,660 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
$148.2K $31.80/SF
− Vacancy
−$5.2K −$1.11/SF
EGI
$143.0K $30.69/SF
− OpEx
−$64.4K −$13.81/SF
NOI
$78.7K $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%
$1,573,020
Cap Rate 7%
$1,123,586
Cap Rate 9%
$873,900
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$983.1K – $1.31M
NOI $78,651 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,138 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Explore this area
Business Placement
Demographics for 98107, WA
28,557
Population
16,538
Households
1.7
Avg Household Size
35
Median Age
76%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
12,980
Density / Sq Mi
$137,748
Median Household Income
$82,884
Median Earnings
$2,194
Median Rent
$924,900
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 - Well-maintained seven-unit apartment complex with studio, one-bedroom, and two-bedroom apartments.
Where is this apartment building located?
The property is located at 7329 15TH Seattle, WA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 7‑unit apartment complex built in 1912, with studio, 1‑bedroom/1‑bath, and 2‑bedroom/1‑bath apartments; Unit mix: 1 studio, 3 one‑bedroom/1‑bath, and 3 two‑bedroom/1‑bath units; One 2‑bedroom unit includes 1,100 SF and features a large rooftop terrace
