7-Unit Multifamily
For Sale
$1,589,000
7410 Rainier Ave S, Seattle, WA 98118
Fully occupied 7-unit property with updated interiors and on-site coin-operated laundry, zoned LR3.
Property Size3,619 SF
Price / SF$439.07
Days on Market69
Property Features for 7410 Rainier Ave S
General Information
Standard status
Active
Size
3,619 SF
Property subtype
Multi-Family
Zoning
LR3
Occupancy
100%
Additional Details
Multifamily Units
7
Amenities
coin-operated laundry
Building Details
Year Built
1955
Tenancy
Multi
Listing Agency:
Torre Realty
Listed By:
Elena Pike
(206) 915-2399
Source:
Livnserverealestate
Added: Jul 25
Changed: Sep 18
Last Checked: Sep 30 at 3:14PM
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 Torre Realty
Investment Insights
Based on property information with market context.
This is a fully occupied 7-unit multifamily property with updates throughout. Public remarks indicate that kitchens, bathrooms, and flooring have been tastefully updated in all units. Additional income is generated through coin-operated laundry on-site.
The property is listed for sale with zoning stated as LR3, and the site notes that the next-door property is also zoned LR3 and is listed for sale. This configuration may support options for larger-scale redevelopment within the stated zoning framework.
As presented in the public remarks, the offering is positioned as a stabilized investment with an established rental history.
The property is listed for sale with zoning stated as LR3, and the site notes that the next-door property is also zoned LR3 and is listed for sale. This configuration may support options for larger-scale redevelopment within the stated zoning framework.
As presented in the public remarks, the offering is positioned as a stabilized investment with an established rental history.
Key Highlights
- Fully occupied 7‑unit multifamily property built in 1955
- Zoned LR3 for redevelopment potential
- All units have updated kitchens, bathrooms, and flooring
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
$54,344
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
3.42%
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%
$1,086,880
$1.1M
Cap Rate 7%
$776,343
$776.3K
Cap Rate 9%
$603,822
$603.8K
Market Conditions
NOI Build-Up for 3,619 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
$104.2K $28.80/SF
− Vacancy
−$5.4K −$1.50/SF
EGI
$98.8K $27.30/SF
− OpEx
−$44.5K −$12.29/SF
NOI
$54.3K $15.02/SF
Area
ZIP 98118
Vacancy
5.20%
Lease Rate
$28.80 /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%
$1,086,880
Cap Rate 7%
$776,343
Cap Rate 9%
$603,822
Alternative Uses
Best Use
Apartment 5plus
$776.3K
$679.3K – $905.7K
NOI $54,344 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.30M
$1.14M – $1.52M
NOI $91,150 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Explore this area
Business Placement
Demographics for 98118, WA
47,504
Population
19,831
Households
2.4
Avg Household Size
38
Median Age
49%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
7,662
Density / Sq Mi
$109,085
Median Household Income
$54,827
Median Earnings
$1,831
Median Rent
$746,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied 7-unit property with updated interiors and on-site coin-operated laundry, zoned LR3.
Where is this apartment building located?
The property is located at 7410 Rainier Ave S Seattle, WA.
What is the asking price?
The asking price for this property is $1,589,000.
What are key features of this property?
This property features: Fully occupied 7‑unit multifamily property built in 1955; Zoned LR3 for redevelopment potential; All units have updated kitchens, bathrooms, and flooring
