Brick Duplex with Attached
For Sale
$699,000
7420 Rainier Ave S, Seattle, WA 98118
Two-bedroom units offer basements, private laundry, garages, and additional driveway parking.
Property Size2,860 SF
Price / SF$244.41
Days on Market15
Property Features for 7420 Rainier Ave S
General Information
Standard status
Active
Size
2,860 SF
Property subtype
Multi-Family
Zoning
LR3(M)
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
basement laundry
Building Details
Year Built
1953
Buildings
1
Construction
brick
Listing Agency:
AQUA Real Estate
(206) 688-2782
Listed By:
Rick Juma
Source:
Montgomeryht
Added: Aug 16
Changed: Aug 28
Last Checked: Aug 29 at 12:06PM
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 AQUA Real Estate
Investment Insights
Based on property information with market context.
This brick duplex was built in 1953 and contains two residential units, each with 2 bedrooms, 1 full bath, and approximately 840 square feet. Both units include hardwood flooring, large windows, kitchens with dining areas, attached one-car garages, and driveway parking. Full basements provide laundry areas and storage, with space that may support additional finished living or recreation use.
The front unit at 7420 is tenant occupied, while the rear unit is vacant and ready for occupancy. LR3(M) zoning supports the property's multifamily classification and may allow future development, subject to applicable requirements. The property is located at 7420 Rainier Ave S in Seattle, near Light Rail, Columbia City, Seward Park, and Lake Washington.
The front unit at 7420 is tenant occupied, while the rear unit is vacant and ready for occupancy. LR3(M) zoning supports the property's multifamily classification and may allow future development, subject to applicable requirements. The property is located at 7420 Rainier Ave S in Seattle, near Light Rail, Columbia City, Seward Park, and Lake Washington.
Key Highlights
- Duplex with two 2‑bedroom, 1‑bath units, each approximately 840 square feet
- Built in 1953 with brick construction and hardwood floors
- Full basements include laundry areas and substantial storage
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
$47,676
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
6.82%
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%
$953,520
$953.5K
Cap Rate 7%
$681,086
$681.1K
Cap Rate 9%
$529,733
$529.7K
Market Conditions
NOI Build-Up for 2,860 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
$72.1K $25.20/SF
− Vacancy
−$4.0K −$1.39/SF
EGI
$68.1K $23.81/SF
− OpEx
−$20.4K −$7.14/SF
NOI
$47.7K $16.67/SF
Area
ZIP 98118
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$953,520
Cap Rate 7%
$681,086
Cap Rate 9%
$529,733
Alternative Uses
Best Use
Multifamily LT 5
$681.1K
$596.0K – $794.6K
NOI $47,676 @ 7.0% cap · market cap 6.82%
Second Best
Apartment 5plus
$613.5K
$536.8K – $715.8K
NOI $42,947 @ 7.0% cap · market cap 6.14%
Theoretical Best
Specialty Retail
$1.03M
$900.4K – $1.20M
NOI $72,033 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units offer basements, private laundry, garages, and additional driveway parking.
Where is this duplex located?
The property is located at 7420 Rainier Ave S Seattle, WA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Duplex with two 2‑bedroom, 1‑bath units, each approximately 840 square feet; Built in 1953 with brick construction and hardwood floors; Full basements include laundry areas and substantial storage
