Duplex with Two Composite
For Sale
$1,079,000
7741 1st Ave NE, Seattle, WA 98115
Legal duplex offering flexible living arrangements, separate access points, and a garage with an upper loft.
Property Size2,220 SF
Price / SF$486.04
Days on Market9
Property Features for 7741 1st Ave NE
General Information
Standard status
Active
Size
2,220 SF
Property subtype
Multi-Family
Building Details
Year Built
1925
Listing Agency:
List4FlatFee.com, LLC
Listed By:
Stacie Whitfield · License #13147
(425) 344-6779
Source:
Withkristiandco
Added: Sep 19
Changed: Sep 26
Last Checked: Sep 26 at 11:58AM
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 List4FlatFee.com, LLC
Investment Insights
Based on property information with market context.
This 2,220-square-foot legal duplex, built in 1925, combines updated interiors with retained original character. The property includes two separate addresses, a main residence, and a lower-level one-bedroom unit with its own electric meter, private entrance, and interior connection to the house. A separate studio room with a bathroom and exterior access adds further flexibility. Shared laundry serves the current layout, while the two new composite decks provide outdoor space for the main level and one-bedroom unit. A garage with an upper loft offers additional storage or workspace.
The property is in Seattle’s Green Lake neighborhood, with Green Lake Park, dining, transit, I-5, and Roosevelt Link Light Rail located minutes away. The combination of independent access, multiple lower-level spaces, and internal connections supports a range of living and occupancy arrangements, subject to buyer verification of uses, square footage, permits, and short-term rental eligibility.
The property is in Seattle’s Green Lake neighborhood, with Green Lake Park, dining, transit, I-5, and Roosevelt Link Light Rail located minutes away. The combination of independent access, multiple lower-level spaces, and internal connections supports a range of living and occupancy arrangements, subject to buyer verification of uses, square footage, permits, and short-term rental eligibility.
Key Highlights
- Legal duplex with two separate addresses
- 2,220 SF property built in 1925
- Lower‑level 1‑bedroom unit has a private entrance and separate electric meter
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
$38,493
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
3.57%
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%
$769,860
$769.9K
Cap Rate 7%
$549,900
$549.9K
Cap Rate 9%
$427,700
$427.7K
Market Conditions
NOI Build-Up for 2,220 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
$57.3K $25.80/SF
− Vacancy
−$2.3K −$1.03/SF
EGI
$55.0K $24.77/SF
− OpEx
−$16.5K −$7.43/SF
NOI
$38.5K $17.34/SF
Area
ZIP 98115
Vacancy
3.99%
Lease Rate
$25.80 /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%
$769,860
Cap Rate 7%
$549,900
Cap Rate 9%
$427,700
Alternative Uses
Best Use
Multifamily LT 5
$549.9K
$481.2K – $641.6K
NOI $38,493 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$479.3K
$419.4K – $559.1K
NOI $33,548 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$889.2K
$778.0K – $1.04M
NOI $62,242 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
847
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Legal duplex offering flexible living arrangements, separate access points, and a garage with an upper loft.
Where is this duplex located?
The property is located at 7741 1st Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $1,079,000.
What are key features of this property?
This property features: Legal duplex with two separate addresses; 2,220 SF property built in 1925; Lower‑level 1‑bedroom unit has a private entrance and separate electric meter
