6-Unit Apartment
For Sale
$1,695,000
815 15TH, Seattle, WA 98112
Multifamily property with on-site laundry, storage, and recently replaced electrical panels.
Property Size3,964 SF
Price / SF$427.60
Days on Market16
Property Features for 815 15TH
General Information
Standard status
Active
Size
3,964 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
6
Amenities
on-site laundry
storage space
Building Details
Year Built
1902
Buildings
1
Listing Agency:
Westlake Associates,Inc.
Listed By:
Reid Jones
(206) 522-3400
Source:
Skylineproperties
Added: Aug 5
Changed: Aug 20
Last Checked: Aug 20 at 8:43AM
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.
This 3,964-square-foot apartment building, constructed in 1902, contains six units with a mix of studios, one-bedroom apartments, and two-bedroom apartments. On-site laundry and storage serve the property, while plumbing includes copper, PVC, and galvanized materials. All in-unit electrical panels and the main electrical panel were replaced in April 2025.
The property is located in Capitol Hill near a Link Light Rail Station, Volunteer Park, retail, restaurants, grocery stores, and everyday errands. The existing layout also includes space identified for possible conversion to in-unit washer and dryer installations in additional apartments.
The property is located in Capitol Hill near a Link Light Rail Station, Volunteer Park, retail, restaurants, grocery stores, and everyday errands. The existing layout also includes space identified for possible conversion to in-unit washer and dryer installations in additional apartments.
Key Highlights
- Six‑unit apartment building with studio, 1‑bedroom, and 2‑bedroom units
- 3,964 SF building constructed in 1902
- On‑site laundry and storage space
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
$66,904
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%
$1,338,080
$1.3M
Cap Rate 7%
$955,771
$955.8K
Cap Rate 9%
$743,378
$743.4K
Market Conditions
NOI Build-Up for 3,964 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
$126.1K $31.80/SF
− Vacancy
−$4.4K −$1.11/SF
EGI
$121.6K $30.69/SF
− OpEx
−$54.7K −$13.81/SF
NOI
$66.9K $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%
$1,338,080
Cap Rate 7%
$955,771
Cap Rate 9%
$743,378
Alternative Uses
Best Use
Apartment 5plus
$955.8K
$836.3K – $1.12M
NOI $66,904 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,481 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
955
Businesses Nearby
Explore this area
Business Placement
Demographics for 98112, WA
23,152
Population
11,670
Households
2
Avg Household Size
39
Median Age
81%
College-Educated
99%
High-School Grad
3.2 sq mi
ZIP Area
7,235
Density / Sq Mi
$162,073
Median Household Income
$84,919
Median Earnings
$2,062
Median Rent
$1,407,400
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?
Apartment building - Multifamily property with on-site laundry, storage, and recently replaced electrical panels.
Where is this apartment building located?
The property is located at 815 15TH Seattle, WA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Six‑unit apartment building with studio, 1‑bedroom, and 2‑bedroom units; 3,964 SF building constructed in 1902; On‑site laundry and storage space
