Seven-Unit Apartment
For Sale
$1,695,000
819 6TH, Seattle, WA 98109
Upgraded apartment property with varied unit layouts, alley-accessed parking, and LR3 (M) zoning near Seattle Center.
Property Size4,870 SF
Price / SF$348.05
Days on Market99
Property Features for 819 6TH
General Information
Standard status
Active
Size
4,870 SF
Property subtype
Multi-family
Site & Location
Neighborhood
South Lake Union
Building Details
Year Built
1910
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Michael Urquhart · License #WA 135356
(206) 812-9123
Source:
Century21northhomes
Added: Jul 31
Changed: Nov 5
Last Checked: Nov 4 at 5:36PM
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 Paragon Real Estate Advisors
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Investment Insights
Based on property information with market context.
The Iowan Apartments is a seven-unit building totaling 4,870 net rentable square feet. The unit mix includes one studio, four one-bedroom units—including one with a den—plus one two-bedroom and one three-bedroom residence. Improvements include double-pane vinyl windows, Square D electrical panels, a new roof completed in 2025, a new central hot water tank installed in 2024, and re-plumbing of the building supply lines in 2026. Seven open parking stalls are accessed from the alley.
The property occupies a 5,610-square-foot lot in Seattle’s Uptown Urban Center and is zoned LR3 (M), with a 2.3 FAR and 50-foot height limit. The current structure uses approximately half of the site’s maximum permitted floor area. The building is located two blocks north of Seattle Center, near Climate Pledge Arena, the Space Needle, the Seattle Center Monorail, and Uptown amenities. Residential parking minimums do not apply in Uptown.
The property occupies a 5,610-square-foot lot in Seattle’s Uptown Urban Center and is zoned LR3 (M), with a 2.3 FAR and 50-foot height limit. The current structure uses approximately half of the site’s maximum permitted floor area. The building is located two blocks north of Seattle Center, near Climate Pledge Arena, the Space Needle, the Seattle Center Monorail, and Uptown amenities. Residential parking minimums do not apply in Uptown.
Key Highlights
- Seven‑unit apartment building with 4,870 net rentable square feet
- Unit mix includes a studio, four one‑bedroom units, one two‑bedroom unit, and one three‑bedroom unit
- Seven open parking stalls with alley access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,195
Cap Rate
4.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,643,900
$1.6M
Cap Rate 7%
$1,174,214
$1.2M
Cap Rate 9%
$913,278
$913.3K
Market Conditions
NOI Build-Up for 4,870 SF
Gross rent
$154.9K $31.80/SF
− Vacancy
−$5.4K −$1.11/SF
EGI
$149.4K $30.69/SF
− OpEx
−$67.3K −$13.81/SF
NOI
$82.2K $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 Rate 5%
$1,643,900
Cap Rate 7%
$1,174,214
Cap Rate 9%
$913,278
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,195 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,561 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
4,694
Businesses Nearby
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Business Placement
Demographics for 98109, WA
34,551
Population
23,162
Households
1.5
Avg Household Size
32
Median Age
78%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
18,185
Density / Sq Mi
$130,845
Median Household Income
$104,202
Median Earnings
$2,329
Median Rent
$986,000
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Seattle, WA
Properties on Market for Apartment buildings in Seattle
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Upgraded apartment property with varied unit layouts, alley-accessed parking, and LR3 (M) zoning near Seattle Center.
Where is this apartment building located?
The property is located at 819 6TH 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: Seven‑unit apartment building with 4,870 net rentable square feet; Unit mix includes a studio, four one‑bedroom units, one two‑bedroom unit, and one three‑bedroom unit; Seven open parking stalls with alley access
