Seven-Unit Apartment
New
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 Market7
Property Features for 819 6TH
General Information
Standard status
Active
Size
4,870 SF
Property subtype
Multi-family
Building Details
Year Built
1910
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Michael Urquhart · License #135356
(206) 812-9123
Source:
Century21northhomes
Added: Sep 14
Changed: Sep 20
Last Checked: Sep 20 at 9:08AM
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
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 = 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
$82,195
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
4.85%
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%
$1,643,900
$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
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
$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 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%
$1,643,900
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.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,694
Businesses Nearby
Explore this area
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
Vacancy Rate% for Multifamily in West region
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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
