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Rainier Beach Multifamily Investment Opportunity

8340 Rainier Ave, Seattle, WA 98118

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For Sale

$4,850,000

Multifamily property in walkable Rainier Beach location near amenities.

Type:Commercial

Property size:

20,250 SF

Price / SF:

$239/SF

HighLights

"Very Walkable" location (Walk Score of 81) near numerous restaurants and grocery markets.
Proximity to Rainier Beach Station, providing access to local bus transit and the regional light rail line.
Close to community amenities including Rainier Beach Playfield, Community Center, and pool.
Walking distance of Lake Washington access at Be’er Sheva Park and Pritchard Island Beach.
Near the brand‑new Rainier Beach High School.
Option to purchase as part of a portfolio with other properties (8630 Rainier Ave S and/or 10500 51st Ave S).

We can help!

Contact an agent

DAN SWANSON

For Sale

$4,850,000

Multifamily property in walkable Rainier Beach location near amenities.

Type:Commercial

Property size:

20,250 SF

Price / SF:

$239/SF

Added:: Mar 18, 2025
Days on Market:: 472
Last Refresh:: May 10 at 9:06 pm

Property Features for 8340 Rainier Ave

General Information

Standard status: Active
Size: 20,250 SF
Property subtype: Commercial

Building Details

Year Built: 1962

We can help!

Contact an agent

DAN SWANSON

Listing office KIDDER MATHEWS

Listing date Mar 18, 2025

Source Corcoran

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 KIDDER MATHEWS

HighLights

"Very Walkable" location (Walk Score of 81) near numerous restaurants and grocery markets.
Proximity to Rainier Beach Station, providing access to local bus transit and the regional light rail line.
Close to community amenities including Rainier Beach Playfield, Community Center, and pool.
Walking distance of Lake Washington access at Be’er Sheva Park and Pritchard Island Beach.
Near the brand‑new Rainier Beach High School.
Option to purchase as part of a portfolio with other properties (8630 Rainier Ave S and/or 10500 51st Ave S).

Overview

Located in Rainier Beach, Valley Commons has a walk score of 81, indicating a highly walkable location with convenient access to community amenities. The property is near several restaurants and multiple grocery markets, all within a quarter mile. Rainier Beach Playfield, the Rainier Beach Community Center, and a pool are all within a 10-minute walk. Be’er Sheva Park and Pritchard Island Beach, offering access to Lake Washington, as well as the new Rainier Beach High School, are within a 15-minute walk. Boeing Field is approximately 11 minutes away by car. The Rainier Beach Station, a stop for both local bus transit and the regional light rail line, is also nearby. The property has a size of 20250 square feet. The property is available for sale individually, or as a portfolio with 8630 Rainier Ave S and/or 10500 51st Ave S.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$583.2k	$28.80
− Vacancy	−$30.3k	−$1.50
EGI	$552.9k	$27.30
− OpEx	−$248.8k	−$12.29
NOI	$304.1k	$15.02

20,250 SF · lease $28.80/SF/yr · vacancy 5.20% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$4.34M

$3.80M – $5.07M (±1% cap)

NOI $304,080 @ 7.0% cap · market cap 6.27%

Second Best

—

no second resolved use

Theoretical Best

Specialty Retail

$7.29M

$6.38M – $8.50M (±1% cap)

NOI $510,027 @ 7.0% cap · market cap 10.52%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Valley Commons Apartment Building Ayite’s house Apartment Complex Waleska Hotel & Motel

Suggested Use

Location Insight

Map
Local Demand

City: Seattle
County: King
State: Washington
Longitude: -122.27
Latitude: 47.5283

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For sale
Apartment buildings
WA
Seattle
98118
8340 Rainier Ave

What type of property is this?

Apartment building - Multifamily property in walkable Rainier Beach location near amenities.

Where is this apartment building located?

The property is located at 8340 Rainier Ave Seattle, WA.

What is the asking price?

The asking price for this property is $4,850,000.

What are key features of this property?

This property features: "Very Walkable" location (Walk Score of 81) near numerous restaurants and grocery markets.; Proximity to Rainier Beach Station, providing access to local bus transit and the regional light rail line.; Close to community amenities including Rainier Beach Playfield, Community Center, and pool.

8340 Rainier Ave, Seattle, WA 98118

Multifamily property in walkable Rainier Beach location near amenities.

Property Features for 8340 Rainier Ave

General Information

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

South Park Industrial Flex Property

Perched Triplex with Private Parking

Auto-Repair Property with Two Parcels

Warehouse/Flex Building in Georgetown

Large Lot on Aurora Avenue

Seattle Industrial Building For Sale

Seattle Industrial Building For Sale

Mixed-Use Building Near Lake Washington

Seattle Retail/Warehouse Opportunity on Arterial

Seattle Flex Space For Rent

West Seattle Investment Opportunity

Upper Queen Anne Office Building

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