Crown Hill Multifamily Investment
For Sale
$4,750,000
Pending
8500 16th Ave NW, Seattle, WA 98117
Multifamily property in a robust economic area with revenue potential.
Property Size14,871 SF
Days on Market442
Property Features for 8500 16th Ave NW
General Information
Standard status
Pending
Size
14,871 SF
Property subtype
Commercial
Building Details
Year Built
1976
Listing Agency:
BERKADIA REAL ESTATE ADVISORS, LLC
(425) 269-3826
Listed By:
STEVEN CHATTIN
Source:
Corcoran
Added: Jun 5, 2025
Changed: Jul 6
Last Checked: Jul 23 at 9:16AM
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 BERKADIA REAL ESTATE ADVISORS, LLC
Investment Insights
Based on property information with market context.
This multifamily property represents a stable investment opportunity, having been under single ownership for over 30 years. Recent unit improvements have strengthened its market positioning, with the latest leases reflecting a 15% increase in rental rates. The property is situated in a robust economic area, with a median household income of $128,455 within a 2-mile radius and 13,124 households earning over $200,000, supporting high occupancy rates and premium rental pricing. The property's location within the Crown Hill urban village zoning overlay offers a competitive advantage, featuring a nearly 1:1 parking ratio and no minimum parking requirements for future developments. Additional income is generated through on-site laundry facilities. The property size is 14871 square feet.
Key Highlights
- Proven investment with 30+ years of single ownership.
- Recent unit improvements leading to a 15% increase in rental rates.
- Located in a strong economic area with high median household income.
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
$250,991
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
5.28%
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%
$5,019,820
$5.0M
Cap Rate 7%
$3,585,586
$3.6M
Cap Rate 9%
$2,788,789
$2.8M
Market Conditions
NOI Build-Up for 14,871 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
$472.9K $31.80/SF
− Vacancy
−$16.6K −$1.11/SF
EGI
$456.3K $30.69/SF
− OpEx
−$205.4K −$13.81/SF
NOI
$251.0K $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%
$5,019,820
Cap Rate 7%
$3,585,586
Cap Rate 9%
$2,788,789
Alternative Uses
Best Use
Apartment 5plus
$3.59M
$3.14M – $4.18M
NOI $250,991 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.47M
$3.91M – $5.22M
NOI $313,179 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
889
Businesses Nearby
Explore this area
Business Placement
Demographics for 98117, WA
35,608
Population
15,230
Households
2.3
Avg Household Size
39
Median Age
75%
College-Educated
98%
High-School Grad
3.9 sq mi
ZIP Area
9,130
Density / Sq Mi
$182,500
Median Household Income
$95,616
Median Earnings
$2,197
Median Rent
$1,028,100
Median Home Value
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?
Apartment building - Multifamily property in a robust economic area with revenue potential.
Where is this apartment building located?
The property is located at 8500 16th Ave NW Seattle, WA.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Proven investment with 30+ years of single ownership.; Recent unit improvements leading to a 15% increase in rental rates.; Located in a strong economic area with high median household income.
