Back to Search

Crown Hill Multifamily Investment Opportunity

8500 16th Ave NW, Seattle, WA 98117

View on Map

For Sale

$4,750,000

Multifamily property in a robust economic area with revenue potential.

Type:Commercial

Property size:

14,871 SF

Price / SF:

$319/SF

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.
Strategic location within Crown Hill urban village zoning overlay.
Favorable parking ratio (nearly 1:1) and no minimum parking requirements.
Additional income from on‑site laundry facilities.

We can help!

Contact an agent

STEVEN CHATTIN

For Sale

$4,750,000

Multifamily property in a robust economic area with revenue potential.

Type:Commercial

Property size:

14,871 SF

Price / SF:

$319/SF

Added:: Jun 5, 2025
Days on Market:: 396
Last Refresh:: May 10 at 8:25 pm

Property Features for 8500 16th Ave NW

General Information

Standard status: Active
Size: 14,871 SF
Property subtype: Commercial

Building Details

Year Built: 1976

We can help!

Contact an agent

STEVEN CHATTIN

Listing office BERKADIA REAL ESTATE ADVISORS, LLC

Listing date Jun 5, 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 BERKADIA REAL ESTATE ADVISORS, LLC

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.
Strategic location within Crown Hill urban village zoning overlay.
Favorable parking ratio (nearly 1:1) and no minimum parking requirements.
Additional income from on‑site laundry facilities.

Overview

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.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$472.9k	$31.80
− Vacancy	−$16.6k	−$1.11
EGI	$456.3k	$30.69
− OpEx	−$205.4k	−$13.81
NOI	$251.0k	$16.88

14,871 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$3.59M

$3.14M – $4.18M (±1% cap)

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 (±1% cap)

NOI $313,179 @ 7.0% cap · market cap 6.59%

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

Property Profile Location Intelligence

Current Use by Public Records

Carolee Bevers Lmp Alternative Medicine Practice

Suggested Use

Location Insight

Map
Local Demand

City: Seattle
County: King
State: Washington
Longitude: -122.378
Latitude: 47.6909

Nearby Similar for Sale

$2,600,000

4,653 SF

South Park Industrial Flex Property

Flex/warehouse building in Seattle's South Park area.

7912 7th Ave S, Seattle, WA 98108

View Details
$1,250,000

Perched Triplex with Private Parking

Triplex with in-unit laundry, northwest-facing decks, and four parking stalls accessed via a private dead-end alley.

3438 14th Avenue W, Seattle, WA 98119

View Details
$2,200,000

4,500 SF

Auto-Repair Property with Two Parcels

Auto-repair facility totaling 4,500 SF on two parcels, zoned NC3-75 (M) for flexible owner-user or development use.

4607 37th Ave SW, Seattle, WA 98126

View Details
$1,575,000

3,847 SF

Warehouse/Flex Building in Georgetown

3,847 SF warehouse/flex building with fenced storage in Seattle.

6349 6th Ave S, Seattle, WA 98108

View Details
$2,900,000

3,000 SF

Large Lot on Aurora Avenue

Versatile commercial property with ample parking and development potential.

13720 Aurora Avenue N, Seattle, WA 98133

View Details
$8,950,000

35,869 SF

Seattle Industrial Building For Sale

35,869 SF industrial building in desirable Georgetown area.

1915 S Corgiat Dr, Seattle, WA 98108

View Details
$8,950,000

35,869 SF

Seattle Industrial Building For Sale

35,869 SF industrial building in desirable Georgetown area.

1915 S Corgiat Dr, Seattle, WA 98108

View Details
$2,095,000

5,606 SF

Mixed-Use Building Near Lake Washington

Fully leased mixed-use building with parking near Lake Washington.

11463 Rainier Avenue S, Seattle, WA 98178

View Details
$2,850,000

7,842 SF

Seattle Retail/Warehouse Opportunity on Arterial

7,842 SF commercial building on 0.32 acres in Seattle.

1500 NW Leary Wy, Seattle, WA 98107

View Details
$9,800,000

11,504 SF

Seattle Flex Space For Rent

Flexible space with contemporary interiors in Seattle's Georgetown neighborhood.

5811-5819 6th Ave S, Seattle, WA

View Details
$3,400,000

9,112 SF

West Seattle Investment Opportunity

Well-maintained 9,112 SF building with long-term tenants.

6323 35th Ave SW, Seattle, WA 98126

View Details
$9,250,000

19,669 SF

Upper Queen Anne Office Building

Modern office building with rooftop deck and parking.

20 W Galer St, Seattle, WA 98119

View Details

For sale
Apartment buildings
WA
Seattle
98117
8500 16th Ave NW

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.

8500 16th Ave NW, Seattle, WA 98117

Multifamily property in a robust economic area with revenue potential.

Property Features for 8500 16th Ave NW

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

FAQs