10-Unit Apartment
For Sale
Contact for pricing
855 W Nickerson St, Seattle, WA 98119
Fully occupied Seattle property with upgraded units and a permitted studio addition.
Property Size7,375 SF
Price / SF$427.12
Days on Market141
Property Features for 855 W Nickerson St
General Information
Standard status
Active
Size
7,375 SF
Class
C
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
LR3 RC (M)
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$158,811
Additional Details
Multifamily Units
10
Building Details
Year Built
1963
Buildings
1
Stories
3
Units
10
Listing Agency:
Berkadia
Listed By:
Chad Blenz · License #WA 125100
Source:
Crexi
Added: Apr 17
Changed: Sep 2
Last Checked: Sep 1 at 8:39AM
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
Investment Insights
Based on property information with market context.
This 7,375-square-foot apartment property in Seattle contains 10 units, including a studio that has been fully permitted and added to the rent roll. The building was constructed in 1963, and most units have received upgrades under current ownership.
The property carries LR3 RC (M) zoning and is situated at 855 W Nickerson St. Operations reflect 100% occupancy with zero delinquency. The existing improvements and completed unit addition provide a clear physical profile for evaluation as a multifamily acquisition.
The property carries LR3 RC (M) zoning and is situated at 855 W Nickerson St. Operations reflect 100% occupancy with zero delinquency. The existing improvements and completed unit addition provide a clear physical profile for evaluation as a multifamily acquisition.
Key Highlights
- 10‑unit apartment property totaling 7,375 square feet
- Fully permitted 10th studio added to the rent roll
- 100% occupancy with zero delinquency
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
$124,474
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
3.95%
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%
$2,489,480
$2.5M
Cap Rate 7%
$1,778,200
$1.8M
Cap Rate 9%
$1,383,044
$1.4M
Market Conditions
NOI Build-Up for 7,375 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
$234.5K $31.80/SF
− Vacancy
−$8.2K −$1.11/SF
EGI
$226.3K $30.69/SF
− OpEx
−$101.8K −$13.81/SF
NOI
$124.5K $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%
$2,489,480
Cap Rate 7%
$1,778,200
Cap Rate 9%
$1,383,044
Alternative Uses
Best Use
Apartment 5plus
$1.78M
$1.56M – $2.07M
NOI $124,474 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,315 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied Seattle property with upgraded units and a permitted studio addition.
Where is this apartment building located?
The property is located at 855 W Nickerson St Seattle, WA.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 10‑unit apartment property totaling 7,375 square feet; Fully permitted 10th studio added to the rent roll; 100% occupancy with zero delinquency
