10-Unit Apartment
For Sale
$1,805,000
8805 14th Ave S, Seattle, WA 98108
Remodeled multifamily property with gated access, resident patios, courtyard space, laundry, storage, and on-site parking.
Property Size5,113 SF
Price / SF$353.02
Days on Market23
Property Features for 8805 14th Ave S
General Information
Standard status
Active
Size
5,113 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
10
Amenities
courtyard
patios
coin-operated laundry
storage
gated access
Building Details
Year Built
1959
Year Renovated
2019
Buildings
2
Listing Agency:
Torre Realty
(206) 915-2399
Listed By:
Elena Pike
Source:
Montgomeryht
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 28 at 1:01PM
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 Torre Realty
Investment Insights
Based on property information with market context.
This 10-unit apartment complex includes a courtyard, patios, gated access, coin-operated laundry, storage, and on-site parking for 5 cars. The property consists of two buildings and has been fully occupied with 0% vacancy.
All units received comprehensive renovations between 2017 and 2019, including updated flooring, kitchens, bathrooms, and paint. The buildings have roof work dated 2019 and 2025, along with fresh exterior paint completed in 2024. The property also successfully passed its RRIO inspection in 2019.
Located at 8805 14th Ave S in Seattle, the property offers a maintained multifamily configuration with updated unit interiors and shared amenities.
All units received comprehensive renovations between 2017 and 2019, including updated flooring, kitchens, bathrooms, and paint. The buildings have roof work dated 2019 and 2025, along with fresh exterior paint completed in 2024. The property also successfully passed its RRIO inspection in 2019.
Located at 8805 14th Ave S in Seattle, the property offers a maintained multifamily configuration with updated unit interiors and shared amenities.
Key Highlights
- 10‑unit apartment complex with 0% vacancy
- All units remodeled between 2017‑2019 with new floors, kitchens, bathrooms, and paint
- Two buildings with roof work dated 2019 and 2025
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
$86,296
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
4.78%
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%
$1,725,920
$1.7M
Cap Rate 7%
$1,232,800
$1.2M
Cap Rate 9%
$958,844
$958.8K
Market Conditions
NOI Build-Up for 5,113 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
$162.6K $31.80/SF
− Vacancy
−$5.7K −$1.11/SF
EGI
$156.9K $30.69/SF
− OpEx
−$70.6K −$13.81/SF
NOI
$86.3K $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%
$1,725,920
Cap Rate 7%
$1,232,800
Cap Rate 9%
$958,844
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.08M – $1.44M
NOI $86,296 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.79M
NOI $107,678 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Explore this area
Business Placement
Demographics for 98108, WA
25,009
Population
9,096
Households
2.7
Avg Household Size
37
Median Age
37%
College-Educated
83%
High-School Grad
7.4 sq mi
ZIP Area
3,380
Density / Sq Mi
$90,806
Median Household Income
$48,703
Median Earnings
$1,463
Median Rent
$693,500
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 - Remodeled multifamily property with gated access, resident patios, courtyard space, laundry, storage, and on-site parking.
Where is this apartment building located?
The property is located at 8805 14th Ave S Seattle, WA.
What is the asking price?
The asking price for this property is $1,805,000.
What are key features of this property?
This property features: 10‑unit apartment complex with 0% vacancy; All units remodeled between 2017‑2019 with new floors, kitchens, bathrooms, and paint; Two buildings with roof work dated 2019 and 2025
