Apartment Building with Rooftop
For Sale
Contact for pricing
8820 Aurora Ave N, Seattle, WA 98103
Urban multifamily property with compact studio and one-bedroom residences, elevator service, controlled entry, and resident laundry facilities.
Property Size25,241 SF
Price / SF$388.85
Days on Market10
Property Features for 8820 Aurora Ave N
General Information
Standard status
Active
Size
25,241 SF
Elevators
Yes
Property subtype
MULTIFAMILY
Site & Location
Highway Access
Yes
Public Transit
Yes
Amenities
granite countertops
plank flooring
stainless appliances
controlled-access entry
bike storage
rooftop deck space
laundry facilities
pet friendly policies
Listing Agency:
Capstone Commercial Real Estate Advisors
Listed By:
Ryan Downing
(206) 324-9427
Source:
Moodyscre
Added: Sep 4
Changed: Sep 11
Last Checked: Sep 13 at 8:43AM
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 Capstone Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
Midtown Flats is a 25,241-square-foot apartment building at 8820 Aurora Ave N in Seattle. The community is primarily configured with studio and one-bedroom residences and includes granite countertops, plank flooring, stainless appliances, elevator access, controlled-entry systems, bike storage, laundry facilities, and rooftop deck space. Pet-friendly policies are also in place, and the property is currently owner-occupied.
The building is positioned in Seattle’s North College Park / Licton Springs area, near Green Lake and Northgate. Aurora Avenue, identified as Highway 99, provides a north-south connection to Downtown Seattle, Fremont, South Lake Union, and Northgate. Public transportation includes service from the RapidRide E Line. Green Lake Park, North Seattle College, neighborhood retail, restaurants, coffee shops, and breweries are among the surrounding amenities, with Northgate’s redevelopment area accessible by a short drive or bus ride.
The building is positioned in Seattle’s North College Park / Licton Springs area, near Green Lake and Northgate. Aurora Avenue, identified as Highway 99, provides a north-south connection to Downtown Seattle, Fremont, South Lake Union, and Northgate. Public transportation includes service from the RapidRide E Line. Green Lake Park, North Seattle College, neighborhood retail, restaurants, coffee shops, and breweries are among the surrounding amenities, with Northgate’s redevelopment area accessible by a short drive or bus ride.
Key Highlights
- 25,241‑square‑foot apartment building at 8820 Aurora Ave N, Seattle, WA 98103
- Primarily studio and one‑bedroom apartment residences
- Rooftop deck, elevator access, bike storage, and resident laundry facilities
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
$402,716
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
4.10%
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%
$8,054,320
$8.1M
Cap Rate 7%
$5,753,086
$5.8M
Cap Rate 9%
$4,474,622
$4.5M
Market Conditions
NOI Build-Up for 25,241 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
$772.4K $30.60/SF
− Vacancy
−$40.2K −$1.59/SF
EGI
$732.2K $29.01/SF
− OpEx
−$329.5K −$13.05/SF
NOI
$402.7K $15.95/SF
Area
ZIP 98103
Vacancy
5.20%
Lease Rate
$30.60 /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%
$8,054,320
Cap Rate 7%
$5,753,086
Cap Rate 9%
$4,474,622
Alternative Uses
Best Use
Apartment 5plus
$5.75M
$5.03M – $6.71M
NOI $402,716 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.20M
$8.93M – $11.90M
NOI $714,219 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,101
Businesses Nearby
Explore this area
Business Placement
Demographics for 98103, WA
53,056
Population
27,857
Households
1.9
Avg Household Size
35
Median Age
77%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
11,534
Density / Sq Mi
$127,372
Median Household Income
$80,508
Median Earnings
$2,006
Median Rent
$1,012,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Urban multifamily property with compact studio and one-bedroom residences, elevator service, controlled entry, and resident laundry facilities.
Where is this apartment building located?
The property is located at 8820 Aurora Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $9,815,000.
What are key features of this property?
This property features: 25,241‑square‑foot apartment building at 8820 Aurora Ave N, Seattle, WA 98103; Primarily studio and one‑bedroom apartment residences; Rooftop deck, elevator access, bike storage, and resident laundry facilities
