Seattle Multifamily Investment
For Sale
$1,050,000
8821 35th Ave SW, Seattle, WA 98126
Five-unit property with value-add potential in Seattle.
Property Size3,180 SF
Price / SF$330.19
Days on Market543
Property Features for 8821 35th Ave SW
General Information
Standard status
Active
Size
3,180 SF
Site & Location
Neighborhood
Fauntleroy
Building Details
Year Built
1957
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
BRIAN PLATT
(206) 812-9130
Source:
Corcoran
Added: May 6, 2025
Changed: Mar 16
Last Checked: Oct 28 at 8:34AM
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 PARAGON REAL ESTATE ADVISORS
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Investment Insights
Based on property information with market context.
This well-located 5-unit property presents a value-add investment opportunity through operational improvements and unit renovations. A new owner can increase value by implementing a utility bill-back system for water, sewer, and garbage, and by charging for storage and reserved off-street parking. Completing full unit renovations and raising rents to market levels offers a way to reposition the asset and enhance long-term returns. The unit mix includes two 1-bedroom/1-bathroom units. The property is part of phase 2 of the Seattle One Plan upzone. The proposed zoning is LR3, creating future development potential. The property size is 3180 square feet.
Key Highlights
- Value‑add investment opportunity through operational improvements and unit renovations.
- Seller financing available with attractive terms (25% down, 5% interest‑only for five years).
- Immediate upside by implementing utility bill‑back system and charging for storage/parking.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,672
Cap Rate
5.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,073,440
$1.1M
Cap Rate 7%
$766,743
$766.7K
Cap Rate 9%
$596,356
$596.4K
Market Conditions
NOI Build-Up for 3,180 SF
Gross rent
$101.1K $31.80/SF
− Vacancy
−$3.5K −$1.11/SF
EGI
$97.6K $30.69/SF
− OpEx
−$43.9K −$13.81/SF
NOI
$53.7K $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 Rate 5%
$1,073,440
Cap Rate 7%
$766,743
Cap Rate 9%
$596,356
Alternative Uses
Best Use
Apartment 5plus
$766.7K
$670.9K – $894.5K
NOI $53,672 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$956.7K
$837.1K – $1.12M
NOI $66,970 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 98126, WA
23,727
Population
10,824
Households
2.2
Avg Household Size
38
Median Age
60%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
7,654
Density / Sq Mi
$114,030
Median Household Income
$73,642
Median Earnings
$1,708
Median Rent
$751,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit property with value-add potential in Seattle.
Where is this apartment building located?
The property is located at 8821 35th Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Value‑add investment opportunity through operational improvements and unit renovations.; Seller financing available with attractive terms (25% down, 5% interest‑only for five years).; Immediate upside by implementing utility bill‑back system and charging for storage/parking.
