Six-Unit Townhome-Style Apartment
For Sale
$1,400,000
8830 Nesbit Avenue N, Seattle, WA 98103
Six apartments include two two-story townhouse-style units, each with in-unit washer/dryer and secure garage parking.
Property Size5,412 SF
Price / SF$258.68
Days on Market125
Property Features for 8830 Nesbit Avenue N
General Information
Standard status
Active
Size
5,412 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Net Operating Income
$57,903
Additional Details
Fenced Yard
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$16,309
Amenities
Laminate,Carpet
Yes
No
3
Electric
1-2
Curbs,Sidewalk
Public
6
50'x102.5'
0.1177
Wood
Poured Concrete
5412
Building Details
Building Size
5,412 SF
Year Built
1995
Stories
3
Listing Agency:
Dove Realty, Inc.
(503) 481-1615
Listed By:
Amber Morgan · License #201001153
(503) 481-1615
Source:
Premierepropertygroup
Added: Apr 7
Changed: Aug 8
Last Checked: Aug 8 at 3:48AM
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 Dove Realty, Inc.
Investment Insights
Based on property information with market context.
This for-sale multifamily property includes six spacious apartments, featuring two two-story townhouse-style units. The units have washer/dryers and various updates, and the building’s basement level includes a secure parking garage with one space per unit.
The property is located in an up-and-coming neighborhood north of Green Lake, less than two blocks from major transit. It is also near Green Lake and close to Northgate shopping center and the light rail station.
Additional exterior improvements include refreshed landscaping and a new fence. The decks and roof were replaced roughly five years ago, and the building is described as straightforward to maintain.
The property is located in an up-and-coming neighborhood north of Green Lake, less than two blocks from major transit. It is also near Green Lake and close to Northgate shopping center and the light rail station.
Additional exterior improvements include refreshed landscaping and a new fence. The decks and roof were replaced roughly five years ago, and the building is described as straightforward to maintain.
Key Highlights
- 6‑apartment building (3 stories) built in 1995 with 5,412 total building area
- Includes two 2‑story townhouse‑style units, each with in‑unit washer/dryer
- Secure basement parking garage with 1 space per unit; 6 total covered spaces and 6 total parking spots
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
$86,348
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
6.17%
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%
$1,726,960
$1.7M
Cap Rate 7%
$1,233,543
$1.2M
Cap Rate 9%
$959,422
$959.4K
Market Conditions
NOI Build-Up for 5,412 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
$165.6K $30.60/SF
− Vacancy
−$8.6K −$1.59/SF
EGI
$157.0K $29.01/SF
− OpEx
−$70.6K −$13.05/SF
NOI
$86.3K $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%
$1,726,960
Cap Rate 7%
$1,233,543
Cap Rate 9%
$959,422
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.08M – $1.44M
NOI $86,348 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $153,138 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Fenced yard
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
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 - Six apartments include two two-story townhouse-style units, each with in-unit washer/dryer and secure garage parking.
Where is this apartment building located?
The property is located at 8830 Nesbit Avenue N Seattle, WA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 6‑apartment building (3 stories) built in 1995 with 5,412 total building area; Includes two 2‑story townhouse‑style units, each with in‑unit washer/dryer; Secure basement parking garage with 1 space per unit; 6 total covered spaces and 6 total parking spots
