Classic Seattle Apartment Building For
For Sale
$2,160,000
Pending
909 4th Ave N, Seattle, WA 98109
Eight-unit apartment building with downtown views and development potential.
Property Size4,693 SF
Days on Market451
Property Features for 909 4th Ave N
General Information
Standard status
Pending
Size
4,693 SF
Property subtype
Commercial
Building Details
Year Built
1931
Listing Agency:
WESTLAKE ASSOCIATES, INC.
Listed By:
COLLIN HAGSTROM
Source:
Corcoran
Added: May 29, 2025
Changed: Jul 6
Last Checked: Jul 23 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 WESTLAKE ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
Originally constructed in 1931, Elliott View features a classic architectural character with a brick façade. The property is situated on a 6,400 square foot lot zoned LR3 (M), offering potential long-term development opportunities. The unit mix includes seven one-bedroom units averaging 569 square feet and one two-bedroom unit totaling approximately 900 square feet, for a total of eight units. Many of the units offer views of the downtown skyline. Five units have been updated with modern finishes including granite countertops, stainless steel appliances, luxury vinyl plank flooring, and high-end cabinetry. A carport on the west side of the property provides secure tenant parking and additional income.
Key Highlights
- Sweeping downtown skyline views from many units.
- Features seven one‑bedroom units and one two‑bedroom unit.
- Five units updated with modern finishes including granite countertops and stainless steel appliances.
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
$79,208
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
3.67%
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%
$1,584,160
$1.6M
Cap Rate 7%
$1,131,543
$1.1M
Cap Rate 9%
$880,089
$880.1K
Market Conditions
NOI Build-Up for 4,693 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
$149.2K $31.80/SF
− Vacancy
−$5.2K −$1.11/SF
EGI
$144.0K $30.69/SF
− OpEx
−$64.8K −$13.81/SF
NOI
$79.2K $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%
$1,584,160
Cap Rate 7%
$1,131,543
Cap Rate 9%
$880,089
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$990.1K – $1.32M
NOI $79,208 @ 7.0% cap · market cap 3.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $98,833 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 98109, WA
34,551
Population
23,162
Households
1.5
Avg Household Size
32
Median Age
78%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
18,185
Density / Sq Mi
$130,845
Median Household Income
$104,202
Median Earnings
$2,329
Median Rent
$986,000
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 - Eight-unit apartment building with downtown views and development potential.
Where is this apartment building located?
The property is located at 909 4th Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $2,160,000.
What are key features of this property?
This property features: Sweeping downtown skyline views from many units.; Features seven one‑bedroom units and one two‑bedroom unit.; Five units updated with modern finishes including granite countertops and stainless steel appliances.
