Impressive Apartment Building with Modern
For Sale
$3,000,000
910 95th St, Seattle, WA 98103
10-unit apartment building with modern amenities and secure parking.
Property Size7,581 SF
Price / SF$395.73
Days on Market384
Property Features for 910 95th St
General Information
Standard status
Active
Size
7,581 SF
Property subtype
Commercial
Building Details
Year Built
1997
Listing Agency:
WESTLAKE ASSOCIATES, INC.
Listed By:
IAN BROWN
Source:
Corcoran
Added: Jul 26, 2025
Changed: Aug 13
Last Checked: Aug 13 at 7:28AM
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.
Northtown Flats is a 10-unit apartment building constructed in 1997. The property features a unit mix of six two-bedroom, two-bath units and four one-bedroom units. Each unit includes in-unit washer and dryers and modern appliance packages. All units have covered decks or private patios. The building offers secure parking with 14 parking spots that have controlled access to the interior common area. Large tenant storage closets are available. The building's exterior has been updated.
Key Highlights
- Desirable unit mix: (6) two‑bedroom, two‑bath units and (4) generously sized one‑bedroom units.
- In‑unit washer and dryers and modern appliance packages.
- Each unit features covered decks or private patios.
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
$120,954
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
4.03%
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%
$2,419,080
$2.4M
Cap Rate 7%
$1,727,914
$1.7M
Cap Rate 9%
$1,343,933
$1.3M
Market Conditions
NOI Build-Up for 7,581 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
$232.0K $30.60/SF
− Vacancy
−$12.1K −$1.59/SF
EGI
$219.9K $29.01/SF
− OpEx
−$99.0K −$13.05/SF
NOI
$121.0K $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%
$2,419,080
Cap Rate 7%
$1,727,914
Cap Rate 9%
$1,343,933
Alternative Uses
Best Use
Apartment 5plus
$1.73M
$1.51M – $2.02M
NOI $120,954 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.06M
$2.68M – $3.58M
NOI $214,512 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,473
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 - 10-unit apartment building with modern amenities and secure parking.
Where is this apartment building located?
The property is located at 910 95th St Seattle, WA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Desirable unit mix: (6) two‑bedroom, two‑bath units and (4) generously sized one‑bedroom units.; In‑unit washer and dryers and modern appliance packages.; Each unit features covered decks or private patios.
