Tenant-Occupied
New
For Sale
$825,000
9202 17th Ave SW, Seattle, WA 98106
Two-unit residential property with occupants in place and access to transit and dining within a walkable setting.
Property Size1,920 SF
Price / SF$429.69
Days on Market6
Property Features for 9202 17th Ave SW
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1939
Tenancy
Multi
Listed By:
Ron Rougeaux
(360) 338-8355
Source:
Pnwhomesgroup
Added: Sep 9
Last Checked: Sep 14 at 8:46AM
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 Ron Rougeaux
Investment Insights
Based on property information with market context.
This duplex contains 1,920 square feet across two residential units, with tenants in place in both. The property was built in 1939, and both units are described as well-maintained with functional layouts.
Located in Seattle’s South Delridge area, the property is positioned within a walkable setting, just blocks from local transit and dining. Occupants are in place, and showings should be arranged without disturbing them.
Located in Seattle’s South Delridge area, the property is positioned within a walkable setting, just blocks from local transit and dining. Occupants are in place, and showings should be arranged without disturbing them.
Key Highlights
- Two‑unit duplex with tenants in place in both residences
- 1,920 square feet across the duplex
- Built in 1939
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
$34,655
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
4.20%
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%
$693,100
$693.1K
Cap Rate 7%
$495,071
$495.1K
Cap Rate 9%
$385,056
$385.1K
Market Conditions
NOI Build-Up for 1,920 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
$51.8K $27.00/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$49.5K $25.79/SF
− OpEx
−$14.9K −$7.74/SF
NOI
$34.7K $18.05/SF
Area
Seattle, WA
Vacancy
4.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$693,100
Cap Rate 7%
$495,071
Cap Rate 9%
$385,056
Alternative Uses
Best Use
Multifamily LT 5
$495.1K
$433.2K – $577.6K
NOI $34,655 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$462.9K
$405.1K – $540.1K
NOI $32,405 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$577.6K
$505.4K – $673.9K
NOI $40,435 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
Explore this area
Business Placement
Demographics for 98106, WA
26,295
Population
12,107
Households
2.2
Avg Household Size
37
Median Age
45%
College-Educated
91%
High-School Grad
5.5 sq mi
ZIP Area
4,781
Density / Sq Mi
$115,529
Median Household Income
$60,223
Median Earnings
$1,824
Median Rent
$666,800
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with occupants in place and access to transit and dining within a walkable setting.
Where is this duplex located?
The property is located at 9202 17th Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Two‑unit duplex with tenants in place in both residences; 1,920 square feet across the duplex; Built in 1939
