12-Unit Apartment
For Sale
$2,700,000
936 N 198th St, Shoreline, WA 98133
Multifamily property with two-bedroom residences, on-site parking, and shared coin-operated laundry.
Property Size8,400 SF
Price / SF$321.43
Days on Market89
Property Features for 936 N 198th St
General Information
Standard status
Active
Size
8,400 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
12 x 2BR/1BA
Multifamily Units
12
Amenities
on-site parking
coin-operated common laundry
Building Details
Year Built
1962
Listing Agency:
Westlake Associates, Inc.
Listed By:
David W Petersen · License #7352
(206) 623-8880
Source:
Seattlepropertysource
Added: Jul 18
Changed: Oct 1
Last Checked: Oct 12 at 8:34PM
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.
The Encore Apartments is an 8,400-square-foot multifamily property built in 1962 with 12 two-bedroom, one-bath residences averaging about 700 square feet each. Common-area amenities include coin-operated laundry, while the site provides open parking that has been re-paved and re-striped. Updated electrical panels and a newer TPO roof are also in place.
Located in Shoreline, the property offers access to Rapid Ride Transit, Highway 99, Interstate-5, and the 185th Street Light Rail Station. The existing unit configuration and building improvements provide a defined platform for continued apartment operations and future unit updates upon turnover.
Located in Shoreline, the property offers access to Rapid Ride Transit, Highway 99, Interstate-5, and the 185th Street Light Rail Station. The existing unit configuration and building improvements provide a defined platform for continued apartment operations and future unit updates upon turnover.
Key Highlights
- 12 units, each configured as a two‑bedroom, one‑bath residence
- 8,400 SF apartment property built in 1962
- Units average about 700 square feet each
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$140,746
Cap Rate
5.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,814,920
$2.8M
Cap Rate 7%
$2,010,657
$2.0M
Cap Rate 9%
$1,563,844
$1.6M
Market Conditions
NOI Build-Up for 8,400 SF
Gross rent
$267.1K $31.80/SF
− Vacancy
−$11.2K −$1.34/SF
EGI
$255.9K $30.46/SF
− OpEx
−$115.2K −$13.71/SF
NOI
$140.7K $16.76/SF
Area
ZIP 98133
Vacancy
4.20%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,814,920
Cap Rate 7%
$2,010,657
Cap Rate 9%
$1,563,844
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.35M
NOI $140,746 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,412 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 98133, WA
50,720
Population
24,730
Households
2.1
Avg Household Size
39
Median Age
51%
College-Educated
94%
High-School Grad
7.1 sq mi
ZIP Area
7,144
Density / Sq Mi
$92,371
Median Household Income
$60,328
Median Earnings
$1,794
Median Rent
$719,100
Median Home Value
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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?
Apartment building - Multifamily property with two-bedroom residences, on-site parking, and shared coin-operated laundry.
Where is this apartment building located?
The property is located at 936 N 198th St Shoreline, WA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 12 units, each configured as a two‑bedroom, one‑bath residence; 8,400 SF apartment property built in 1962; Units average about 700 square feet each
