12-Unit Apartment
New
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 Market7
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.
(253) 256-1721
Listed By:
David W Petersen
Source:
Seattlepropertysource
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 29 at 10:38AM
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 = 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
$140,746
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
5.21%
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%
$2,814,920
$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
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
$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 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%
$2,814,920
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.
Property Analytics
Property Profile
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
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 - 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
