27-Unit Renovated Apartment
For Sale
Contact for pricing
9515 Interlake Avenue North, Seattle, WA 98103
Fully updated Seattle community with a varied mix of one- and two-bedroom residences.
Property Size21,189 SF
Price / SF$318.56
Days on Market137
Property Features for 9515 Interlake Avenue North
General Information
Standard status
Active
Size
21,189 SF
Class
B
Total Parking Spaces
32
Property subtype
Multifamily
Occupancy
96%
Investment Type
Stabilized
Net Operating Income
$392,973
Units
Unit Mix
9 x 1BR, 3 x 2BR/1BA, 12 x 2BR/1.5BA, 3 x 2BR/2BA
Multifamily Units
27
Building Details
Year Built
1987
Year Renovated
2015
Buildings
1
Units
27
Tenancy
Multi
Listing Agency:
JLL - Seattle, Washington
Listed By:
Casey Zejdlik · License #WA 88121
(206) 280-1871
Source:
Crexi
Added: Apr 30
Changed: Sep 5
Last Checked: Sep 13 at 4:56AM
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 JLL - Seattle, Washington
Investment Insights
Based on property information with market context.
This midrise apartment community contains 27 residences, including nine one-bedroom units and 18 two-bedroom units. The two-bedroom inventory includes three units with one bathroom, 12 with one-and-a-half bathrooms, and three with two bathrooms. Comprehensive renovations completed in 2015 introduced stainless steel appliances, refreshed cabinet faces, quartz countertops, and vinyl plank flooring throughout the unit updates.
The property is located at 9515 Interlake Avenue N in Seattle’s Licton Springs neighborhood, approximately five minutes north of Green Lake. Its residential setting and broad mix of one- and two-bedroom layouts provide a clearly defined multifamily configuration within the Seattle market.
The property is located at 9515 Interlake Avenue N in Seattle’s Licton Springs neighborhood, approximately five minutes north of Green Lake. Its residential setting and broad mix of one- and two-bedroom layouts provide a clearly defined multifamily configuration within the Seattle market.
Key Highlights
- 27‑unit midrise apartment community in Seattle’s Licton Springs neighborhood
- Unit mix includes nine 1‑bedroom and 18 2‑bedroom apartments
- Two‑bedroom mix includes 3 units with 1 bath, 12 with 1.5 baths, and 3 with 2 baths
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
$338,067
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
5.01%
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%
$6,761,340
$6.8M
Cap Rate 7%
$4,829,529
$4.8M
Cap Rate 9%
$3,756,300
$3.8M
Market Conditions
NOI Build-Up for 21,189 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
$648.4K $30.60/SF
− Vacancy
−$33.7K −$1.59/SF
EGI
$614.7K $29.01/SF
− OpEx
−$276.6K −$13.05/SF
NOI
$338.1K $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%
$6,761,340
Cap Rate 7%
$4,829,529
Cap Rate 9%
$3,756,300
Alternative Uses
Best Use
Apartment 5plus
$4.83M
$4.23M – $5.63M
NOI $338,067 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.57M
$7.49M – $9.99M
NOI $599,564 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
27
Residential units
Location Intelligence
Trade Area within ½ mile
1,162
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully updated Seattle community with a varied mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 9515 Interlake Avenue North Seattle, WA.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: 27‑unit midrise apartment community in Seattle’s Licton Springs neighborhood; Unit mix includes nine 1‑bedroom and 18 2‑bedroom apartments; Two‑bedroom mix includes 3 units with 1 bath, 12 with 1.5 baths, and 3 with 2 baths
