Remodeled Duplex with Basement
New
For Sale
$1,150,000
953 /955 23rd Ave, Seattle, WA 98122
Two updated residences with private rear parking and flexible lower-level space in Seattle’s Central Area.
Property Size2,710 SF
Price / SF$424.35
Days on Market2
Property Features for 953 /955 23rd Ave
General Information
Standard status
Active
Size
2,710 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit washer/dryer
updated appliances
off-street parking
Building Details
Year Built
1905
Buildings
1
Listed By:
Graham McCarthy Realty Group
(425) 417-8036
Source:
Grahammccarthyrealty
Added: Sep 13
Last Checked: Sep 14 at 8:29AM
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 Graham McCarthy Realty Group
Investment Insights
Based on property information with market context.
Built in 1905, this remodeled duplex includes an upper residence with 3 bedrooms and 2 bathrooms and a lower residence with 2 bedrooms and 1 bathroom. Both units feature updated flooring, paint, appliances, and in-unit washers and dryers, with natural light throughout. A separate unfinished basement with an exterior entrance measures 880 square feet and is currently rented as a shop.
The basement is identified for potential conversion to a third unit, with plans available upon request. Private off-street parking is located at the rear. The property is in Seattle’s Central Area with access to bus lines and convenient connections to I-5, Capitol Hill, First Hill, and Downtown Seattle.
The basement is identified for potential conversion to a third unit, with plans available upon request. Private off-street parking is located at the rear. The property is in Seattle’s Central Area with access to bus lines and convenient connections to I-5, Capitol Hill, First Hill, and Downtown Seattle.
Key Highlights
- Upper unit offers 3 bedrooms and 2 bathrooms; lower unit has 2 bedrooms and 1 bathroom
- 880‑square‑foot unfinished basement with exterior entrance, currently rented as a shop
- Basement identified for potential third‑unit addition; plans available upon request
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
$48,914
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
4.25%
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%
$978,280
$978.3K
Cap Rate 7%
$698,771
$698.8K
Cap Rate 9%
$543,489
$543.5K
Market Conditions
NOI Build-Up for 2,710 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
$73.2K $27.00/SF
− Vacancy
−$3.3K −$1.22/SF
EGI
$69.9K $25.79/SF
− OpEx
−$21.0K −$7.74/SF
NOI
$48.9K $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%
$978,280
Cap Rate 7%
$698,771
Cap Rate 9%
$543,489
Alternative Uses
Best Use
Multifamily LT 5
$698.8K
$611.4K – $815.2K
NOI $48,914 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$653.4K
$571.7K – $762.3K
NOI $45,739 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$815.3K
$713.4K – $951.2K
NOI $57,072 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,370
Businesses Nearby
Explore this area
Business Placement
Demographics for 98122, WA
41,646
Population
24,942
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
18,107
Density / Sq Mi
$106,479
Median Household Income
$69,673
Median Earnings
$1,991
Median Rent
$929,400
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?
Duplex - Two updated residences with private rear parking and flexible lower-level space in Seattle’s Central Area.
Where is this duplex located?
The property is located at 953 /955 23rd Ave Seattle, WA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Upper unit offers 3 bedrooms and 2 bathrooms; lower unit has 2 bedrooms and 1 bathroom; 880‑square‑foot unfinished basement with exterior entrance, currently rented as a shop; Basement identified for potential third‑unit addition; plans available upon request
