Craftsman Duplex with
For Sale
$875,000
9701 Roosevelt Way NE, Seattle, WA 98115
Legal two-unit property with separate entrances, private outdoor space, and updated major systems.
Property Size1,840 SF
Price / SF$475.54
Days on Market131
Property Features for 9701 Roosevelt Way NE
General Information
Standard status
Active
Size
1,840 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
LR2(M)
Net Operating Income
$51,591
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,031
Amenities
fireplace
shared laundry
private yard
Ceramic Tile,Vinyl Plank
Yes
No
2
Electric,Natural Gas
Corner Lot,Sidewalk
Public
Cable TV,Deck,Fenced-Fully,Gas Available,High Speed Internet,Patio
4
0.0788
Wood
Poured Concrete
1840
Building Details
Building Size
1,840 SF
Year Built
1925
Buildings
1
Stories
2
Construction
craftsman
Listing Agency:
Windermere Real Estate/East
(503) 939-9353
Listed By:
Don Johnson PC · License #24394
(503) 939-9353
Source:
Premierepropertygroup
Added: Apr 9
Changed: Aug 17
Last Checked: Aug 17 at 3:49AM
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 Windermere Real Estate/East
Investment Insights
Based on property information with market context.
This legal duplex includes a two-bedroom main-level residence and a separate one-bedroom lower suite. The upper home features a fireplace, kitchen, private yard, and its own entry, while the lower unit is fully self-contained with independent access. Shared laundry serves both residences, and each unit has an individual garage.
Major improvements completed in 2023 include a new roof, furnace, and full basement waterproofing. The property is situated on a corner lot with sidewalk access and includes a deck, patio, fencing, and high-speed internet availability. LR2(M) zoning is identified for the property, with Northgate light rail within walking distance. Built in 1925, the duplex contains 1840 SF.
Major improvements completed in 2023 include a new roof, furnace, and full basement waterproofing. The property is situated on a corner lot with sidewalk access and includes a deck, patio, fencing, and high-speed internet availability. LR2(M) zoning is identified for the property, with Northgate light rail within walking distance. Built in 1925, the duplex contains 1840 SF.
Key Highlights
- Two‑unit legal duplex with a 2‑bed main residence and 1‑bed lower suite
- Separate entrances and individual garages for both units
- New roof, furnace, and full basement waterproofing completed in 2023
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
$31,905
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
3.65%
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%
$638,100
$638.1K
Cap Rate 7%
$455,786
$455.8K
Cap Rate 9%
$354,500
$354.5K
Market Conditions
NOI Build-Up for 1,840 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
$47.5K $25.80/SF
− Vacancy
−$1.9K −$1.03/SF
EGI
$45.6K $24.77/SF
− OpEx
−$13.7K −$7.43/SF
NOI
$31.9K $17.34/SF
Area
ZIP 98115
Vacancy
3.99%
Lease Rate
$25.80 /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%
$638,100
Cap Rate 7%
$455,786
Cap Rate 9%
$354,500
Alternative Uses
Best Use
Multifamily LT 5
$455.8K
$398.8K – $531.8K
NOI $31,905 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$397.2K
$347.6K – $463.4K
NOI $27,805 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$737.0K
$644.9K – $859.8K
NOI $51,588 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,882
Businesses Nearby
Explore this area
Business Placement
Demographics for 98115, WA
54,322
Population
24,966
Households
2.2
Avg Household Size
36
Median Age
78%
College-Educated
99%
High-School Grad
6.6 sq mi
ZIP Area
8,231
Density / Sq Mi
$148,190
Median Household Income
$82,332
Median Earnings
$2,118
Median Rent
$1,041,500
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?
Duplex - Legal two-unit property with separate entrances, private outdoor space, and updated major systems.
Where is this duplex located?
The property is located at 9701 Roosevelt Way NE Seattle, WA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Two‑unit legal duplex with a 2‑bed main residence and 1‑bed lower suite; Separate entrances and individual garages for both units; New roof, furnace, and full basement waterproofing completed in 2023
