North Beach Ballard
For Sale
Contact for pricing
9922 Triton Dr NW, Seattle, WA 98117
Triplex with Sound and Olympic views in North Beach.
Property Size2,903 SF
Price / SF$602.81
Days on Market191
Property Features for 9922 Triton Dr NW
General Information
Standard status
Active
Size
2,903 SF
Class
B
Property subtype
Multifamily
Zoning
NR3 zoning
Building Details
Year Built
1953
Year Renovated
2023
Stories
2
Units
3
Listing Agency:
Compass
Listed By:
Danan Powell · License #WA
Source:
Crexi
Added: Feb 12
Changed: Aug 8
Last Checked: Aug 22 at 3:34PM
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 Compass
Investment Insights
Based on property information with market context.
This North Beach Ballard triplex is on the market for the first time in 32 years. The property offers 2,903 square feet with 180° views of the Sound and Olympic Mountains. It is suitable for either an owner-occupant or as an investment property with income potential.
Key Highlights
- Enjoy 180° Sound & Olympic views.
- Rare North Beach Ballard triplex.
- Strong income potential with estimated rents of $7,500–$9,500/month.
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
$52,398
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
2.99%
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%
$1,047,960
$1.0M
Cap Rate 7%
$748,543
$748.5K
Cap Rate 9%
$582,200
$582.2K
Market Conditions
NOI Build-Up for 2,903 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
$78.4K $27.00/SF
− Vacancy
−$3.5K −$1.22/SF
EGI
$74.9K $25.79/SF
− OpEx
−$22.5K −$7.74/SF
NOI
$52.4K $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%
$1,047,960
Cap Rate 7%
$748,543
Cap Rate 9%
$582,200
Alternative Uses
Best Use
Multifamily LT 5
$748.5K
$655.0K – $873.3K
NOI $52,398 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$699.9K
$612.5K – $816.6K
NOI $48,996 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$873.4K
$764.2K – $1.02M
NOI $61,136 @ 7.0% cap · market cap 3.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Explore this area
Business Placement
Demographics for 98117, WA
35,608
Population
15,230
Households
2.3
Avg Household Size
39
Median Age
75%
College-Educated
98%
High-School Grad
3.9 sq mi
ZIP Area
9,130
Density / Sq Mi
$182,500
Median Household Income
$95,616
Median Earnings
$2,197
Median Rent
$1,028,100
Median Home Value
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?
Triplex - Triplex with Sound and Olympic views in North Beach.
Where is this triplex located?
The property is located at 9922 Triton Dr NW Seattle, WA.
What is the asking price?
The asking price for this property is $1,749,950.
What are key features of this property?
This property features: Enjoy **180° Sound & Olympic views**.; Rare North Beach Ballard triplex.; Strong income potential with estimated rents of $7,500–$9,500/month.
