Mostly Completed 3-Unit
For Sale
$950,000
Pending
A-12017 5th Ave Sw, Seattle, WA 98104
Mostly completed future 3-unit condominium with plans for SFR plus ADA unit and DADU, sold as-is.
Property Size3,776 SF
Days on Market390
Property Features for A-12017 5th Ave Sw
General Information
Standard status
Pending
Size
3,776 SF
Property subtype
Land
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,150
Building Details
Tenancy
Multi
Listing Agency:
Windermere Real Estate/M2, LLC
Listed By:
Barry Tharp
(425) 776-9580
Source:
Exprealty
Added: Sep 10, 2025
Changed: Sep 12
Last Checked: Oct 4 at 3:28PM
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/M2, LLC
Investment Insights
Based on property information with market context.
This listing presents a mostly completed future 3-unit condominium with approved plans for a 2,176 sq. ft. SFR, an 800 sq. ft. ADA unit, and an 800 sq. ft. DADU. According to the remarks, much of the millwork is already installed, along with LVP flooring, leaving the remaining work for the buyer to finish. The property is offered as-is.
The development is situated on a quiet private easement off of 5th, and it is described as being very close to a nearby elementary school.
The opportunity is being marketed as a for-sale conversion to a 3-unit condominium with units sized as outlined in the plans.
The development is situated on a quiet private easement off of 5th, and it is described as being very close to a nearby elementary school.
The opportunity is being marketed as a for-sale conversion to a 3-unit condominium with units sized as outlined in the plans.
Key Highlights
- Mostly completed future 3‑unit condominium project with plans for a SFR plus an 800 SF ADA unit and an 800 SF DADU
- Plans include 2,176 SF SFR plus 800 SF ADA unit and 800 SF DADU
- Millwork is mostly installed and LVP flooring is already in place
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
$68,155
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
7.17%
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%
$1,363,100
$1.4M
Cap Rate 7%
$973,643
$973.6K
Cap Rate 9%
$757,278
$757.3K
Market Conditions
NOI Build-Up for 3,776 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
$102.0K $27.00/SF
− Vacancy
−$4.6K −$1.22/SF
EGI
$97.4K $25.79/SF
− OpEx
−$29.2K −$7.74/SF
NOI
$68.2K $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%
$1,363,100
Cap Rate 7%
$973,643
Cap Rate 9%
$757,278
Alternative Uses
Best Use
Multifamily LT 5
$973.6K
$851.9K – $1.14M
NOI $68,155 @ 7.0% cap · market cap 7.17%
Second Best
Apartment 5plus
$910.4K
$796.6K – $1.06M
NOI $63,731 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$1.14M
$994.0K – $1.33M
NOI $79,521 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
20,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 98104, WA
16,157
Population
10,803
Households
1.5
Avg Household Size
38
Median Age
45%
College-Educated
83%
High-School Grad
0.9 sq mi
ZIP Area
17,952
Density / Sq Mi
$61,866
Median Household Income
$57,791
Median Earnings
$1,511
Median Rent
$663,000
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?
Triplex - Mostly completed future 3-unit condominium with plans for SFR plus ADA unit and DADU, sold as-is.
Where is this triplex located?
The property is located at A-12017 5th Ave Sw Seattle, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Mostly completed future 3‑unit condominium project with plans for a SFR plus an 800 SF ADA unit and an 800 SF DADU; Plans include 2,176 SF SFR plus 800 SF ADA unit and 800 SF DADU; Millwork is mostly installed and LVP flooring is already in place
