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    Property profile & analytics

    1018 112Th St Seattle, WA 98125

    • Investment properties
    • 7,542 SF
    • 0.10 lot acres
    For Sale
    View listing
    $3,500,000
    Last Sale
    Aug 31, 2022
    $3,096,100
    Value Estimations
    Cap Rate Potential
    4.6%
    Investment properties
    Location Intelligence
    Property ID
    US90-0053528
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Vista Apartments / Apartment Building

    Property Details for 1018 112Th St

    Year built
    1995
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.10 lot acres
    Property size
    7,542 SF
    Zone code
    NC3-55 (M)
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    572450-0575
    APU
    5724500575

    Description

    This exceptional 96-unit apartment building in Seattle's Northgate neighborhood presents a compelling investment opportunity. Built in 1996, this four-story building boasts 9,605 net rentable square feet situated on a 0.1-acre lot. The property features a mix of unit types, including one-bedroom, two-bedroom units, and a sizable live/work space currently operating as a yoga studio, generating supplemental commercial income. Recent renovations to six units, including new flooring, stainless-steel appliances, updated cabinetry, and granite countertops, have enhanced the property's appeal and rental potential. Twelve secured underground parking spaces provide a significant competitive advantage. The building benefits from its proximity to the Northgate light rail station, Interstate 5, and the Northgate Mall redevelopment, offering convenient access to various amenities and employment centers. Significant capital expenditures totaling over $150,000 have been made in the last two years, encompassing balcony replacements, signage upgrades, fire sprinkler recertification, and common area renovations, minimizing deferred maintenance. The property's strong financial performance is reflected in its Net Operating Income (NOI) of $193,593 and a 5.53% cap rate. The asking price is $3,500,000. The property is zoned NC3-55 (M) and has a King County APN of 572450-0575. The existing workspace offers potential for conversion into additional residential units, further increasing the property's value. This turnkey opportunity provides immediate income and significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,515,000
      ML approach
      $2,565,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,910,000
      6.5%
      $1,760,000
      7%
      $1,635,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,815,000
      Current use
      RESTAURANT
      $3,960,000
      Change: +4% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,105,000
      Change: -19% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.317
    Latitude
    47.71
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $24,822
    $484,000
    $2,469,000
    $2,953,000
    -
    $484,000
    $2,469,000
    $2,953,000

    Comparable in this City

    • Value Estimation
      $320,000
      1,568 SF

      10430 Lk City NE Way

      OFFICE/RESIDENTIAL (MIXED USE) • 1,568 SF
      10430 Lk City NE Way, Seattle, WA 98125-7739
      View Details
    • Value Estimation
      $370,000
      121,952 SF

      12740 30th NE Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 121,952 SF
      12740 30th NE Ave, Seattle, WA 98125-4487
      View Details
    • Value Estimation
      $835,000
      48,510 SF

      12300 31st NE Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 48,510 SF
      12300 31st NE Ave, Seattle, WA 98125-5555
      View Details
    • Value Estimation
      $380,000
      2,016 SF

      12518 Lk City NE Way, Unit 12522

      OFFICE/RESIDENTIAL (MIXED USE) • 2,016 SF
      12518 Lk City NE Way, Seattle, WA 98125-4425
      View Details
    • Value Estimation
      $360,000
      0.49 Acres

      10223 Lk City NE Way

      OFFICE/RESIDENTIAL (MIXED USE) • 0.49 Acres
      10223 Lk City NE Way, Seattle, WA 98125-7735
      View Details
    • Value Estimation
      $300,000
      0.64 Acres

      Seattle, WA 98125

      OFFICE/RESIDENTIAL (MIXED USE) • 0.64 Acres
      Seattle, WA 98125
      View Details

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    1018 112Th St
    Seattle, WA 98125
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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