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403 E Thomas St - Edgene Apartments 9 Unit Apartment Building Offered at $2,800,000 at a 5.31% Cap Rate Seattle, WA 98102
Investment Highlights
- Convenient Capitol Hill location; a Walker’s Paradise walk score of 95; Walkable to Downtown, South Lake Union, restaurants, light rail, and shops
- Owner occupant opportunity: Large ±1,200-SF view penthouse unit with 2 bedrooms plus a den and one-and-a-half bathrooms
- Excellent unit mix 4 two-beds, 4 one-beds, and a studio, 9 off-street and 2 garage parking spaces
- 7.0% market cap rate is likely with little renovation required
- Downtown and Space Needle views from upper floors
- Updated dual-pane windows, in-unit laundry and dishwashers in all units other than the studio, elevator
Executive Summary
Convenient Capitol Hill location; a Walker’s Paradise walk score of 95
7.0% market cap rate is likely with little renovation required
Walkable to Downtown, South Lake Union, restaurants, light rail, and shops
Excellent unit mix 4 two-beds, 4 one-beds, and a studio
Owner occupant opportunity: Large ±1,200-SF view penthouse unit with 2 bedrooms plus a den and one-and-a-half bathrooms
Downtown and Space Needle views from upper floors
9 off-street and 2 garage parking spaces
Updated dual-pane windows, in-unit laundry and dishwashers in all units other than the studio, elevator
Well maintained property
Rent upside – parking & utility bill-back
Alternate exit strategy & upside of easy condo conversion: Condo documents already in place with 12 parcels (1 for land, 2 for parking, and 9 for units)
7.0% market cap rate is likely with little renovation required
Walkable to Downtown, South Lake Union, restaurants, light rail, and shops
Excellent unit mix 4 two-beds, 4 one-beds, and a studio
Owner occupant opportunity: Large ±1,200-SF view penthouse unit with 2 bedrooms plus a den and one-and-a-half bathrooms
Downtown and Space Needle views from upper floors
9 off-street and 2 garage parking spaces
Updated dual-pane windows, in-unit laundry and dishwashers in all units other than the studio, elevator
Well maintained property
Rent upside – parking & utility bill-back
Alternate exit strategy & upside of easy condo conversion: Condo documents already in place with 12 parcels (1 for land, 2 for parking, and 9 for units)
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$247,620
|
$39.51
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$12,381
|
$1.98
|
| Effective Gross Income |
$235,239
|
$37.53
|
| Taxes |
$25,081
|
$4.00
|
| Operating Expenses |
$61,405
|
$9.80
|
| Total Expenses |
$86,486
|
$13.80
|
| Net Operating Income |
$148,753
|
$23.73
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $247,620 |
| Annual Per SF | $39.51 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $12,381 |
| Annual Per SF | $1.98 |
| Effective Gross Income | |
|---|---|
| Annual | $235,239 |
| Annual Per SF | $37.53 |
| Taxes | |
|---|---|
| Annual | $25,081 |
| Annual Per SF | $4.00 |
| Operating Expenses | |
|---|---|
| Annual | $61,405 |
| Annual Per SF | $9.80 |
| Total Expenses | |
|---|---|
| Annual | $86,486 |
| Annual Per SF | $13.80 |
| Net Operating Income | |
|---|---|
| Annual | $148,753 |
| Annual Per SF | $23.73 |
Property Facts
| Price | $2,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $311,111 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 5.31% | Building Size | 6,420 SF |
| Gross Rent Multiplier | 11.3 | No. Stories | 3 |
| No. Units | 9 | Year Built | 1966 |
| Property Type | Multifamily | Parking Ratio | 1.71/1,000 SF |
| Zoning | MR (M), Seattle | ||
| Price | $2,800,000 |
| Price Per Unit | $311,111 |
| Sale Type | Investment |
| Cap Rate | 5.31% |
| Gross Rent Multiplier | 11.3 |
| No. Units | 9 |
| Property Type | Multifamily |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 6,420 SF |
| No. Stories | 3 |
| Year Built | 1966 |
| Parking Ratio | 1.71/1,000 SF |
| Zoning | MR (M), Seattle |
Amenities
Unit Amenities
- Double Pane Windows
Site Amenities
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,895 | 300 |
| 1+1 | 4 | $1,938 | 593 |
| 2+1.5 | 4 | $2,748 | 938 |
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Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
90/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,398,500 (2024) | |
| Land Assessment | $1,695,700 (2024) | Annual Taxes | $25,081 ($3.91/SF) |
| Improvements Assessment | $702,800 (2024) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$1,695,700 (2024)
Improvements Assessment
$702,800 (2024)
Total Assessment
$2,398,500 (2024)
Annual Taxes
$25,081 ($3.91/SF)
Tax Year
2026
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403 E Thomas St - Edgene Apartments