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403 E Thomas St - Edgene Apartments 9 Unit Apartment Building Offered at $3,876,684 CAD 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 (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$342,837
|
$54.70
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$17,142
|
$2.73
|
| Effective Gross Income |
$325,695
|
$51.96
|
| Taxes |
$34,725
|
$5.54
|
| Operating Expenses |
$85,017
|
$13.56
|
| Total Expenses |
$119,742
|
$19.10
|
| Net Operating Income |
$205,953
|
$32.86
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $342,837 |
| Annual Per SF | $54.70 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $17,142 |
| Annual Per SF | $2.73 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $325,695 |
| Annual Per SF | $51.96 |
| Taxes (CAD) | |
|---|---|
| Annual | $34,725 |
| Annual Per SF | $5.54 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $85,017 |
| Annual Per SF | $13.56 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $119,742 |
| Annual Per SF | $19.10 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $205,953 |
| Annual Per SF | $32.86 |
Property Facts
| Price | $3,876,684 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $430,743 CAD | 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 | $3,876,684 CAD |
| Price Per Unit | $430,743 CAD |
| 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 | $2,624 CAD | 300 |
| 1+1 | 4 | $2,683 CAD | 593 |
| 2+1.5 | 4 | $3,805 CAD | 938 |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
90/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Total Assessment | $3,285,321 CAD (2024) | |
| Land Assessment | $2,322,668 CAD (2024) | Annual Taxes | $34,725 CAD ($5.41 CAD/SF) |
| Improvements Assessment | $962,653 CAD (2024) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$2,322,668 CAD (2024)
Improvements Assessment
$962,653 CAD (2024)
Total Assessment
$3,285,321 CAD (2024)
Annual Taxes
$34,725 CAD ($5.41 CAD/SF)
Tax Year
2026
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403 E Thomas St - Edgene Apartments
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