Northlake Building: Biotech and
For Sale
$8,500,000
Pending
100 Northlake, Seattle, WA 98105
Three-story building with office, medical, and biotech space for sale.
Property Size26,282 SF
Days on Market1221
Property Features for 100 Northlake
General Information
Standard status
Pending
Size
26,282 SF
Property subtype
Commercial
Building Details
Year Built
2007
Listing Agency:
WESTLAKE ASSOCIATES, INC.
Listed By:
PETER HIATT
Source:
Corcoran
Added: Apr 7, 2023
Changed: Aug 8
Last Checked: Aug 8 at 12:04PM
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 WESTLAKE ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
The Thomas Northlake Building offers opportunities for owner-users seeking office or biotech lab space, as well as investors aiming to capitalize on the growing life science and office rental markets. The building totals 24,243 net rentable square feet, distributed across three floors, with an average floorplate size of approximately 8,100 square feet. There are also two levels of secured parking with a total of 45 spaces. The first two floors are leased to four separate office and medical tenants with varying lease lengths. These floors feature floor-to-ceiling windows, concrete floors, and industrial finishes. The top floor is built out for biotech use and includes a large patio facing Lake Union.
Key Highlights
- Opportunity for owner‑user or investor in the growing life science and office markets.
- 24,243 SqFt building with flexible office/biotech lab space.
- Top floor built out for Bio‑tech use.
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
$461,398
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
5.43%
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%
$9,227,960
$9.2M
Cap Rate 7%
$6,591,400
$6.6M
Cap Rate 9%
$5,126,644
$5.1M
Market Conditions
NOI Build-Up for 26,282 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
$797.9K $30.36/SF
− Vacancy
−$182.7K −$6.95/SF
EGI
$615.2K $23.41/SF
− OpEx
−$153.8K −$5.85/SF
NOI
$461.4K $17.56/SF
Area
Seattle, WA
Vacancy
22.90%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
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%
$9,227,960
Cap Rate 7%
$6,591,400
Cap Rate 9%
$5,126,644
Alternative Uses
Best Use
Office B
$6.59M
$5.77M – $7.69M
NOI $461,398 @ 7.0% cap · market cap 5.43%
Second Best
Healthcare Medical
$5.40M
$4.72M – $6.30M
NOI $377,780 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$7.91M
$6.92M – $9.22M
NOI $553,491 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,524
Businesses Nearby
Explore this area
Business Placement
Demographics for 98105, WA
49,151
Population
20,582
Households
2.4
Avg Household Size
27
Median Age
77%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
12,934
Density / Sq Mi
$78,691
Median Household Income
$34,947
Median Earnings
$1,803
Median Rent
$1,261,100
Median Home Value
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story building with office, medical, and biotech space for sale.
Where is this office building located?
The property is located at 100 Northlake Seattle, WA.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: Opportunity for owner‑user or investor in the growing life science and office markets.; 24,243 SqFt building with flexible office/biotech lab space.; Top floor built out for Bio‑tech use.
