Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Seattle Development Project with Permits Title is generated by Realmo AI

    10516 Lake City Way NE, Seattle, WA 98125

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,990,000

    Development project with permits for 18-unit apartment in Seattle.

    Type:Commercial
    Added:
    Apr 17, 2025
    Days on Market:
    400
    Last Refresh:
    Apr 5 at 8:44 pm

    Property Features for 10516 Lake City Way NE

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1948

    We can help!

    Listing Contact
    LARRY WILCYNSKI

    Listing agent LARRY WILCYNSKI

    Listing office WINDERMERE R.E. MIDTOWN LAKEVIEW

    Listing date Apr 17, 2025

    Source Corcoran

    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 R.E. MIDTOWN LAKEVIEW

    HighLights

    • Prime Seattle location near major transit, retail, dining, and entertainment, including the Northgate Station redevelopment.
    • Existing building permits in place for an 18‑unit apartment development.
    • NC3‑55 (M) zoning offers potential for increased density beyond the current plan.
    • Existing structure features soaring ceilings with exposed timber beams.
    • Includes 26 parking stalls.
    • Adaptive reuse project with existing structure and desirable unit mix.

    Overview

    This development project is underway in a Seattle location. Existing building permits are available to complete an 18-unit apartment building. The NC3-55 (M) zoning offers potential for increased density. The existing structure and plan, adapted from the Don Willis furniture store and warehouse, features a unit mix, soaring ceilings with exposed timber beams, and 26 parking stalls. The property is located near major transit options, retail, dining, and entertainment, including the 41-acre Northgate Station redevelopment. This project offers momentum and potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.301
    Latitude
    47.7053

    Nearby Similar for Sale

    • $1,300,000

      Seattle Triplex with Upside Potential

      Solid triplex in reliably rented neighborhood with tenant stability.
      3438 14th Avenue W, Seattle, WA 98119
      View Details
    • $2,850,000
      7,842 SF

      Seattle Retail/Warehouse Opportunity on Arterial

      7,842 SF commercial building on 0.32 acres in Seattle.
      1500 NW Leary Wy, Seattle, WA 98107
      View Details
    • $699,000

      Updated Property with Warehouse Building

      Updated mixed-use property with detached warehouse in prime location.
      10041 15th Avenue SW, Seattle, WA 98146
      View Details
    • $635,000
      1,509 SF

      Versatile Commercial Condo in Seattle

      1,509 SF vacant condo in high-traffic Seattle location.
      2929 1st Ave, Seattle, WA 98121
      View Details
    • $8,950,000
      35,869 SF

      Seattle Industrial Building For Sale

      35,869 SF industrial building in desirable Georgetown area.
      1915 S Corgiat Dr, Seattle, WA 98108
      View Details
    • $1.00
      8,358 SF

      Georgetown Office/Flex Space Available

      High-quality, divisible office/flex space in dynamic Georgetown neighborhood.
      6363 7th Ave S, Seattle, WA 98108
      View Details
    • $8,950,000
      35,869 SF

      Seattle Industrial Building For Sale

      35,869 SF industrial building in desirable Georgetown area.
      1915 S Corgiat Dr, Seattle, WA 98108
      View Details
    • $865,000

      Corner Lot Stand-Alone Building

      Corner lot building in Bryant neighborhood with redevelopment potential.
      7000 35th Ave NE, Seattle, WA 98115
      View Details
    • $1,575,000
      3,847 SF

      Warehouse/Flex Building in Georgetown

      3,847 SF warehouse/flex building with fenced storage in Seattle.
      6349 6th Ave S, Seattle, WA 98108
      View Details
    • $9,250,000
      19,669 SF

      Upper Queen Anne Office Building

      Modern office building with rooftop deck and parking.
      20 W Galer St, Seattle, WA 98119
      View Details
    • $3,700,000
      6,669 SF

      Seattle Church Building For Sale

      6,669 SF church on .82-acre in Rainier Valley.
      7550 Martin Luther King Jr Way S, Seattle, WA 98118
      View Details
    • $1,299,950

      Street-Front Condo Unit for Sale

      Own your space! Ideal for retail or professional services.
      5230 California Avenue SW #COML2, Seattle, WA 98136
      View Details

    FAQs

    What type of property is this?
    Apartment building - Development project with permits for 18-unit apartment in Seattle.
    Where is this apartment building located?
    The property is located at 10516 Lake City Way NE Seattle, WA.
    What is the asking price?
    The asking price for this property is $1,990,000.
    What are key features of this property?
    This property features: Prime Seattle location near major transit, retail, dining, and entertainment, including the Northgate Station redevelopment.; Existing building permits in place for an 18‑unit apartment development.; NC3‑55 (M) zoning offers potential for increased density beyond the current plan.
    (206) 527-5445
    We can help!
    Listing Contact
    LARRY WILCYNSKI
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    10516 Lake City Way NE, Seattle, WA 98125
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!