Flex Space Building on Corner
For Sale
Contact for pricing
108 S 108th St, Seattle, WA 98168
Corner lot flex space with remodeled light industrial layout, multiple offices, kitchen, and a warehouse with 3-phase power.
Property Size6,000 SF
Price / SF$499.50
Days on Market159
Property Features for 108 S 108th St
General Information
Standard status
Active
Size
6,000 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Warehouse Space
1,380 SF
Drive-In Doors
1
Three-Phase Power
Yes
Additional Details
Fenced Yard
Yes
Building Details
Year Renovated
2022
Stories
2
Listing Agency:
eXp Realty, LLC
(425) 999-7721
Listed By:
Susan Ward
(425) 999-7721
Source:
Moodyscre
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 10 at 8:04AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Flex space building on a corner lot at 108 S 108th St, Seattle, WA 98168, combining light industrial and office use. The building was remodeled in 2022 and features multiple office spaces and a kitchen, along with a warehouse area designed for exterior, grade-level loading.
Warehouse improvements include 3-phase power and a 12x12 ft roll-up door with exterior grade level loading. Downstairs includes an additional 1,380 sq ft of warehouse space.
There is also a residential component upstairs: 2 apartments, each with 690 sq ft and 1 bed/1 bath. A new roof was installed in 2021. The exterior is described as low-maintenance with Rainscreen performance, and the property includes a large fenced-in parking lot with some covered area. Floorplan is available, and the owner is currently occupied with occupancy negotiable.
Warehouse improvements include 3-phase power and a 12x12 ft roll-up door with exterior grade level loading. Downstairs includes an additional 1,380 sq ft of warehouse space.
There is also a residential component upstairs: 2 apartments, each with 690 sq ft and 1 bed/1 bath. A new roof was installed in 2021. The exterior is described as low-maintenance with Rainscreen performance, and the property includes a large fenced-in parking lot with some covered area. Floorplan is available, and the owner is currently occupied with occupancy negotiable.
Key Highlights
- Corner lot flex space building remodeled in 2022 with multiple office spaces and a kitchen
- Warehouse with 3‑phase power and a 12x12 ft roll‑up door for exterior grade level loading
- New roof installed in 2021
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
$105,334
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
3.51%
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%
$2,106,680
$2.1M
Cap Rate 7%
$1,504,771
$1.5M
Cap Rate 9%
$1,170,378
$1.2M
Market Conditions
NOI Build-Up for 6,000 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
$182.2K $30.36/SF
− Vacancy
−$41.7K −$6.95/SF
EGI
$140.4K $23.41/SF
− OpEx
−$35.1K −$5.85/SF
NOI
$105.3K $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%
$2,106,680
Cap Rate 7%
$1,504,771
Cap Rate 9%
$1,170,378
Alternative Uses
Best Use
Office B
$1.50M
$1.32M – $1.76M
NOI $105,334 @ 7.0% cap · market cap 3.51%
Second Best
Warehouse
$942.1K
$824.3K – $1.10M
NOI $65,947 @ 7.0% cap · market cap 2.20%
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,358 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98168, WA
36,389
Population
13,338
Households
2.7
Avg Household Size
37
Median Age
24%
College-Educated
79%
High-School Grad
8.8 sq mi
ZIP Area
4,135
Density / Sq Mi
$84,937
Median Household Income
$44,630
Median Earnings
$1,724
Median Rent
$500,600
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?
Flex space - Corner lot flex space with remodeled light industrial layout, multiple offices, kitchen, and a warehouse with 3-phase power.
Where is this flex space located?
The property is located at 108 S 108th St Seattle, WA.
What is the asking price?
The asking price for this property is $2,997,000.
What are key features of this property?
This property features: Corner lot flex space building remodeled in 2022 with multiple office spaces and a kitchen; Warehouse with 3‑phase power and a 12x12 ft roll‑up door for exterior grade level loading; New roof installed in 2021
