11427-11429 Rainier Ave S, Seattle, WA 98178
Corner building with four retail units and three apartments, fully renovated in 2020 and operating at 100% occupancy.
- Added:
- Jun 4, 2026
- Days on Market:
- 12
- Last Refresh:
- Jun 13 at 2:00 am
Property Features for 11427-11429 Rainier Ave S
General Information
- Standard status
- Active
- Size
- 6,440 SF
- Property subtype
- RETAIL
Listing agent Kyle Sterling (425) 586-5608
Listing office NAI Puget Sound Properties (425) 586-5608
Listing date Jun 4, 2026
Source Moodyscre
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All listing content including descriptions, pricing, images are the copyrighted material of NAI Puget Sound Properties
HighLights
- 6,440 SF corner building on Rainier Ave South with 4 retail units and 3 apartment units
- 100% occupancy across all seven units; all tenants recently signed new leases or renewed
- Brand new 5‑year NNN lease on the corner restaurant space
- Fully renovated in 2020, including remodel of every unit plus new roof, HVAC, and lighting
- Attractive current cap rate of 7.16%
Overview
The property is positioned as a corner restaurant space with a brand new five-year NNN lease, and it benefits from excellent frontage along Rainier Ave S. This combination of retail and residential units supports multiple streams of income within one ownership structure.
For buyers seeking an operational, low-maintenance asset, the current configuration offers immediate cash flow supported by 100% occupancy across all seven units. The recent upgrades and comprehensive 2020 renovation reduce near-term capital concerns, while the retail-residential mix provides flexibility for tenanting and daily operations under one roof.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $173.9k | $27.00 |
| − Vacancy | −$7.8k | −$1.22 |
| EGI | $166.1k | $25.79 |
| − OpEx | −$49.8k | −$7.74 |
| NOI | $116.2k | $18.05 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.221265
- Latitude
- 47.500362
