Retail and Manufacturing
For Sale
$2,550,000
10333 Lake City Way NE, Seattle, WA 98125
7,332 SF property with long-term leases and heavy power.
Property Size7,332 SF
Price / SF$347.79
Days on Market480
Property Features for 10333 Lake City Way NE
General Information
Standard status
Active
Size
7,332 SF
Property subtype
Commercial
Building Details
Year Built
1968
Listing Agency:
NAI PUGET SOUND PROPERTIES
(206) 369-2565
Listed By:
KENT CHANNING · License #9806
Source:
Corcoran
Added: Apr 25, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:01PM
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 NAI PUGET SOUND PROPERTIES
Investment Insights
Based on property information with market context.
This property features a total of 7,332 square feet. Of this, 1,950 square feet are occupied by an i502 retail tenant. The remaining 5,382 square feet are occupied by a Tier 2 producer/processor. The property is equipped with heavy 3-phase power throughout. Long-term leases are currently secured. HVAC, ventilation, and lighting are in place.
Key Highlights
- Incredible 9.75% Cap Rate
- 5,382 SF occupied by a Tier 2 producer/processor
- 1,950 SF occupied by i502 Retail Tenant
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
$149,353
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
5.86%
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%
$2,987,060
$3.0M
Cap Rate 7%
$2,133,614
$2.1M
Cap Rate 9%
$1,659,478
$1.7M
Market Conditions
NOI Build-Up for 7,332 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
$220.0K $30.00/SF
− Vacancy
−$6.6K −$0.90/SF
EGI
$213.4K $29.10/SF
− OpEx
−$64.0K −$8.73/SF
NOI
$149.4K $20.37/SF
Area
ZIP 98125
Vacancy
3.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,987,060
Cap Rate 7%
$2,133,614
Cap Rate 9%
$1,659,478
Alternative Uses
Best Use
Retail
$2.13M
$1.87M – $2.49M
NOI $149,353 @ 7.0% cap · market cap 5.86%
Second Best
Industrial
$1.48M
$1.30M – $1.73M
NOI $103,916 @ 7.0% cap · market cap 4.08%
Theoretical Best
Specialty Retail
$2.37M
$2.07M – $2.76M
NOI $165,564 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
573
Businesses Nearby
Explore this area
Business Placement
Demographics for 98125, WA
42,965
Population
21,493
Households
2
Avg Household Size
37
Median Age
61%
College-Educated
94%
High-School Grad
5.4 sq mi
ZIP Area
7,956
Density / Sq Mi
$96,725
Median Household Income
$61,552
Median Earnings
$1,856
Median Rent
$844,500
Median Home Value
Market
Vacancy Rate% for Industrial in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - 7,332 SF property with long-term leases and heavy power.
Where is this retail space located?
The property is located at 10333 Lake City Way NE Seattle, WA.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: Incredible 9.75% Cap Rate; 5,382 SF occupied by a Tier 2 producer/processor; 1,950 SF occupied by i502 Retail Tenant
