Ballard Mixed-Use Investment
For Sale
$2,000,000
1471 85th St, Seattle, WA 98117
Mixed-use building in Ballard with high foot traffic and income potential.
Property Size8,229 SF
Price / SF$243.04
Days on Market480
Property Features for 1471 85th St
General Information
Standard status
Active
Size
8,229 SF
Property subtype
Commercial
Building Details
Year Built
1949
Listing Agency:
REAL PROPERTY ASSOCIATES
Listed By:
ERIC NISSEN
Source:
Corcoran
Added: Apr 8, 2025
Changed: Jul 6
Last Checked: Jul 30 at 7:38AM
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 REAL PROPERTY ASSOCIATES
Investment Insights
Based on property information with market context.
This mixed-use building in Ballard presents an investment opportunity, offering 8458 rentable square feet. The property features three retail units on the street level and a large residential apartment on the second floor. Two of the retail spaces are currently occupied by long-term tenants, while one 1500 square foot unit is vacant. The restaurant and upstairs tenant operate on a month-to-month basis. The hookah lounge has a lease in place until 2028, with an option to extend. Situated next to Safeway at a busy intersection, the location benefits from high exposure and significant foot traffic. Rents are currently under market value, and pro forma financials have been used for the vacant unit.
Key Highlights
- High‑traffic location next to Safeway at a busy intersection.
- Significant investment opportunity with 8458 rentable square feet.
- Mixed‑use building featuring 3 street‑level units and 1 large residential apartment.
Financial Insights For Apartment 5plus
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 | $261.7k | $31.80 |
| − Vacancy | −$9.2k | −$1.11 |
| EGI | $252.5k | $30.69 |
| − OpEx | −$113.6k | −$13.81 |
| NOI | $138.9k | $16.88 |
8,229 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.74M – $2.31M
NOI $138,888 @ 7.0% cap · market cap 6.94%
Second Best
Retail
$1.75M
$1.53M – $2.05M
NOI $122,701 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,300 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Explore this area
Business Placement
Demographics for 98117, WA
35,608
Population
15,230
Households
2.3
Avg Household Size
39
Median Age
75%
College-Educated
98%
High-School Grad
3.9 sq mi
ZIP Area
9,130
Density / Sq Mi
$182,500
Median Household Income
$95,616
Median Earnings
$2,197
Median Rent
$1,028,100
Median Home Value
Market
Properties on Market for Mixed-use properties in King County
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building in Ballard with high foot traffic and income potential.
Where is this mixed-use property located?
The property is located at 1471 85th St Seattle, WA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: High‑traffic location next to Safeway at a busy intersection.; Significant investment opportunity with 8458 rentable square feet.; Mixed‑use building featuring 3 street‑level units and 1 large residential apartment.
