Greenlake Commercial Condo For
For Sale
$625,000
Pending
7320 Green Lake Drive N, Seattle, WA 98115
Commercial condo with street exposure in vibrant Greenlake area.
Property Size1,358 SF
Days on Market499
Property Features for 7320 Green Lake Drive N
General Information
Standard status
Pending
Size
1,358 SF
Property subtype
Commercial
Building Details
Year Built
1972
Listing Agency:
EWING & CLARK COMM'L BROKERAGE
(206) 612-7877
Listed By:
PETER ARGERES
Source:
Corcoran
Added: Apr 2, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:46AM
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 EWING & CLARK COMM'L BROKERAGE
Investment Insights
Based on property information with market context.
This commercial condominium unit, totaling 1,358 square feet, is located in the Greenlake area. The unit features a reception area, five offices, a kitchen, and two bathrooms. The property includes three parking stalls at the front door, plus one deeded parking stall in the garage. It is situated across the street from Greenlake, near a Starbucks and the library. The property is suitable for both owner-users and investors. The HOA dues are $837 per month. The unit will be delivered vacant at closing.
Key Highlights
- Excellent street exposure in a vibrant Greenlake location, across from the lake, near Starbucks and the Library.
- Includes 3 parking stalls, one of which is deeded in the garage.
- Suitable for owner‑user or investor.
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
$28,636
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
4.58%
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%
$572,720
$572.7K
Cap Rate 7%
$409,086
$409.1K
Cap Rate 9%
$318,178
$318.2K
Market Conditions
NOI Build-Up for 1,358 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
$48.9K $36.00/SF
− Vacancy
−$10.7K −$7.88/SF
EGI
$38.2K $28.12/SF
− OpEx
−$9.5K −$7.03/SF
NOI
$28.6K $21.09/SF
Area
ZIP 98115
Vacancy
21.90%
Lease Rate
$36.00 /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%
$572,720
Cap Rate 7%
$409,086
Cap Rate 9%
$318,178
Alternative Uses
Best Use
Office B
$409.1K
$358.0K – $477.3K
NOI $28,636 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$543.9K
$475.9K – $634.6K
NOI $38,074 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 98115, WA
54,322
Population
24,966
Households
2.2
Avg Household Size
36
Median Age
78%
College-Educated
99%
High-School Grad
6.6 sq mi
ZIP Area
8,231
Density / Sq Mi
$148,190
Median Household Income
$82,332
Median Earnings
$2,118
Median Rent
$1,041,500
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?
Office units - Commercial condo with street exposure in vibrant Greenlake area.
Where is this office units located?
The property is located at 7320 Green Lake Drive N Seattle, WA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Excellent street exposure in a vibrant Greenlake location, across from the lake, near Starbucks and the Library.; Includes 3 parking stalls, one of which is deeded in the garage.; Suitable for owner‑user or investor.
