SeaTac Investment Opportunity For
For Sale
$695,000
Pending
14463 Military Rd S, Tukwila, WA 98168
1,152 SF facility in SeaTac, offering versatile development possibilities.
Property Size1,152 SF
Days on Market658
Property Features for 14463 Military Rd S
General Information
Standard status
Pending
Size
1,152 SF
Property subtype
Commercial
Building Details
Year Built
1949
Listing Agency:
COLDWELL BANKER BAIN-KENT
Listed By:
KEITH MCKINNEY
Source:
Corcoran
Added: Nov 21, 2024
Changed: Jul 6
Last Checked: Sep 10 at 5:51AM
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 COLDWELL BANKER BAIN-KENT
Investment Insights
Based on property information with market context.
This 1,152 SF facility, originally built in 1949 and fully renovated in 1965, presents a prime investment opportunity in SeaTac. It served as a medical office until October 2024 and still offers a solid foundation for medical or dental office use. Zoned UH-900, the property presents versatile possibilities for investors seeking a multi-family development opportunity in a strategic location. Situated in the heart of SeaTac, this property enjoys premier visibility and accessibility within a dynamic commercial district and offers ample space for customization and growth.
Key Highlights
- Prime investment opportunity in SeaTac with versatile UH‑900 zoning.
- Strategic location in a dynamic commercial district with premier visibility and accessibility.
- Potential for multi‑family development.
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
$24,292
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
3.50%
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%
$485,840
$485.8K
Cap Rate 7%
$347,029
$347.0K
Cap Rate 9%
$269,911
$269.9K
Market Conditions
NOI Build-Up for 1,152 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
$41.5K $36.00/SF
− Vacancy
−$9.1K −$7.88/SF
EGI
$32.4K $28.12/SF
− OpEx
−$8.1K −$7.03/SF
NOI
$24.3K $21.09/SF
Area
King County, WA
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%
$485,840
Cap Rate 7%
$347,029
Cap Rate 9%
$269,911
Alternative Uses
Best Use
Office B
$347.0K
$303.7K – $404.9K
NOI $24,292 @ 7.0% cap · market cap 3.50%
Second Best
Healthcare Medical
$218.1K
$190.8K – $254.5K
NOI $15,267 @ 7.0% cap · market cap 2.20%
Theoretical Best
Office A
$461.4K
$403.7K – $538.3K
NOI $32,298 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
466
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 1,152 SF facility in SeaTac, offering versatile development possibilities.
Where is this medical office space located?
The property is located at 14463 Military Rd S Tukwila, WA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Prime investment opportunity in SeaTac with versatile UH‑900 zoning.; Strategic location in a dynamic commercial district with premier visibility and accessibility.; Potential for multi‑family development.
