Shoreline MUR-70 Zoned Land
14861 5th & 6th Ave NE Shoreline, WA 98155
For Sale
$9,627,955
Seven-lot assemblage near light rail station, zoned MUR-70.
Property Size52,043 SF
Price / SF$185
Days on Market1148
Property Features for 14861 5th & 6th Ave NE
General Information
- Standard status
- Active
- Size
- 52,043 SF
Building Details
- Year Built
- 1947
Listing Agency:
WINDERMERE GREENWOOD
Listed By:
JACK MALEK
Source:
Corcoran
Added: Jun 2, 2023
Changed: Mar 16
Last Checked: Jul 23 at 9:39AM
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 WINDERMERE GREENWOOD
Investment Insights
Based on property information with market context.
This is a rare assemblage of seven lots fronting 5th and 6th Avenues NE, zoned MUR-70, allowing for structures up to 7 stories. The property includes the corner at 6th Avenue and 152nd Street. An additional prospective eighth lot at 15124 5th Ave NE could complete the square, creating dimensions of approximately 248' x 240', for an aggregate of 59,483 square feet, or 1.37 acres. Architectural designs and renderings show potential for 268 apartments or condos with street-level commercial space on the seven-lot aggregate, or 297 apartments or condos with street-level commercial space if the eighth lot is included. The property is located in the Light Rail Station Area at 145th Street. Sellers for the seven parcels are organized with a signed memorandum of understanding. A Phase 1 Study has been completed.
Key Highlights
- Located in a Light Rail Station Area (145th St)
- Zoned MUR‑70, allowing for 7‑story development
- Large 7‑lot assemblage (59,483 SF / 1.37 Acres)
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 | $1.56M | $30.00 |
| − Vacancy | −$90.6k | −$1.74 |
| EGI | $1.47M | $28.26 |
| − OpEx | −$661.8k | −$12.72 |
| NOI | $808.9k | $15.54 |
52,043 SF · lease $30.00/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Retail
$13.30M
$11.64M – $15.52M
NOI $930,978 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$11.56M
$10.11M – $13.48M
NOI $808,904 @ 7.0% cap · market cap 8.40%
Theoretical Best
Office A
$20.84M
$18.24M – $24.32M
NOI $1,459,119 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Commercial land
FAQs
What type of property is this?
Commercial land - Seven-lot assemblage near light rail station, zoned MUR-70.
Where is this commercial land located?
The property is located at 14861 5th & 6th Ave NE Shoreline, WA.
What is the asking price?
The asking price for this property is $9,627,955.
What are key features of this property?
This property features: Located in a Light Rail Station Area (145th St); Zoned MUR‑70, allowing for 7‑story development; Large 7‑lot assemblage (59,483 SF / 1.37 Acres)
