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    South Seattle Retail Investment Opportunity Title is generated by Realmo AI

    4850 37th Ave S, Seattle, WA 98118

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    Claim this Listing
    For Sale
    $2,200,000

    Multi-tenant retail strip center in Columbia City neighborhood.

    Property size:
    5,326 SF
    Price / SF:
    $413/SF
    Added:
    Feb 3, 2025
    Days on Market:
    497
    Last Refresh:
    Mar 16 at 9:08 am

    Property Features for 4850 37th Ave S

    General Information

    Standard status
    Active
    Size
    5,326 SF

    Building Details

    Year Built
    1959

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    Listing Contact
    ANTONIO LOPEZ

    Listing agent ANTONIO LOPEZ

    Listing office JOHN L. SCOTT - KENT

    Listing date Feb 3, 2025

    Source Corcoran

    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 JOHN L. SCOTT - KENT

    HighLights

    • Prime retail location in the vibrant Columbia City neighborhood of South Seattle.
    • High visibility and strong pedestrian traffic due to proximity to Rainier Ave S.
    • Multi‑tenant retail strip center with 5,362 SF of rentable space.
    • Includes 4,280 SF of retail space and 1,082 SF of office space.
    • Easy accessibility to public transit and major roadways.
    • Zoning: NC3‑40 (Neighborhood Commercial, allowing for mixed‑use development).

    Overview

    Located in the Columbia City neighborhood of South Seattle, the property at 4850 37th Ave S is a retail investment opportunity. The multi-tenant retail strip center provides 5,362 square feet of rentable space, including 4,280 square feet of retail space and 1,082 square feet of office space. The property benefits from high visibility and proximity to Rainier Ave S, with pedestrian traffic and accessibility to public transit and major roadways. Built in 1959 and renovated in 1975, the building is of masonry construction and sits on a 6,600 square foot lot. The zoning is NC3-40 (Neighborhood Commercial), which allows for mixed-use development.

    Local Financial Insights For Retail

    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 $179.0k $33.60
    − Vacancy −$5.4k −$1.01
    EGI $173.6k $32.59
    − OpEx −$52.1k −$9.78
    NOI $121.5k $22.81
    5,326 SF · lease $33.60/SF/yr · vacancy 3.00% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $1.74M
    $1.52M – $2.03M (±1% cap)
    NOI $121,509 @ 7.0% cap · market cap 5.52%
    Second Best
    Office B
    $1.38M
    $1.21M – $1.61M (±1% cap)
    NOI $96,587 @ 7.0% cap · market cap 4.39%
    Theoretical Best
    Specialty Retail
    $1.92M
    $1.68M – $2.24M (±1% cap)
    NOI $134,143 @ 7.0% cap · market cap 6.10%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Books4cars.com - Automotive Book ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.286
    Latitude
    47.5584

    FAQs

    What type of property is this?
    Strip mall - Multi-tenant retail strip center in Columbia City neighborhood.
    Where is this strip mall located?
    The property is located at 4850 37th Ave S Seattle, WA.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: Prime retail location in the vibrant Columbia City neighborhood of South Seattle.; High visibility and strong pedestrian traffic due to proximity to Rainier Ave S.; Multi‑tenant retail strip center with 5,362 SF of rentable space.
    More about this property
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