South Seattle Retail Investment
4850 37th Ave S Seattle, WA 98118
For Sale
$2,200,000
Multi-tenant retail strip center in Columbia City neighborhood.
Property Size5,326 SF
Price / SF$413.07
Days on Market542
Property Features for 4850 37th Ave S
General Information
Standard status
Active
Size
5,326 SF
Building Details
Year Built
1959
Listing Agency:
JOHN L. SCOTT - KENT
Listed By:
ANTONIO LOPEZ
Source:
Corcoran
Added: Feb 3, 2025
Changed: Mar 16
Last Checked: Jul 30 at 6:37AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
NOI $121,509 @ 7.0% cap · market cap 5.52%
Second Best
Office B
$1.38M
$1.21M – $1.61M
NOI $96,587 @ 7.0% cap · market cap 4.39%
Theoretical Best
Specialty Retail
$1.92M
$1.68M – $2.24M
NOI $134,143 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
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.
