Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5840-5890 Airport Way S Seattle, WA 98108

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Restored brick building with modern amenities and natural light.

    Property size:
    1,527 SF
    Lot size:
    1.73 Acres

    Property Features for 5840-5890 Airport Way S

    General Information

    Size
    1,527 SF
    Lot size
    1.73 Acres

    We can help!

    Listing Contact
    Macgregor Miller
    Macgregor Miller
    Source: Moodyscre

    Listing Agency: Lee & Associates Commercial Real Estate Services Listing Agent: Macgregor Miller

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Old Rainier Brewery Space

    The historic Old Rainier Brewery property comprises three brick buildings situated parallel to Airport Way. These buildings are characterized by an abundance of natural light, which streams through towering glass windows set within an artfully restored 1910 brick facade. The interiors showcase exposed wood beams, brick, and artful mortar, complemented by modern amenities such as HVAC and lighting. Common areas and gathering spaces are easily accessible from all spaces. The property offers free bike storage, and pay parking is available. The available space is 685 square feet. The property is suitable for flex space, industrial, creative, and office uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Hair Salon Auto Repair Shop Big Box & Wholesale Store Nail Salon

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

    Similar Places Nearby

    Foodz Factory, nataliesffts, Conscious Eatery

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.3178713
    Latitude
    47.550661

    Nearby Similar for Lease

    • New
      Contact for pricing

      Seattle City

      Discover many ways to work your way in Seattle City
      1420 5Th Ave, Seattle, WA 98101
      View Details
    • Contact for pricing

      WA, Seattle- 1601 5th Avenue

      Workspaces, services and support to help you grow your business in WA, Seattle- 1601 5th Avenue
      1601 5Th Ave, Seattle, WA 98101
      View Details
    • New
      Contact for pricing

      Spaces 2 AND U

      Find fully flexible work and meeting space in TX, Plano - Spaces West Plano Village
      1201 2Nd Ave, Seattle, WA 98101
      View Details
    • New
      Contact for pricing

      Spaces Pioneer Square

      Find fully flexible work and meeting space in Spaces Pioneer Square
      450 Alaskan Way, Seattle, WA 98104
      View Details
    • New
      Contact for pricing

      WA, Seattle - 5th Ave NE

      Discover many ways to work your way in WA, Seattle - 5th Ave NE
      10202 5Th Ave, Seattle, WA 98125
      View Details
    • Sponsored
      New
      Contact for pricing

      WA, Seattle - 2nd Ave

      Flexible workspace in WA, Seattle - 2nd Ave
      2815 Seattle St, Seattle, WA 98121
      View Details
    • New
      Contact for pricing

      WA, Seattle - Gem Plaza

      Discover many ways to work your way in WA, Seattle - Gem Plaza
      221 1St Ave, Seattle, WA 98119
      View Details
    • $8,040 /Mo
      6,991 SF

      Warehouse/Office/Flex Space Available

      5,383 SF warehouse/office/flex space for rent. SODO location.
      624 Lander St, Seattle, WA 98134
      View Details
    • New
      Contact for pricing

      Smith Tower

      Discover many ways to work your way in Smith Tower
      506 2Nd Ave, Seattle, WA 98104
      View Details
    • New
      Contact for pricing

      Columbia Center

      Discover many ways to work your way in Columbia Center
      701 5Th Ave, Seattle, WA 98104
      View Details
    • New
      Contact for pricing

      Plaza 600

      Discover many ways to work your way in Plaza 600
      600 Stewart St, Seattle, WA 98101
      View Details
    • $1,926 /Mo
      1,651 SF

      Villa Flora Commercial Space

      Ground-floor commercial space in North Seattle's Pinehurst neighborhood.
      12317 15Th Ave NE, Seattle, WA 98125
      View Details

    FAQs

    What type of property is this?
    Flex space - Restored brick building with modern amenities and natural light.
    Where is this flex space located?
    The property is located at 5840-5890 Airport Way S Seattle, WA.
    What are key features of this property?
    This property features: - Historic Old Rainier Brewery property with artfully restored 1910 brick facade.; - Abundance of natural light through towering glass windows.; - Interiors feature exposed wood beams and brick.
    (206) 979-5992 Call to check price and availability
    Request Owner's contact information
    5840-5890 Airport Way S Seattle, WA 98108
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    5840-5890 Airport Way S
    Seattle, WA 98108
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5840-5890 Airport Way S Seattle, WA 98108
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Macgregor Miller
    Macgregor Miller
    (206) 979-5992 (425) 454-4242
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!