Listing Agency: RE/MAX Northwest Realtors Show Phone

Listed By: Mike Peters Show Phone

Source: Moodyscre

Added: Oct 12 Changed: Oct 16 Last Checked: Oct 16 at 5:46AM

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Investment Insights

Based on property information with market context.

This live-work condominium offers 692 square feet of space plus a 185-square-foot loft. Its double-height main room can serve as living or office space, with a kitchen, separate bedroom, full bathroom, and storage along the rear hallway. The entry area has served as reception space, and two tandem parking spaces are included in a secure garage.

The unit fronts 15th Avenue NE in Seattle, with I-5, Northgate Station, and transit options nearby. Restaurants, shopping, and transit are within one mile.

Key Highlights

• 692‑square‑foot unit with an additional 185‑square‑foot loft
• Double‑height main room, kitchen, separate bedroom, and full bathroom
• Two tandem parking spaces in a secure garage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,911

Cap Rate

3.72%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$238,220 $238.2K

Cap Rate 7%

$170,157 $170.2K

Cap Rate 9%

$132,344 $132.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 692 SF

Gross rent

$20.8K $30.00/SF

− Vacancy

−$4.9K −$7.05/SF

EGI

$15.9K $22.95/SF

− OpEx

−$4.0K −$5.74/SF

NOI

$11.9K $17.21/SF

Area

ZIP 98125

Vacancy

23.50%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$238,220

Cap Rate 7%

$170,157

Cap Rate 9%

$132,344

Alternative Uses

Best Use

Office B

$170.2K

$148.9K – $198.5K (±1% cap)

NOI $11,911 @ 7.0% cap · market cap 3.72%

Second Best

Mixed Use

$150.1K

$131.3K – $175.1K (±1% cap)

NOI $10,505 @ 7.0% cap · market cap 3.28%

Theoretical Best

Specialty Retail

$223.2K

$195.3K – $260.4K (±1% cap)

NOI $15,626 @ 7.0% cap · market cap 4.88%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Live-work space

Suggested Use

Top Pick HVAC Service (Bike/Boat/Book/etc) Store Garden Center Home Appliance Store Plumbing Service Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

850

Businesses Nearby

Explore this area Business Placement

Demographics for 98125, WA

42,965

Population

21,493

Households

2

Avg Household Size

37

Median Age

61%

College-Educated

94%

High-School Grad

5.4 sq mi

ZIP Area

7,956

Density / Sq Mi

$96,725

Median Household Income

$61,552

Median Earnings

$1,856

Median Rent

$844,500

Median Home Value

Market

Vacancy Rate% for Office in Seattle, WA

8.5% 2019

13.4% 2020

17.6% 2021

19.5% 2022

24.3% 2023

30% 2024

32.3% 2025

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Frequently Asked Questions

What type of property is this?

Live-work space - A kitchen, bedroom, full bath, and flexible workspace accommodate residential, business, or combined use.

Where is this live-work space located?

The property is located at 12534 15th Ave NE Seattle, WA.

What is the asking price?

The asking price for this property is $319,950.

What are key features of this property?

This property features: 692‑square‑foot unit with an additional 185‑square‑foot loft; Double‑height main room, kitchen, separate bedroom, and full bathroom; Two tandem parking spaces in a secure garage