Street-Front Live-Work
New
For Sale
$349,950
12536 15th Avenue, Seattle, WA 98125
Flexible condominium layout includes a loft, private bedroom, full bath, and tandem parking.
Property Size877 SF
Price / SF$399.03
Days on Market7
Property Features for 12536 15th Avenue
General Information
Standard status
Active
Size
877 SF
Total Parking Spaces
2
Property subtype
General Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,025
Amenities
Central Air, Heat Pump
3
2 Parking Spaces.
Building Details
Year Built
2002
Listing Agency:
RE/MAX Northwest
(206) 522-5500
Listed By:
Mike Peters
Source:
Xome
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 9:36AM
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 RE/MAX Northwest
Investment Insights
Based on property information with market context.
This street-front live-work condominium combines professional workspace and residential functionality in a flexible two-level layout. The main level contains 692 square feet, complemented by a 185-square-foot loft. Interior features include a reception-ready entry, double-height living room, kitchen, private bedroom, full bath, and rear hallway storage. Central air and a heat pump support year-round comfort, and the condominium was built in 2002.
The property is in Seattle near I-5, Northgate Station, and the NE 130th Street Light Rail Station. Restaurants, shopping, parks, transit, and light rail are all within approximately one mile. Two tandem parking spaces are included, adding practical convenience for the owner or occupants.
The property is in Seattle near I-5, Northgate Station, and the NE 130th Street Light Rail Station. Restaurants, shopping, parks, transit, and light rail are all within approximately one mile. Two tandem parking spaces are included, adding practical convenience for the owner or occupants.
Key Highlights
- Street‑front live‑work condominium in Seattle
- 692‑square‑foot main level plus 185‑square‑foot loft
- Double‑height living room with kitchen, bedroom, full bath, and storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,095
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.31%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$301,900
$301.9K
Cap Rate 7%
$215,643
$215.6K
Cap Rate 9%
$167,722
$167.7K
Market Conditions
NOI Build-Up for 877 SF
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.
Gross rent
$26.3K $30.00/SF
− Vacancy
−$6.2K −$7.05/SF
EGI
$20.1K $22.95/SF
− OpEx
−$5.0K −$5.74/SF
NOI
$15.1K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$301,900
Cap Rate 7%
$215,643
Cap Rate 9%
$167,722
Alternative Uses
Best Use
Office B
$215.6K
$188.7K – $251.6K
NOI $15,095 @ 7.0% cap · market cap 4.31%
Second Best
Mixed Use
$190.2K
$166.4K – $221.9K
NOI $13,313 @ 7.0% cap · market cap 3.80%
Theoretical Best
Specialty Retail
$282.9K
$247.6K – $330.1K
NOI $19,804 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
675
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Flexible condominium layout includes a loft, private bedroom, full bath, and tandem parking.
Where is this live-work space located?
The property is located at 12536 15th Avenue Seattle, WA.
What is the asking price?
The asking price for this property is $349,950.
What are key features of this property?
This property features: Street‑front live‑work condominium in Seattle; 692‑square‑foot main level plus 185‑square‑foot loft; Double‑height living room with kitchen, bedroom, full bath, and storage
