Multi-Tenant Retail Strip
For Sale
Contact for pricing
6408 Latona Ave NE, Seattle, WA 98115
A multi-tenant retail building currently housing four businesses on a 5,465 sq ft lot.
Property Size4,140 SF
Lot Size0.13 Acres
Price / SF$446.86
Days on Market501
Property Features for 6408 Latona Ave NE
General Information
Standard status
Active
Size
4,140 SF
Lot size
0.13 Acres
Property subtype
RETAIL
Building Details
Tenancy
Multi
Listing Agency:
Windermere Real Estate M2 LLC
(425) 319-3125
Listed By:
Nickolas Nicoloudakis
(425) 319-3125
Source:
Moodyscre
Added: Apr 10, 2025
Changed: Aug 21
Last Checked: Aug 23 at 3:11AM
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 Windermere Real Estate M2 LLC
Investment Insights
Based on property information with market context.
A multi-tenant retail strip building offers income-producing space currently home to four retail businesses. The property is situated on a 5,465 sq ft lot and contains 4,140 sq ft of building area.
The building is located at 6408 Latona Ave NE in Seattle. Public remarks indicate recent rezoning allows development up to a height of 40 feet, expanding the building’s potential under current zoning.
Tax ID: 3359500655.
The building is located at 6408 Latona Ave NE in Seattle. Public remarks indicate recent rezoning allows development up to a height of 40 feet, expanding the building’s potential under current zoning.
Tax ID: 3359500655.
Key Highlights
- 4,140 sq ft multi‑tenant retail building currently home to 4 retail businesses
- Located on a 5,465 sq ft lot
- Recent rezoning allows building up to a height of 40 feet
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
$89,054
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
4.81%
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%
$1,781,080
$1.8M
Cap Rate 7%
$1,272,200
$1.3M
Cap Rate 9%
$989,489
$989.5K
Market Conditions
NOI Build-Up for 4,140 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
$131.2K $31.68/SF
− Vacancy
−$3.9K −$0.95/SF
EGI
$127.2K $30.73/SF
− OpEx
−$38.2K −$9.22/SF
NOI
$89.1K $21.51/SF
Area
ZIP 98115
Vacancy
3.00%
Lease Rate
$31.68 /SF/Yr
Expense Ratio
30.00%
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%
$1,781,080
Cap Rate 7%
$1,272,200
Cap Rate 9%
$989,489
Alternative Uses
Best Use
Retail
$1.27M
$1.11M – $1.48M
NOI $89,054 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $116,072 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,720
Businesses Nearby
Explore this area
Business Placement
Demographics for 98115, WA
54,322
Population
24,966
Households
2.2
Avg Household Size
36
Median Age
78%
College-Educated
99%
High-School Grad
6.6 sq mi
ZIP Area
8,231
Density / Sq Mi
$148,190
Median Household Income
$82,332
Median Earnings
$2,118
Median Rent
$1,041,500
Median Home Value
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - A multi-tenant retail building currently housing four businesses on a 5,465 sq ft lot.
Where is this strip mall located?
The property is located at 6408 Latona Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 4,140 sq ft multi‑tenant retail building currently home to 4 retail businesses; Located on a 5,465 sq ft lot; Recent rezoning allows building up to a height of 40 feet
