Mixed-Use Retail and Office
For Sale
Contact for pricing
4517 University Way NE, Seattle, WA 98105
Ground-floor retail with second-floor office space in a 1920s masonry mixed-use property.
Property Size19,659 SF
Price / SF$178.04
Days on Market1477
Property Features for 4517 University Way NE
General Information
Standard status
Active
Size
19,659 SF
Property subtype
RETAIL
Building Details
Stories
2
Construction
1920s masonry
Listing Agency:
Lee & Associates Commercial Real Estate Services
(425) 301-4422
Listed By:
Troy Gessel
(425) 301-4422
Source:
Moodyscre
Added: Jul 15, 2022
Changed: Jul 26
Last Checked: Jul 29 at 3:28PM
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 Lee & Associates Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This classic 1920s masonry mixed-use building offers ground-floor retail space with offices above on the second floor. The property is configured for a retail-and-office vertical setup, providing separate uses within one structure.
The building is prominently located on the west side of the University between 45th and 47th streets. It sits near the University of Washington.
Second-floor office space is available for an owner-user scenario, with potential sized up to 6,184 square feet, depending on how the space is utilized.
The building is prominently located on the west side of the University between 45th and 47th streets. It sits near the University of Washington.
Second-floor office space is available for an owner-user scenario, with potential sized up to 6,184 square feet, depending on how the space is utilized.
Key Highlights
- 1920s masonry mixed‑use property with ground‑floor retail and second‑floor offices
- Prominently located on the west side of the University between 45th and 47th streets
- Second‑floor office space can be used for an owner‑user with up to 6,184 SF
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 | $431.7k | $21.96 |
| − Vacancy | −$13.0k | −$0.66 |
| EGI | $418.8k | $21.30 |
| − OpEx | −$125.6k | −$6.39 |
| NOI | $293.1k | $14.91 |
19,659 SF · lease $21.96/SF/yr · vacancy 3.00% · expense 30.00%
Alternative Uses
Best Use
Office B
$4.93M
$4.31M – $5.75M
NOI $345,127 @ 7.0% cap · market cap 9.86%
Second Best
Retail
$4.19M
$3.66M – $4.89M
NOI $293,132 @ 7.0% cap · market cap 8.38%
Theoretical Best
Office A
$5.91M
$5.18M – $6.90M
NOI $414,013 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,515
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98105, WA
49,151
Population
20,582
Households
2.4
Avg Household Size
27
Median Age
77%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
12,934
Density / Sq Mi
$78,691
Median Household Income
$34,947
Median Earnings
$1,803
Median Rent
$1,261,100
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?
Storefront property - Ground-floor retail with second-floor office space in a 1920s masonry mixed-use property.
Where is this storefront property located?
The property is located at 4517 University Way NE Seattle, WA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 1920s masonry mixed‑use property with ground‑floor retail and second‑floor offices; Prominently located on the west side of the University between 45th and 47th streets; Second‑floor office space can be used for an owner‑user with up to 6,184 SF
