Seattle NNN Investment
For Sale
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13036 Lake City Way NE, Seattle, WA 98125
NNN leased auto facility with long-term tenant and redevelopment potential.
Property Size8,586 SF
Price / SF$378.52
Days on Market145
Property Features for 13036 Lake City Way NE
General Information
Standard status
Active
Size
8,586 SF
Total Parking Spaces
45
Property subtype
Industrial
Zoning
NC3-55(m)
Lease Type
NNN
Investment Type
Net Lease
Building Details
Year Built
161
Buildings
4
Stories
1
Units
4
Tenancy
Single
Listing Agency:
Windermere Real Estate
(425) 338-0600
Listed By:
Duane Petzoldt · License #WA 133158
Source:
Crexi
Added: Mar 20
Changed: Aug 8
Last Checked: Aug 10 at 3:30PM
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
Investment Insights
Based on property information with market context.
This Seattle property presents an NNN investment opportunity, offering stable income from a long-term tenant. The property is leased to Classic Collision through September 2031, with three five-year extension options available. The current base rent is $162,000, with annual increases of 3%. The property is a functional multi-building auto facility located on high-traffic Lake City Way NE, providing strong visibility and access to I-5, Northgate, and the University District. The property is zoned NC3-55 (M), which allows for mixed-use redevelopment up to 55 feet, creating future flexibility and land value upside. The property is 8586 square feet. It is positioned in a supply-constrained Seattle market.
Key Highlights
- Long‑term lease to Classic Collision through September 2031 with extension options, ensuring stable income.
- Annual 3% rent increases, growing the cap rate.
- High‑traffic location on Lake City Way NE with strong visibility and excellent access.
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
$174,897
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
5.38%
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%
$3,497,940
$3.5M
Cap Rate 7%
$2,498,529
$2.5M
Cap Rate 9%
$1,943,300
$1.9M
Market Conditions
NOI Build-Up for 8,586 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
$257.6K $30.00/SF
− Vacancy
−$7.7K −$0.90/SF
EGI
$249.9K $29.10/SF
− OpEx
−$75.0K −$8.73/SF
NOI
$174.9K $20.37/SF
Area
ZIP 98125
Vacancy
3.00%
Lease Rate
$30.00 /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%
$3,497,940
Cap Rate 7%
$2,498,529
Cap Rate 9%
$1,943,300
Alternative Uses
Best Use
Retail
$2.50M
$2.19M – $2.91M
NOI $174,897 @ 7.0% cap · market cap 5.38%
Second Best
Industrial
$1.74M
$1.52M – $2.03M
NOI $121,689 @ 7.0% cap · market cap 3.74%
Theoretical Best
Specialty Retail
$2.77M
$2.42M – $3.23M
NOI $193,880 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,293
Businesses Nearby
12k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Brown Bear Car Wash
Shops & Services
11,720 visits/mo
0.5 miles
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 Retail in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Ethio Hybrid Battery Repair Service — 12347 25th Ave NE, Seattle, WA 98125
- Curt's Hot Rods and Tires — 11827 Lake City Way NE, Seattle, WA 98125
- Lake City Autoworks — 2825 NE 120th St, Seattle, WA 98125
- Dealership Glass Auto Glass — Located inside of Pierre Fleet & Commercial Sales, 12002 Lake City Way NE, Seattle, WA 98125
- North Seattle Tow Truck — 12011 32nd Ave NE, Seattle, WA 98125
Frequently Asked Questions
What type of property is this?
Auto shop - NNN leased auto facility with long-term tenant and redevelopment potential.
Where is this auto shop located?
The property is located at 13036 Lake City Way NE Seattle, WA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Long‑term lease to Classic Collision through September 2031 with extension options, ensuring stable income.; Annual 3% rent increases, growing the cap rate.; High‑traffic location on Lake City Way NE with strong visibility and excellent access.
