Auto Shop NNN
For Sale
Contact for pricing
13036 Lake City Way NE, Seattle, WA 98125
Auto shop on Lake City Way NE, zoned NC3-55 (M), leased through September 2031 with extension options.
Property Size8,586 SF
Price / SF$378.52
Days on Market144
Property Features for 13036 Lake City Way NE
General Information
Standard status
Active
Size
8,586 SF
Property subtype
INDUSTRIAL
Zoning
NC3-55 (M)
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
5.01%
Building Details
Tenancy
Single
Listing Agency:
Windermere Real Estate - M2 LLC
(425) 239-1780
Listed By:
Duane Petzoldt
(425) 239-1780
Source:
Moodyscre
Added: Mar 19
Changed: Jul 30
Last Checked: Jul 30 at 8:11PM
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.
Auto shop NNN investment on Lake City Way NE in Seattle, leased to Classic Collision through September 2031. The lease includes three five-year extension options, supporting long-term income durability. The current base rent increases annually by 3%. Reported cap rate is 5.01%, with the projection increasing to approximately 5.81% over the initial lease term.
The property is a functional multi-building auto facility positioned for visibility on a high-traffic corridor. It also offers access to I-5 as well as nearby Northgate and the University District.
Zoned NC3-55 (M), the site allows mixed-use redevelopment up to 55’ and provides future flexibility alongside the existing operations.
The property is a functional multi-building auto facility positioned for visibility on a high-traffic corridor. It also offers access to I-5 as well as nearby Northgate and the University District.
Zoned NC3-55 (M), the site allows mixed-use redevelopment up to 55’ and provides future flexibility alongside the existing operations.
Key Highlights
- Leased to Classic Collision through September 2031 with (3) five‑year extension options
- Current base rent increases annually by 3%
- Reported cap rate 5.01%, projected to approximately 5.81% over the initial lease term
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
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
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
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Frequently Asked Questions
What type of property is this?
Auto shop - Auto shop on Lake City Way NE, zoned NC3-55 (M), leased through September 2031 with extension options.
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: Leased to Classic Collision through September 2031 with (3) five‑year extension options; Current base rent increases annually by 3%; Reported cap rate 5.01%, projected to approximately 5.81% over the initial lease term
