Fully Sprinklered Storage and
For Sale
Contact for pricing
5422 Shilshole Avenue NW, Seattle, WA 98107
Large mini-storage and warehousing building with grade-level and dock-high loading doors and 20' ceilings.
Property Size65,854 SF
Price / SF$277.13
Days on Market867
Property Features for 5422 Shilshole Avenue NW
General Information
Standard status
Active
Size
65,854 SF
Property subtype
INDUSTRIAL
Zoning
MML U/65
Warehouse & Industrial
Clear Height
20 ft
Heavy Power
Yes
Sprinkler System
Yes
Additional Details
Road Access
Yes
Building Details
Year Built
1941
Listing Agency:
Windermere-Midtown Commercial
(206) 999-9161
Listed By:
Lauren Hendricks
(206) 999-9161
Source:
Moodyscre
Added: Mar 26, 2024
Changed: Aug 8
Last Checked: Aug 8 at 9:48AM
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-Midtown Commercial
Investment Insights
Based on property information with market context.
This 65,854 SF building was built in 1941 as a hardware store and later converted to a 600-unit mini-storage facility plus general warehousing. The property is fully sprinklered and features a new 60-mil PVC roof installed in 2023. First-floor clear height is 20', with both grade-level and dock-high loading doors. Power capacity is supported by 2,400+ AMPS of 3-phase service, along with an on-site transformer vault.
The site also includes a 4,650 SF parking lot across the alley at 5415 Ballard Ave NW. The building is zoned MML U/65 and the parking lot is zoned NC2P-65. The property has over 300 feet of frontage on Shilshole and over 50 feet of frontage on Ballard Ave NW.
Designed for an owner-user or investor, this offering combines long frontage exposure with a functional mix of mini-storage and warehousing space, and the seller has indicated that seller financing is available for well-qualified buyers.
The site also includes a 4,650 SF parking lot across the alley at 5415 Ballard Ave NW. The building is zoned MML U/65 and the parking lot is zoned NC2P-65. The property has over 300 feet of frontage on Shilshole and over 50 feet of frontage on Ballard Ave NW.
Designed for an owner-user or investor, this offering combines long frontage exposure with a functional mix of mini-storage and warehousing space, and the seller has indicated that seller financing is available for well-qualified buyers.
Key Highlights
- 65,854 SF building in Ballard zoned MML U/65 plus a 4,650 SF parking lot across the alley at 5415 Ballard Ave NW zoned NC2P‑65
- Built in 1941 as a hardware store; later converted to a 600‑unit mini‑storage facility and general warehousing
- Fully sprinklered building with a new 60‑mil PVC roof installed in 2023
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
$723,815
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
3.97%
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%
$14,476,300
$14.5M
Cap Rate 7%
$10,340,214
$10.3M
Cap Rate 9%
$8,042,389
$8.0M
Market Conditions
NOI Build-Up for 65,854 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
$924.6K $14.04/SF
− Vacancy
−$73.0K −$1.11/SF
EGI
$851.5K $12.93/SF
− OpEx
−$127.7K −$1.94/SF
NOI
$723.8K $10.99/SF
Area
Seattle, WA
Vacancy
7.90%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
15.00%
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%
$14,476,300
Cap Rate 7%
$10,340,214
Cap Rate 9%
$8,042,389
Alternative Uses
Best Use
Warehouse
$10.34M
$9.05M – $12.06M
NOI $723,815 @ 7.0% cap · market cap 3.97%
Second Best
Self Storage
$8.26M
$7.23M – $9.63M
NOI $578,066 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$19.81M
$17.34M – $23.11M
NOI $1,386,866 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
Yes
Heavy power
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,293
Businesses Nearby
Explore this area
Business Placement
Demographics for 98107, WA
28,557
Population
16,538
Households
1.7
Avg Household Size
35
Median Age
76%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
12,980
Density / Sq Mi
$137,748
Median Household Income
$82,884
Median Earnings
$2,194
Median Rent
$924,900
Median Home Value
Market
Vacancy Rate% for Industrial in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Large mini-storage and warehousing building with grade-level and dock-high loading doors and 20' ceilings.
Where is this self storage facility located?
The property is located at 5422 Shilshole Avenue NW Seattle, WA.
What is the asking price?
The asking price for this property is $18,250,000.
What are key features of this property?
This property features: 65,854 SF building in Ballard zoned MML U/65 plus a 4,650 SF parking lot across the alley at 5415 Ballard Ave NW zoned NC2P‑65; Built in 1941 as a hardware store; later converted to a 600‑unit mini‑storage facility and general warehousing; Fully sprinklered building with a new 60‑mil PVC roof installed in 2023
