Hardware Storefront
For Sale
$6,200,000
4910 15th Ave NW, Seattle, WA 98107
Retail improvements include a hardware store, office component, and dedicated parking in Seattle’s Ballard neighborhood.
Property Size12,420 SF
Lot Size0.68 Acres
Price / SF$499.19
Days on Market149
Property Features for 4910 15th Ave NW
General Information
Standard status
Active
Size
12,420 SF
Lot size
0.68 Acres
Property subtype
Retail
Occupancy
100%
Additional Details
Corner Location
Yes
Building Details
Building Size
12,420 SF
Year Built
1971
Buildings
1
Tenancy
Single
Parking Ratio
3.1 per 1,000 SF
Listing Agency:
Kidder Mathews - Bellevue
Listed By:
Sun Choy · License #111452
(425) 450-1128
Source:
Kidder
Added: Apr 13
Changed: Sep 4
Last Checked: Aug 31 at 2:52PM
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 Kidder Mathews - Bellevue
Investment Insights
Based on property information with market context.
The property consists of three contiguous tax parcels totaling 29,446 SF, or 0.68 acres. Improvements include a 12,420 SF hardware store with an office component, supported by parking at a ratio of 3.1 stalls per 1,000 SF. The site has frontage at the southeast corner of 15th Ave NW and NW 50th St, with additional frontage along the south side of NW 49th St.
Located in the southerly portion of Seattle’s Ballard neighborhood, the property is near Salmon Bay and the Seattle CBD. Stoneway Hardware occupies the improvements under a lease running through August 2025, with the property reported as 100% leased.
Located in the southerly portion of Seattle’s Ballard neighborhood, the property is near Salmon Bay and the Seattle CBD. Stoneway Hardware occupies the improvements under a lease running through August 2025, with the property reported as 100% leased.
Key Highlights
- 29,446 SF site area spanning 0.68 acres
- 12,420 SF hardware store with an office component
- Three contiguous tax parcels
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
$185,193
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
2.99%
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%
$3,703,860
$3.7M
Cap Rate 7%
$2,645,614
$2.6M
Cap Rate 9%
$2,057,700
$2.1M
Market Conditions
NOI Build-Up for 12,420 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
$272.7K $21.96/SF
− Vacancy
−$8.2K −$0.66/SF
EGI
$264.6K $21.30/SF
− OpEx
−$79.4K −$6.39/SF
NOI
$185.2K $14.91/SF
Area
Seattle, WA
Vacancy
3.00%
Lease Rate
$21.96 /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%
$3,703,860
Cap Rate 7%
$2,645,614
Cap Rate 9%
$2,057,700
Alternative Uses
Best Use
Retail
$2.65M
$2.31M – $3.09M
NOI $185,193 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.74M
$3.27M – $4.36M
NOI $261,562 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,430
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail improvements include a hardware store, office component, and dedicated parking in Seattle’s Ballard neighborhood.
Where is this storefront property located?
The property is located at 4910 15th Ave NW Seattle, WA.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: 29,446 SF site area spanning 0.68 acres; 12,420 SF hardware store with an office component; Three contiguous tax parcels
