Renovated Two-Story Office
For Sale
Contact for pricing
1464 NW 49TH STREET SEATTLE WA 98107, Seattle, WA 98107
Configured with private offices, conference rooms, kitchen facilities, and a secured yard for office operations.
Property Size2,292 SF
Price / SF$571.55
Days on Market47
Property Features for 1464 NW 49TH STREET SEATTLE WA 98107
General Information
Standard status
Active
Size
2,292 SF
Class
B
Total Parking Spaces
2
Property subtype
Retail, Office
Zoning
II U/125 - Industrial Innovation
Investment Type
Owner/User
Building Details
Year Built
1985
Year Renovated
2023
Buildings
1
Stories
2
Units
2
Tenancy
Single
Listing Agency:
Newmark - Seattle
Listed By:
Levi Bundrant · License #WA
(206) 923-9905
Source:
Crexi
Added: Aug 19
Changed: Sep 23
Last Checked: Oct 4 at 7:39AM
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 Newmark - Seattle
Investment Insights
Based on property information with market context.
This 2,292-square-foot office building occupies a fenced 3,078-square-foot parcel and was originally built in 1985. Interior work completed since 2021 created a two-level workplace with seven private offices, two conference rooms, two bathrooms, a full kitchen, reception lobby, and finished open work area. The upper level includes four offices, a conference room, kitchen, bathroom, and reception area, while the lower level provides three offices, another conference room and bathroom, plus collaborative space with custom millwork.
A secured yard provides on-site parking and accommodates two permitted storage containers. The property fronts 15th Avenue NW, where traffic exceeds 60,000 vehicles per day, and offers access to Highway 99 and I-5. Downtown Seattle is approximately fifteen minutes away, while Bellevue is approximately thirty minutes away. II U/125 zoning permits office use as a principal use and includes substantial height allowance.
A secured yard provides on-site parking and accommodates two permitted storage containers. The property fronts 15th Avenue NW, where traffic exceeds 60,000 vehicles per day, and offers access to Highway 99 and I-5. Downtown Seattle is approximately fifteen minutes away, while Bellevue is approximately thirty minutes away. II U/125 zoning permits office use as a principal use and includes substantial height allowance.
Key Highlights
- 2,292 SF two‑story office building on a 3,078‑square‑foot fenced parcel
- Seven private offices, two conference rooms, two bathrooms, kitchen, reception lobby, and open work area
- Interior reconstruction and improvements completed since 2021; original building constructed in 1985
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
$40,238
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
3.07%
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%
$804,760
$804.8K
Cap Rate 7%
$574,829
$574.8K
Cap Rate 9%
$447,089
$447.1K
Market Conditions
NOI Build-Up for 2,292 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
$69.6K $30.36/SF
− Vacancy
−$15.9K −$6.95/SF
EGI
$53.7K $23.41/SF
− OpEx
−$13.4K −$5.85/SF
NOI
$40.2K $17.56/SF
Area
Seattle, WA
Vacancy
22.90%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
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%
$804,760
Cap Rate 7%
$574,829
Cap Rate 9%
$447,089
Alternative Uses
Best Use
Office B
$574.8K
$503.0K – $670.6K
NOI $40,238 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$689.6K
$603.4K – $804.5K
NOI $48,269 @ 7.0% cap · market cap 3.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,430
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Seattle, WA
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Frequently Asked Questions
What type of property is this?
Office building - Configured with private offices, conference rooms, kitchen facilities, and a secured yard for office operations.
Where is this office building located?
The property is located at 1464 NW 49TH STREET SEATTLE WA 98107 Seattle, WA.
What is the asking price?
The asking price for this property is $1,310,000.
What are key features of this property?
This property features: 2,292 SF two‑story office building on a 3,078‑square‑foot fenced parcel; Seven private offices, two conference rooms, two bathrooms, kitchen, reception lobby, and open work area; Interior reconstruction and improvements completed since 2021; original building constructed in 1985
