Shoreline MUR-70 Zoned Land
For Sale
$9,627,955
14861 5th & 6th Ave NE, Shoreline, WA 98155
Seven-lot assemblage near light rail station, zoned MUR-70.
Property Size52,043 SF
Price / SF$185
Days on Market1243
Property Features for 14861 5th & 6th Ave NE
General Information
Standard status
Active
Size
52,043 SF
Building Details
Year Built
1947
Listing Agency:
WINDERMERE GREENWOOD
Listed By:
JACK MALEK
Source:
Corcoran
Added: Jun 2, 2023
Changed: Mar 16
Last Checked: Oct 24 at 6:04PM
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 GREENWOOD
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Investment Insights
Based on property information with market context.
This is a rare assemblage of seven lots fronting 5th and 6th Avenues NE, zoned MUR-70, allowing for structures up to 7 stories. The property includes the corner at 6th Avenue and 152nd Street. An additional prospective eighth lot at 15124 5th Ave NE could complete the square, creating dimensions of approximately 248' x 240', for an aggregate of 59,483 square feet, or 1.37 acres. Architectural designs and renderings show potential for 268 apartments or condos with street-level commercial space on the seven-lot aggregate, or 297 apartments or condos with street-level commercial space if the eighth lot is included. The property is located in the Light Rail Station Area at 145th Street. Sellers for the seven parcels are organized with a signed memorandum of understanding. A Phase 1 Study has been completed.
Key Highlights
- Located in a Light Rail Station Area (145th St)
- Zoned MUR‑70, allowing for 7‑story development
- Large 7‑lot assemblage (59,483 SF / 1.37 Acres)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$808,904
Cap Rate
8.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$16,178,080
$16.2M
Cap Rate 7%
$11,555,771
$11.6M
Cap Rate 9%
$8,987,822
$9.0M
Market Conditions
NOI Build-Up for 52,043 SF
Gross rent
$1.56M $30.00/SF
− Vacancy
−$90.6K −$1.74/SF
EGI
$1.47M $28.26/SF
− OpEx
−$661.8K −$12.72/SF
NOI
$808.9K $15.54/SF
Area
King County, WA
Vacancy
5.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$16,178,080
Cap Rate 7%
$11,555,771
Cap Rate 9%
$8,987,822
Alternative Uses
Best Use
Retail
$13.30M
$11.64M – $15.52M
NOI $930,978 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$11.56M
$10.11M – $13.48M
NOI $808,904 @ 7.0% cap · market cap 8.40%
Theoretical Best
Office A
$20.84M
$18.24M – $24.32M
NOI $1,459,119 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,163
Businesses Nearby
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Business Placement
Demographics for 98155, WA
35,948
Population
14,526
Households
2.5
Avg Household Size
41
Median Age
56%
College-Educated
95%
High-School Grad
7.5 sq mi
ZIP Area
4,793
Density / Sq Mi
$131,911
Median Household Income
$67,323
Median Earnings
$2,016
Median Rent
$758,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Commercial land - Seven-lot assemblage near light rail station, zoned MUR-70.
Where is this commercial land located?
The property is located at 14861 5th & 6th Ave NE Shoreline, WA.
What is the asking price?
The asking price for this property is $9,627,955.
What are key features of this property?
This property features: Located in a Light Rail Station Area (145th St); Zoned MUR‑70, allowing for 7‑story development; Large 7‑lot assemblage (59,483 SF / 1.37 Acres)
