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 Market1194
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: Jul 23 at 9:39AM
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 WINDERMERE GREENWOOD
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 = 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
$808,904
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
8.40%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,163
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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)
