Two-Tenant Retail
New
For Sale
$11,200,000
1642 W Armory Way, Seattle, WA 98119
Modern construction accommodates national retail and specialty veterinary tenants in a fully occupied center.
Property Size24,846 SF
Price / SF$450.78
Days on Market4
Property Features for 1642 W Armory Way
General Information
Standard status
Active
Size
24,846 SF
Property subtype
Retail
Occupancy
100%
Building Details
Building Size
24,846 SF
Year Built
2019
Buildings
1
Tenancy
Multi
Listing Agency:
SVN Cornerstone LLC
Listed By:
Ariel Mizrahi · License #WA #25031188
(509) 251-7716
Source:
Svncornerstone
Added: Oct 11
Last Checked: Oct 12 at 6:06PM
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 SVN Cornerstone LLC
Investment Insights
Based on property information with market context.
Completed in 2019, this 24,846-square-foot retail building has two tenants. HomeGoods occupies approximately 85% of the space, with HEAL Cancer Care for Pets leasing the balance. The property is fully leased, and the veterinary practice’s lease runs through December 2034.
The building is part of Interbay Retail Center, where Total Wine is a neighboring tenant and recently renewed its lease. The property is less than five miles from Downtown Seattle, with approximately 216,000 residents within a three-mile radius.
The building is part of Interbay Retail Center, where Total Wine is a neighboring tenant and recently renewed its lease. The property is less than five miles from Downtown Seattle, with approximately 216,000 residents within a three-mile radius.
Key Highlights
- 24,846‑square‑foot, two‑tenant retail building completed in 2019
- Fully leased to HomeGoods and HEAL Cancer Care for Pets
- HomeGoods occupies approximately 85% of the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$370,475
Cap Rate
3.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,409,500
$7.4M
Cap Rate 7%
$5,292,500
$5.3M
Cap Rate 9%
$4,116,389
$4.1M
Market Conditions
NOI Build-Up for 24,846 SF
Gross rent
$545.6K $21.96/SF
− Vacancy
−$16.4K −$0.66/SF
EGI
$529.2K $21.30/SF
− OpEx
−$158.8K −$6.39/SF
NOI
$370.5K $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 Rate 5%
$7,409,500
Cap Rate 7%
$5,292,500
Cap Rate 9%
$4,116,389
Alternative Uses
Best Use
Retail
$5.29M
$4.63M – $6.17M
NOI $370,475 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.47M
$6.54M – $8.72M
NOI $523,250 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Seattle, WA
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Frequently Asked Questions
What type of property is this?
Retail space - Modern construction accommodates national retail and specialty veterinary tenants in a fully occupied center.
Where is this retail space located?
The property is located at 1642 W Armory Way Seattle, WA.
What is the asking price?
The asking price for this property is $11,200,000.
What are key features of this property?
This property features: 24,846‑square‑foot, two‑tenant retail building completed in 2019; Fully leased to HomeGoods and HEAL Cancer Care for Pets; HomeGoods occupies approximately 85% of the building
