Single-Tenant Retail
New
For Sale
$12,770,000
1700 W Armory Way, Seattle, WA 98119
Michaels occupies the property under a net lease within a fully leased retail center.
Property Size24,660 SF
Price / SF$517.84
Days on Market3
Property Features for 1700 W Armory Way
General Information
Standard status
Active
Size
24,660 SF
Property subtype
Retail
Occupancy
100%
Building Details
Building Size
24,660 SF
Year Built
2018
Tenancy
Single
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 5:36PM
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.
This 24,660-square-foot retail property was built in 2018 and is leased to Michaels under a single-tenant net lease. It is part of Interbay Retail Center, which is fully leased. Total Wine, a neighboring tenant, recently exercised a renewal option.
The property is less than five miles from Downtown Seattle. Approximately 216,000 residents live within a three-mile radius, and a 2025 Placer.ai report ranks this Michaels location in the top 25% of the chain’s stores nationwide for foot traffic.
The property is less than five miles from Downtown Seattle. Approximately 216,000 residents live within a three-mile radius, and a 2025 Placer.ai report ranks this Michaels location in the top 25% of the chain’s stores nationwide for foot traffic.
Key Highlights
- 24,660‑square‑foot single‑tenant retail property leased to Michaels
- Net lease structure; property built in 2018
- Located within fully leased Interbay Retail Center
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$367,701
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,354,020
$7.4M
Cap Rate 7%
$5,252,871
$5.3M
Cap Rate 9%
$4,085,567
$4.1M
Market Conditions
NOI Build-Up for 24,660 SF
Gross rent
$541.5K $21.96/SF
− Vacancy
−$16.2K −$0.66/SF
EGI
$525.3K $21.30/SF
− OpEx
−$157.6K −$6.39/SF
NOI
$367.7K $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%
$7,354,020
Cap Rate 7%
$5,252,871
Cap Rate 9%
$4,085,567
Alternative Uses
Best Use
Retail
$5.25M
$4.60M – $6.13M
NOI $367,701 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.42M
$6.49M – $8.66M
NOI $519,332 @ 7.0% cap · market cap 4.07%
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
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Under-served
Demand for This Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Michaels occupies the property under a net lease within a fully leased retail center.
Where is this storefront property located?
The property is located at 1700 W Armory Way Seattle, WA.
What is the asking price?
The asking price for this property is $12,770,000.
What are key features of this property?
This property features: 24,660‑square‑foot single‑tenant retail property leased to Michaels; Net lease structure; property built in 2018; Located within fully leased Interbay Retail Center
