Two-Story Office
For Sale
Contact for pricing
18023 62nd Ave NE, Kenmore, WA 98028
Two-story office configuration totaling 1,504 square feet with an entry level and a daylight basement.
Property Size1,504 SF
Lot Size0.18 Acres
Price / SF$495.35
Days on Market138
Property Features for 18023 62nd Ave NE
General Information
Standard status
Active
Size
1,504 SF
Lot size
0.18 Acres
Property subtype
OFFICE
Zoning
CB
Amenities
Lake Washington views
Building Details
Stories
2
Listing Agency:
NAI Puget Sound Properties
(425) 586-5622
Listed By:
Bob Swain, CCIM · License #25750
(425) 586-5622
Source:
Moodyscre
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 8 at 11:33AM
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 NAI Puget Sound Properties
Investment Insights
Based on property information with market context.
This two-story commercial property totals 1,504 square feet, with 807 square feet on the entry level and an additional 697 square feet in a daylight basement. The most recent use was as a residential home office.
The property sits on a 7,750 square foot lot and offers lake Washington views. Zoning is Commercial Business - West (CB), which allows for residential, office, personal services, mixed-use development, family child-care and day care, retail sales, and food and beverage retail.
For buyers and tenants evaluating space needs across two levels, the existing layout provides a clear separation between the primary entry-level area and the daylight basement space.
The property sits on a 7,750 square foot lot and offers lake Washington views. Zoning is Commercial Business - West (CB), which allows for residential, office, personal services, mixed-use development, family child-care and day care, retail sales, and food and beverage retail.
For buyers and tenants evaluating space needs across two levels, the existing layout provides a clear separation between the primary entry-level area and the daylight basement space.
Key Highlights
- 1,504 total SF across 2 floors: 807 SF entry level plus 697 SF daylight basement
- Lake Washington views
- Zoned Commercial Business - West (CB) Kenmore, allowing residential, office, personal services, mixed‑use, childcare/day care, retail, and food/beverage retail
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
$31,715
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
4.26%
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%
$634,300
$634.3K
Cap Rate 7%
$453,071
$453.1K
Cap Rate 9%
$352,389
$352.4K
Market Conditions
NOI Build-Up for 1,504 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
$54.1K $36.00/SF
− Vacancy
−$11.9K −$7.88/SF
EGI
$42.3K $28.12/SF
− OpEx
−$10.6K −$7.03/SF
NOI
$31.7K $21.09/SF
Area
King County, WA
Vacancy
21.90%
Lease Rate
$36.00 /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%
$634,300
Cap Rate 7%
$453,071
Cap Rate 9%
$352,389
Alternative Uses
Best Use
Office B
$453.1K
$396.4K – $528.6K
NOI $31,715 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$602.4K
$527.1K – $702.8K
NOI $42,167 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Explore this area
Business Placement
Demographics for 98028, WA
23,914
Population
9,362
Households
2.6
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
6.1 sq mi
ZIP Area
3,920
Density / Sq Mi
$137,926
Median Household Income
$72,090
Median Earnings
$1,944
Median Rent
$869,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two-story office configuration totaling 1,504 square feet with an entry level and a daylight basement.
Where is this office units located?
The property is located at 18023 62nd Ave NE Kenmore, WA.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: 1,504 total SF across 2 floors: 807 SF entry level plus 697 SF daylight basement; Lake Washington views; Zoned Commercial Business - West (CB) Kenmore, allowing residential, office, personal services, mixed‑use, childcare/day care, retail, and food/beverage retail
