Ballard Retail and Office
For Sale
Contact for pricing
2012- 2016 NW Market St, Seattle, WA 98107
Prime Ballard location with retail and creative office space.
Property Size6,100 SF
Price / SF$491.80
Days on Market203
Property Features for 2012- 2016 NW Market St
General Information
Standard status
Active
Size
6,100 SF
Class
B
Property subtype
Office, Retail
Zoning
NC3P-75
Lease Type
NNN
Building Details
Year Renovated
2020
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Colliers - Bellevue, Washington
Listed By:
Ryan Olson · License #29573
Source:
Crexi
Added: Jan 21
Changed: Aug 8
Last Checked: Jul 13 at 2:46AM
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 Colliers - Bellevue, Washington
Investment Insights
Based on property information with market context.
Located in the heart of Ballard, this property offers retail and creative office space. The location boasts a high walk score of 98. The property presents owner-user potential. A restaurant lease is currently in place and expires in April, with options to renew or terminate. The second-floor creative office space has been recently vacated. This space features high ceilings, exposed brick, and large windows with southern exposure onto NW Market Street. The total property size is 6,100 square feet.
Key Highlights
- Prime Ballard Location with a 98 Walk Score.
- Owner‑user potential.
- Restaurant lease flexibility (renewal or termination option in April).
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
$107,090
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
3.57%
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%
$2,141,800
$2.1M
Cap Rate 7%
$1,529,857
$1.5M
Cap Rate 9%
$1,189,889
$1.2M
Market Conditions
NOI Build-Up for 6,100 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
$185.2K $30.36/SF
− Vacancy
−$42.4K −$6.95/SF
EGI
$142.8K $23.41/SF
− OpEx
−$35.7K −$5.85/SF
NOI
$107.1K $17.56/SF
Area
Seattle, WA
Vacancy
22.90%
Lease Rate
$30.36 /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%
$2,141,800
Cap Rate 7%
$1,529,857
Cap Rate 9%
$1,189,889
Alternative Uses
Best Use
Office B
$1.53M
$1.34M – $1.78M
NOI $107,090 @ 7.0% cap · market cap 3.57%
Second Best
Retail
$1.30M
$1.14M – $1.52M
NOI $90,956 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$1.84M
$1.61M – $2.14M
NOI $128,464 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 98107, WA
28,557
Population
16,538
Households
1.7
Avg Household Size
35
Median Age
76%
College-Educated
99%
High-School Grad
2.2 sq mi
ZIP Area
12,980
Density / Sq Mi
$137,748
Median Household Income
$82,884
Median Earnings
$2,194
Median Rent
$924,900
Median Home Value
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Prime Ballard location with retail and creative office space.
Where is this retail space located?
The property is located at 2012- 2016 NW Market St Seattle, WA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Prime Ballard Location with a **98 Walk Score**.; Owner‑user potential.; Restaurant lease flexibility (renewal or termination option in April).
