Add Listing
    For Lease
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2151 Northlake Way Seattle, WA 98103

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $14,040/Mo $240 SF/Yr (calc)

    Commercial space available for rent in Seattle, Washington.

    Type:Commercial
    Property size:
    702 SF
    Added:
    Mar 31, 2026
    Days on Market:
    34
    Last Refresh:
    Apr 1 at 8:51 pm

    Property Features for 2151 Northlake Way

    General Information

    Standard status
    Active
    Size
    702 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1965

    We can help!

    Listing Contact
    WENDY VANCE

    Listing agent WENDY VANCE

    Listing office INTEGRATED REAL ESTATE SERVICE

    Listing date Mar 31, 2026

    Source Corcoran

    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 INTEGRATED REAL ESTATE SERVICE

    Overview

    Seattle Commercial Space Available

    A commercial space is available for rent, offering 702 square feet of area. The property is located on Northlake Way in Seattle, Washington.
    Location Intelligence

    Current Use by Public Records

    Pure Watercraft Club Boat Rental Service Pure Watercraft Industrial Manufacturer Keon Research Corporate Office ENRG Digital Corporate Office

    Suggested Use

    Law Firm Real Estate Agency Restaurant Dental Office Hair Salon Spa & Massage Center Nail Salon Building Supply Daycare Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.337313
    Latitude
    47.645976

    Nearby Similar for Lease

    • Contact for pricing

      Flex Building on Busy Thoroughfare

      8,000 RSF flex building in desirable Seattle location.
      1414 Elliott Ave West, Seattle, WA 98108
      View Details
    • Contact for pricing

      Magnolia Village Retail and Office

      Retail and loft-style office spaces in desirable Magnolia Village.
      3410 West McGraw Street, Seattle, WA 98199
      View Details
    • $7,213/Mo

      Ballard Retail/Restaurant/Bar Space Available

      Landmark Ballard location suitable for restaurant, retail, or bar.
      8000 15th Ave NW, Seattle, WA 98117
      View Details
    • $1,900/Mo

      Updated Greenwood Office Space Available

      Turnkey 800 SF office space in prime Greenwood location.
      8535 Phinney Ave N, Seattle, WA 98103
      View Details
    • Contact for pricing

      Office/Warehouse Sublease in Queen Anne

      Office and warehouse space available for sublease in Seattle.
      921 Elliott Ave W, Seattle, WA 98119
      View Details
    • $2,400/Mo

      University Heights Office Space Available

      Office space in Seattle's University Heights, available December 2026.
      5339 Roosevelt Way NE, Seattle, WA 98105
      View Details
    • $4,373/Mo

      South Lake Union Retail Space

      Corner retail space in the heart of South Lake Union.
      300 8th Ave N, Seattle, WA 98109
      View Details
    • Contact for pricing

      WA, Seattle- 1601 5th Avenue

      1601 5Th Ave, Seattle, WA 98101
      View Details
    • $4,500/Mo

      Belltown Retail or Office Space

      Highly visible space with garage in the heart of Belltown.
      2100 3rd Ave, Seattle, WA 98121
      View Details
    • $40 SF/Yr

      Medical Office Space Available Now

      7,755 SF medical office space for sublease in Seattle.
      1229 Madison Street, Seattle, WA, 98104
      View Details
    • Contact for pricing

      WA, Seattle - 5th Ave NE

      10202 5Th Ave, Unit 2ND, Seattle, WA 98125
      View Details
    • Contact for pricing

      WA, Seattle - Gem Plaza

      221 1St Ave, Unit 2ND, Seattle, WA 98119
      View Details

    FAQs

    What type of property is this?
    Specialty property - Commercial space available for rent in Seattle, Washington.
    Where is this specialty property located?
    The property is located at 2151 Northlake Way Seattle, WA.
    What is the lease rate?
    The lease rate is $14,040 /Mo.
    What are key features of this property?
    This property features: Commercial space available for rent.; Located in Seattle, Washington.; Property built in 1965.
    We can help!
    Listing Contact
    WENDY VANCE
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    2151 Northlake Way, Seattle, WA 98103

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!