Corner Two-Story Retail
For Sale
$3,600,000
300 NE 45th St, Seattle, WA 98105
Vacant commercial space with structured parking in Seattle’s Wallingford neighborhood.
Property Size7,555 SF
Price / SF$476.51
Days on Market147
Property Features for 300 NE 45th St
General Information
Standard status
Active
Size
7,555 SF
Class
C
Property subtype
Retail - Freestanding
Additional Details
Corner Location
Yes
Amenities
on-site structured parking
Building Details
Building Size
7,555 SF
Year Built
1986
Year Renovated
2000
Buildings
1
Stories
2
Units
1
Listing Agency:
Lee & Associates Commercial Real Estate Services
(215) 917-1742
Listed By:
Stren Lea · License ##121073
Source:
Commercialcafe
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 29 at 11:36PM
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 Lee & Associates Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This two-story retail property at 300 NE 45th St. contains 7,555 rentable square feet and was constructed in 1986. The building occupies a corner location and includes on-site structured parking. Delivery vacant allows the next occupant to plan the space around its own operating requirements.
The property is situated in Seattle’s Wallingford neighborhood, adjacent to the University District. Its retail classification, two-story configuration, corner placement, and parking component provide the key physical characteristics for evaluating the asset.
The property is situated in Seattle’s Wallingford neighborhood, adjacent to the University District. Its retail classification, two-story configuration, corner placement, and parking component provide the key physical characteristics for evaluating the asset.
Key Highlights
- 7,555 rentable square feet in a two‑story commercial building
- On‑site structured parking
- Corner location at 300 NE 45th St.
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
$112,651
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
3.13%
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%
$2,253,020
$2.3M
Cap Rate 7%
$1,609,300
$1.6M
Cap Rate 9%
$1,251,678
$1.3M
Market Conditions
NOI Build-Up for 7,555 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
$165.9K $21.96/SF
− Vacancy
−$5.0K −$0.66/SF
EGI
$160.9K $21.30/SF
− OpEx
−$48.3K −$6.39/SF
NOI
$112.7K $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 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%
$2,253,020
Cap Rate 7%
$1,609,300
Cap Rate 9%
$1,251,678
Alternative Uses
Best Use
Retail
$1.61M
$1.41M – $1.88M
NOI $112,651 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $159,106 @ 7.0% cap · market cap 4.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,516
Businesses Nearby
Explore this area
Business Placement
Demographics for 98105, WA
49,151
Population
20,582
Households
2.4
Avg Household Size
27
Median Age
77%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
12,934
Density / Sq Mi
$78,691
Median Household Income
$34,947
Median Earnings
$1,803
Median Rent
$1,261,100
Median Home Value
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Vacant commercial space with structured parking in Seattle’s Wallingford neighborhood.
Where is this retail space located?
The property is located at 300 NE 45th St Seattle, WA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 7,555 rentable square feet in a two‑story commercial building; On‑site structured parking; Corner location at 300 NE 45th St.
