Mixed-Use Property with
For Sale
$1,650,000
305 65TH, Seattle, WA 98115
Combines an operating retail business with three housing units in Seattle’s Green Lake neighborhood.
Property Size3,250 SF
Lot Size0.12 Acres
Price / SF$507.69
Days on Market170
Property Features for 305 65TH
General Information
Standard status
Active
Size
3,250 SF
Lot size
0.12 Acres
Property subtype
Multi-family
Building Details
Year Built
1907
Buildings
1
Tenancy
Multi
Listing Agency:
Windermere Real Estate/M2,LLC
Listed By:
Nickolas Nicoloudakis
(206) 522-3400
Source:
Skylineproperties
Added: Mar 27
Changed: Sep 11
Last Checked: Sep 11 at 12:52PM
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 Windermere Real Estate/M2,LLC
Investment Insights
Based on property information with market context.
This mixed-use building contains 3,250 square feet on a 5,400-square-foot lot and currently accommodates one retail business alongside three housing units. Built in 1907, the property combines commercial and residential components within one building.
Located in Seattle’s Green Lake neighborhood at 305 65TH, the property is subject to recent rezoning that allows construction up to 40 feet in height. The existing mixed-use configuration and updated height allowance define the property’s current physical and land-use profile.
Located in Seattle’s Green Lake neighborhood at 305 65TH, the property is subject to recent rezoning that allows construction up to 40 feet in height. The existing mixed-use configuration and updated height allowance define the property’s current physical and land-use profile.
Key Highlights
- 3,250‑square‑foot mixed‑use building on a 5,400‑square‑foot lot
- Currently includes 1 retail business and 3 housing units
- Recent rezoning allows building up to 40 feet in height
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
$69,910
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
4.24%
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%
$1,398,200
$1.4M
Cap Rate 7%
$998,714
$998.7K
Cap Rate 9%
$776,778
$776.8K
Market Conditions
NOI Build-Up for 3,250 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
$103.0K $31.68/SF
− Vacancy
−$3.1K −$0.95/SF
EGI
$99.9K $30.73/SF
− OpEx
−$30.0K −$9.22/SF
NOI
$69.9K $21.51/SF
Area
ZIP 98115
Vacancy
3.00%
Lease Rate
$31.68 /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%
$1,398,200
Cap Rate 7%
$998,714
Cap Rate 9%
$776,778
Alternative Uses
Best Use
Retail
$998.7K
$873.9K – $1.17M
NOI $69,910 @ 7.0% cap · market cap 4.24%
Second Best
Mixed Use
$828.8K
$725.2K – $966.9K
NOI $58,013 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,120 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,976
Businesses Nearby
Explore this area
Business Placement
Demographics for 98115, WA
54,322
Population
24,966
Households
2.2
Avg Household Size
36
Median Age
78%
College-Educated
99%
High-School Grad
6.6 sq mi
ZIP Area
8,231
Density / Sq Mi
$148,190
Median Household Income
$82,332
Median Earnings
$2,118
Median Rent
$1,041,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines an operating retail business with three housing units in Seattle’s Green Lake neighborhood.
Where is this mixed-use property located?
The property is located at 305 65TH Seattle, WA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 3,250‑square‑foot mixed‑use building on a 5,400‑square‑foot lot; Currently includes 1 retail business and 3 housing units; Recent rezoning allows building up to 40 feet in height
