Retail Building with 40-Foot Height
For Sale
Contact for pricing
305 NE 65th St, Seattle, WA 98115
Retail building currently houses four retail businesses; rezoning permits redevelopment up to 40 feet.
Property Size3,250 SF
Lot Size0.12 Acres
Price / SF$507.69
Days on Market490
Property Features for 305 NE 65th St
General Information
Standard status
Active
Size
3,250 SF
Lot size
0.12 Acres
Property subtype
RETAIL
Listing Agency:
Windermere Real Estate M2 LLC
(425) 319-3125
Listed By:
Nickolas Nicoloudakis
(425) 319-3125
Source:
Moodyscre
Added: Apr 10, 2025
Changed: Aug 8
Last Checked: Aug 12 at 10:21AM
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 retail building offers 3,250 sq ft of space on a 5,400 sq ft lot and is currently home to four retail businesses. The property also benefits from recent rezoning that allows redevelopment up to a 40-foot height.
Located in Seattle’s Greenlake neighborhood at 305 NE 65th St, the building presents an opportunity for buyers looking to acquire a functioning retail asset while evaluating redevelopment potential under the updated height allowance.
Located in Seattle’s Greenlake neighborhood at 305 NE 65th St, the building presents an opportunity for buyers looking to acquire a functioning retail asset while evaluating redevelopment potential under the updated height allowance.
Key Highlights
- 3,250 sq ft retail building on a 5,400 sq ft lot in Seattle’s Greenlake neighborhood.
- Currently houses 4 retail businesses.
- Recent rezoning allows redevelopment up to a building height of 40 feet.
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
—
—
no second resolved use
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,976
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail building currently houses four retail businesses; rezoning permits redevelopment up to 40 feet.
Where is this storefront property located?
The property is located at 305 NE 65th St 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 sq ft retail building on a 5,400 sq ft lot in Seattle’s Greenlake neighborhood.; Currently houses 4 retail businesses.; Recent rezoning allows redevelopment up to a building height of 40 feet.
