Ground-Floor Office Condo Units
For Sale
Contact for pricing
3408 NE 65th St, Seattle, WA 98115
Two ground-floor office units totaling 1,758 SF, each with its own entrance, restroom, HVAC, and electric meter.
Property Size1,758 SF
Price / SF$392.49
Days on Market294
Property Features for 3408 NE 65th St
General Information
Standard status
Active
Size
1,758 SF
Property subtype
OFFICE
Additional Details
Floor
Ground Floor
HOA Fee
$514
Road Access
Yes
Office Units
2
Listing Agency:
Windermere-Midtown Commercial
(206) 999-9161
Listed By:
Lauren Hendricks
(206) 999-9161
Source:
Moodyscre
Added: Oct 24, 2025
Changed: Aug 10
Last Checked: Aug 12 at 11:00AM
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-Midtown Commercial
Investment Insights
Based on property information with market context.
Units A and B are available as individual office condo units or together. The property is located on the ground floor of the Bryant View Condominiums and is currently configured as a single unit. Each unit has its own entrance, private restroom, HVAC, and electric meter, supporting separate operational setups when purchased individually.
The property offers 70 feet of street frontage on NE 65th St, providing visibility and signage opportunities for a professional office use.
Monthly dues are listed at $257 per unit, covering building insurance as well as water and sewer. Units A and B are each 879 SF, for a total of 1,758 SF when purchased together.
The property offers 70 feet of street frontage on NE 65th St, providing visibility and signage opportunities for a professional office use.
Monthly dues are listed at $257 per unit, covering building insurance as well as water and sewer. Units A and B are each 879 SF, for a total of 1,758 SF when purchased together.
Key Highlights
- Two ground‑floor office units (Units A & B) totaling 1,758 SF, each 879 SF and purchasable separately or together
- Each unit has its own entrance, private restroom, HVAC, and electric meter
- Located on the ground floor of the Bryant View Condominiums
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
$37,071
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
5.37%
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%
$741,420
$741.4K
Cap Rate 7%
$529,586
$529.6K
Cap Rate 9%
$411,900
$411.9K
Market Conditions
NOI Build-Up for 1,758 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
$63.3K $36.00/SF
− Vacancy
−$13.9K −$7.88/SF
EGI
$49.4K $28.12/SF
− OpEx
−$12.4K −$7.03/SF
NOI
$37.1K $21.09/SF
Area
ZIP 98115
Vacancy
21.90%
Lease Rate
$36.00 /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%
$741,420
Cap Rate 7%
$529,586
Cap Rate 9%
$411,900
Alternative Uses
Best Use
Office B
$529.6K
$463.4K – $617.9K
NOI $37,071 @ 7.0% cap · market cap 5.37%
Second Best
Healthcare Medical
$430.2K
$376.4K – $501.9K
NOI $30,112 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$704.1K
$616.1K – $821.5K
NOI $49,289 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
822
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
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Two ground-floor office units totaling 1,758 SF, each with its own entrance, restroom, HVAC, and electric meter.
Where is this office units located?
The property is located at 3408 NE 65th St Seattle, WA.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Two ground‑floor office units (Units A & B) totaling 1,758 SF, each 879 SF and purchasable separately or together; Each unit has its own entrance, private restroom, HVAC, and electric meter; Located on the ground floor of the Bryant View Condominiums
