Ground-Floor Office Condo
For Sale
$345,000
3408 NE 65th Street A, Seattle, WA 98115
Flexible professional office configuration with separate entrances, restrooms, HVAC systems, and electric meters.
Property Size879 SF
Price / SF$392.49
Days on Market13
Property Features for 3408 NE 65th Street A
General Information
Standard status
Active
Size
879 SF
Additional Details
Floor
Ground Floor
HOA Fee
$257
Building Details
Year Built
1998
Listing Agency:
Windermere Real Estate Midtown
(206) 999-9161
Listed By:
Lauren Hendricks
Source:
Lincolnpnwteam
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 12:50PM
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 Midtown
Investment Insights
Based on property information with market context.
Ground-floor office units within Bryant View Condominiums are currently arranged as one contiguous space while retaining separate entrances and independent building systems. Unit A contains 879 SF, and Units A and B together provide 1,758 SF. Each unit includes its own private restroom, HVAC, and electric meter, creating flexibility for an owner-user or separate occupancy arrangement.
The property is located at 3408 NE 65th Street in Seattle, with 70 feet of street frontage and on-site opportunities for signage. Constructed in 1998, the units are suited to professional office operations, including legal, accounting, architectural, chiropractic, and medical or dental practices.
The property is located at 3408 NE 65th Street in Seattle, with 70 feet of street frontage and on-site opportunities for signage. Constructed in 1998, the units are suited to professional office operations, including legal, accounting, architectural, chiropractic, and medical or dental practices.
Key Highlights
- Ground‑floor office units in Bryant View Condominiums
- Unit A measures 879 SF; Units A and B together total 1,758 SF
- Each unit has its own entrance, private restroom, HVAC, and electric meter
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
$18,535
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%
$370,700
$370.7K
Cap Rate 7%
$264,786
$264.8K
Cap Rate 9%
$205,944
$205.9K
Market Conditions
NOI Build-Up for 879 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
$31.6K $36.00/SF
− Vacancy
−$6.9K −$7.88/SF
EGI
$24.7K $28.12/SF
− OpEx
−$6.2K −$7.03/SF
NOI
$18.5K $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%
$370,700
Cap Rate 7%
$264,786
Cap Rate 9%
$205,944
Alternative Uses
Best Use
Office B
$264.8K
$231.7K – $308.9K
NOI $18,535 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$352.1K
$308.1K – $410.7K
NOI $24,644 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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Frequently Asked Questions
What type of property is this?
Office units - Flexible professional office configuration with separate entrances, restrooms, HVAC systems, and electric meters.
Where is this office units located?
The property is located at 3408 NE 65th Street A Seattle, WA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Ground‑floor office units in Bryant View Condominiums; Unit A measures 879 SF; Units A and B together total 1,758 SF; Each unit has its own entrance, private restroom, HVAC, and electric meter
