Auto Shop with Open Main
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3815 Rainier Ave S, Seattle, WA 98118
NC2-55(M)-zoned commercial building across from Safeway with office and restroom improvements.
Property Size2,851 SF
Lot Size0.13 Acres
Price / SF$230.80
Days on Market5
Property Features for 3815 Rainier Ave S
General Information
Standard status
Active
Size
2,851 SF
Lot size
0.13 Acres
Property subtype
RETAIL
Zoning
NC2-55(M)
Additional Details
Land Use
commercial
Amenities
two offices
two bathrooms
Building Details
Buildings
1
Listing Agency:
Windermere Real Estate Co. | Madison Park Branch
(206) 328-0889
Listed By:
Nick Upshaw
(206) 328-0889
Source:
Moodyscre
Added: Aug 13
Changed: Aug 16
Last Checked: Aug 17 at 4:25AM
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 Co. | Madison Park Branch
Investment Insights
Based on property information with market context.
The property includes a 2,851-square-foot commercial building on a 5,580-square-foot lot, currently configured for auto body repair use. Its 2,650-square-foot main floor provides a substantial open work area, complemented by two offices and two bathrooms.
Located at 3815 Rainier Ave S in Seattle’s Rainier Genesee Business District, the building sits directly across from Safeway. The property is within the Southeast Seattle Reinvestment Area, Mt. Baker Urban Center, Frequent Transit Service Area, and Design Review Equity area. Zoning is NC2-55(M).
Located at 3815 Rainier Ave S in Seattle’s Rainier Genesee Business District, the building sits directly across from Safeway. The property is within the Southeast Seattle Reinvestment Area, Mt. Baker Urban Center, Frequent Transit Service Area, and Design Review Equity area. Zoning is NC2-55(M).
Key Highlights
- 2,851‑square‑foot commercial building on a 5,580‑square‑foot lot
- Currently configured as an auto body repair shop
- 2,650‑square‑foot open main floor with two offices and two bathrooms
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
$32,019
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
4.87%
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%
$640,380
$640.4K
Cap Rate 7%
$457,414
$457.4K
Cap Rate 9%
$355,767
$355.8K
Market Conditions
NOI Build-Up for 2,851 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
$47.9K $16.80/SF
− Vacancy
−$2.2K −$0.76/SF
EGI
$45.7K $16.04/SF
− OpEx
−$13.7K −$4.81/SF
NOI
$32.0K $11.23/SF
Area
ZIP 98118
Vacancy
4.50%
Lease Rate
$16.80 /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%
$640,380
Cap Rate 7%
$457,414
Cap Rate 9%
$355,767
Alternative Uses
Best Use
Retail
$929.2K
$813.1K – $1.08M
NOI $65,044 @ 7.0% cap · market cap 9.89%
Second Best
Industrial
$457.4K
$400.2K – $533.7K
NOI $32,019 @ 7.0% cap · market cap 4.87%
Theoretical Best
Specialty Retail
$1.03M
$897.6K – $1.20M
NOI $71,807 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
921
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98118, WA
47,504
Population
19,831
Households
2.4
Avg Household Size
38
Median Age
49%
College-Educated
90%
High-School Grad
6.2 sq mi
ZIP Area
7,662
Density / Sq Mi
$109,085
Median Household Income
$54,827
Median Earnings
$1,831
Median Rent
$746,400
Median Home Value
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
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Similar Off Market Nearby
- Affordable Tire and Brake MLK — 3300 Martin Luther King Jr Way S, Seattle, WA 98144
- Westcoast Auto Body, LLC — 3815 Rainier Ave S, Seattle, WA 98118
- Too Good Detailing — 4523 33rd ave s, seattle, wa 98118
- Crash Champions Collision Repair Seattle — 3711 Rainier Ave S, Seattle, WA 98144
- A1 Automotive Service & Repair — 4425 Martin Luther King Jr Way S Unit 314, Seattle, WA 98108
Frequently Asked Questions
What type of property is this?
Auto shop - NC2-55(M)-zoned commercial building across from Safeway with office and restroom improvements.
Where is this auto shop located?
The property is located at 3815 Rainier Ave S Seattle, WA.
What is the asking price?
The asking price for this property is $658,000.
What are key features of this property?
This property features: 2,851‑square‑foot commercial building on a 5,580‑square‑foot lot; Currently configured as an auto body repair shop; 2,650‑square‑foot open main floor with two offices and two bathrooms
