Lake Union Adjacent Office
For Sale
Contact for pricing
3919 Latona Ave NE, Seattle, WA 98105
2405 SF office space near Lake Union, Seattle.
Property Size2,405 SF
Lot Size0.32 Acres
Price / SF$291.06
Days on Market197
Property Features for 3919 Latona Ave NE
General Information
Standard status
Active
Size
2,405 SF
Lot size
0.32 Acres
Property subtype
OFFICE
Listing Agency:
The Andover Company, Inc.
(206) 336-5330
Listed By:
Mike Hemphill
(206) 336-5325
Source:
Moodyscre
Added: Jan 27
Changed: Aug 9
Last Checked: Aug 12 at 11:56AM
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 The Andover Company, Inc.
Investment Insights
Based on property information with market context.
This 2405 square foot office space presents an investment opportunity. The layout includes conference rooms, open work areas, and a reception area, along with two bathrooms and a small kitchen with an eating area. The unit is located in a mixed-use complex with commercial and retail spaces on the main floor and condos above. It includes six reserved parking spaces arranged in three tandem deep configurations within a secure parking garage. The property is currently leased to a nonprofit organization with an expiring lease that has expressed interest in extending their lease. Situated one block from Lake Union, the location offers proximity to dining options and the UW hospital.
Key Highlights
- Excellent investment opportunity with existing tenant interested in extending their lease.
- 2405 sq. ft. office space featuring conference rooms, open work areas, and a reception area.
- Prime location: One block from Lake Union, close to dining, and UW hospital.
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
$42,221
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
6.03%
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%
$844,420
$844.4K
Cap Rate 7%
$603,157
$603.2K
Cap Rate 9%
$469,122
$469.1K
Market Conditions
NOI Build-Up for 2,405 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
$73.0K $30.36/SF
− Vacancy
−$16.7K −$6.95/SF
EGI
$56.3K $23.41/SF
− OpEx
−$14.1K −$5.85/SF
NOI
$42.2K $17.56/SF
Area
Seattle, WA
Vacancy
22.90%
Lease Rate
$30.36 /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%
$844,420
Cap Rate 7%
$603,157
Cap Rate 9%
$469,122
Alternative Uses
Best Use
Office B
$603.2K
$527.8K – $703.7K
NOI $42,221 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$723.6K
$633.1K – $844.2K
NOI $50,649 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,839
Businesses Nearby
Explore this area
Business Placement
Demographics for 98105, WA
49,151
Population
20,582
Households
2.4
Avg Household Size
27
Median Age
77%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
12,934
Density / Sq Mi
$78,691
Median Household Income
$34,947
Median Earnings
$1,803
Median Rent
$1,261,100
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 - 2405 SF office space near Lake Union, Seattle.
Where is this office units located?
The property is located at 3919 Latona Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Excellent investment opportunity with existing tenant interested in extending their lease.; 2405 sq. ft. office space featuring conference rooms, open work areas, and a reception area.; Prime location: One block from Lake Union, close to dining, and UW hospital.
