Retail Corner with Office
For Sale
Contact for pricing
4000 Airport Way S, Seattle, WA 98108
Retail corner offering 1,700 SF of air-conditioned office space and access to a multi-corner restaurant setting nearby.
Property Size5,176 SF
Price / SF$327.47
Days on Market83
Property Features for 4000 Airport Way S
General Information
Standard status
Active
Size
5,176 SF
Property subtype
INDUSTRIAL
Listing Agency:
Westlake Associates, Inc.
(206) 505-9422
Listed By:
Matthew Little, CCIM
(206) 505-9422
Source:
Moodyscre
Added: May 21
Changed: Aug 8
Last Checked: Aug 11 at 7:32AM
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 Westlake Associates, Inc.
Investment Insights
Based on property information with market context.
This property is described as a retail corner with an additional man cave featuring 1,700 square feet of air-conditioned office space. The listing also notes the property’s suitability for many types of uses, while maintaining the existing office buildout as part of the overall configuration.
The asset is located at 4000 Airport Way S in Seattle, WA. The remarks further describe three restaurants on the other property corners along Airport Way S, which may contribute to an active surrounding retail environment.
Based on the provided information, the key functional components are the retail corner and the included air-conditioned office space.
The asset is located at 4000 Airport Way S in Seattle, WA. The remarks further describe three restaurants on the other property corners along Airport Way S, which may contribute to an active surrounding retail environment.
Based on the provided information, the key functional components are the retail corner and the included air-conditioned office space.
Key Highlights
- 1,700 SF of air‑conditioned office space on a retail corner
- Man cave is included as part of the indoor office/retail corner space
- Retail corner at 4000 Airport Way South, Seattle with many potential uses
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
$90,868
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
5.36%
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%
$1,817,360
$1.8M
Cap Rate 7%
$1,298,114
$1.3M
Cap Rate 9%
$1,009,644
$1.0M
Market Conditions
NOI Build-Up for 5,176 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
$157.1K $30.36/SF
− Vacancy
−$36.0K −$6.95/SF
EGI
$121.2K $23.41/SF
− OpEx
−$30.3K −$5.85/SF
NOI
$90.9K $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%
$1,817,360
Cap Rate 7%
$1,298,114
Cap Rate 9%
$1,009,644
Alternative Uses
Best Use
Office B
$1.30M
$1.14M – $1.51M
NOI $90,868 @ 7.0% cap · market cap 5.36%
Second Best
Retail
$1.10M
$964.7K – $1.29M
NOI $77,179 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,005 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,175
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98108, WA
25,009
Population
9,096
Households
2.7
Avg Household Size
37
Median Age
37%
College-Educated
83%
High-School Grad
7.4 sq mi
ZIP Area
3,380
Density / Sq Mi
$90,806
Median Household Income
$48,703
Median Earnings
$1,463
Median Rent
$693,500
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?
Storefront property - Retail corner offering 1,700 SF of air-conditioned office space and access to a multi-corner restaurant setting nearby.
Where is this storefront property located?
The property is located at 4000 Airport Way S Seattle, WA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 1,700 SF of air‑conditioned office space on a retail corner; Man cave is included as part of the indoor office/retail corner space; Retail corner at 4000 Airport Way South, Seattle with many potential uses
