Greenlake Retail or Office
405 71st Street Seattle, WA 98115
For Sale
$1,350,000
Highly visible end-cap unit in desirable Greenlake neighborhood.
Property Size2,232 SF
Price / SF$604.84
Days on Market318
Property Features for 405 71st Street
General Information
Standard status
Active
Size
2,232 SF
Property subtype
Commercial
Building Details
Year Built
2003
Listing Agency:
TS PROPERTY MANAGEMENT, INC.
(253) 249-8011
Listed By:
BRIAN SEUNG SHIN
Source:
Corcoran
Added: Sep 16, 2025
Changed: Jul 10
Last Checked: Jul 29 at 9:57AM
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 TS PROPERTY MANAGEMENT, INC.
Investment Insights
Based on property information with market context.
Located in the Greenlake area, this end-cap unit is suitable for retail or professional office use. The property, currently built out as a dry cleaner, offers the possibility of equipment removal within two weeks. The property includes two reserved parking spaces in a secure garage. The unit has a size of 2232 square feet.
Key Highlights
- Prime Greenlake location, highly visible end‑cap unit.
- Two reserved parking spaces in secure garage.
- Suitable for retail or professional office use.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $70.7k | $31.68 |
| − Vacancy | −$2.1k | −$0.95 |
| EGI | $68.6k | $30.73 |
| − OpEx | −$20.6k | −$9.22 |
| NOI | $48.0k | $21.51 |
2,232 SF · lease $31.68/SF/yr · vacancy 3.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$685.9K
$600.2K – $800.2K
NOI $48,012 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$894.0K
$782.2K – $1.04M
NOI $62,578 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Highly visible end-cap unit in desirable Greenlake neighborhood.
Where is this retail space located?
The property is located at 405 71st Street Seattle, WA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Prime Greenlake location, highly visible end‑cap unit.; Two reserved parking spaces in secure garage.; Suitable for retail or professional office use.
