University District Retail Investment
For Sale
Contact for pricing
4339-4341 University Way NE, Seattle, WA
Fully leased retail asset on high-traffic urban corridor.
Property Size7,978 SF
Lot Size0.09 Acres
Price / SF$501.38
Days on Market257
Property Features for 4339-4341 University Way NE
General Information
Standard status
Active
Size
7,978 SF
Lot size
0.09 Acres
Property subtype
RETAIL
Listing Agency:
Kidder Mathews
(206) 747-4338
Listed By:
Jason Miller · License #101904
(206) 296-9649
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Jul 10
Last Checked: Aug 7 at 6:05AM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
This offering presents the opportunity to acquire a 100% leased, three-tenant retail asset located on "The Ave" in Seattle’s University District, a dynamic and high-traffic urban corridor. The property is positioned in a core location serving dense residential neighborhoods and the University of Washington community. All tenants are on NNN leases, providing a stable income stream with minimal landlord management. The site is zoned NC3P-65, potentially allowing for up to 6 stories of future development upside. The property size is 7978 square feet.
Key Highlights
- 100% leased retail asset, providing a stable income stream.
- Located in a high‑traffic, dynamic urban corridor (“The Ave”) in Seattle’s University District.
- Irreplaceable core location serving dense residential neighborhoods and the University of Washington community.
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
$118,959
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
2.97%
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%
$2,379,180
$2.4M
Cap Rate 7%
$1,699,414
$1.7M
Cap Rate 9%
$1,321,767
$1.3M
Market Conditions
NOI Build-Up for 7,978 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
$175.2K $21.96/SF
− Vacancy
−$5.3K −$0.66/SF
EGI
$169.9K $21.30/SF
− OpEx
−$51.0K −$6.39/SF
NOI
$119.0K $14.91/SF
Area
Seattle, WA
Vacancy
3.00%
Lease Rate
$21.96 /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%
$2,379,180
Cap Rate 7%
$1,699,414
Cap Rate 9%
$1,321,767
Alternative Uses
Best Use
Retail
$1.70M
$1.49M – $1.98M
NOI $118,959 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,014 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,742
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Fully leased retail asset on high-traffic urban corridor.
Where is this retail space located?
The property is located at 4339-4341 University Way NE Seattle, WA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 100% leased retail asset, providing a stable income stream.; Located in a high‑traffic, dynamic urban corridor (“The Ave”) in Seattle’s University District.; Irreplaceable core location serving dense residential neighborhoods and the University of Washington community.
