High-Visibility Auto Shop
For Sale
Contact for pricing
444 Elliott Ave W, Seattle, WA 98119
Automotive building with in-place income through 2027 and frontage on a 50,700+ VPD corridor.
Property Size5,625 SF
Price / SF$488.89
Days on Market48
Property Features for 444 Elliott Ave W
General Information
Standard status
Active
Size
5,625 SF
Property subtype
RETAIL
Listing Agency:
Marcus & Millichap, Inc.
(206) 826-5787
Listed By:
Clayton Brown · License #WA:123258,ID:SP56979
Source:
Moodyscre
Added: Jun 23
Changed: Jul 27
Last Checked: Aug 8 at 12:37PM
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 Marcus & Millichap, Inc.
Investment Insights
Based on property information with market context.
This automotive building at 444 Elliott Ave W, Seattle, WA 98119 is offered for sale, with the listing noting in-place income through 2027. The property totals 5,625 square feet and is positioned as either an owner-user or a value-add opportunity based on the remarks.
The site is described as a high-traffic, high-visibility location with 50,700+ VPD in the core Seattle area. The listing further states the submarket has a high barrier to entry and that the property is in a strong trade area with significant employers, along with dense and affluent demographics.
Additional remarks indicate flexible zoning and long-term redevelopment potential. The listing also notes the asset is located in an income tax-free state.
The site is described as a high-traffic, high-visibility location with 50,700+ VPD in the core Seattle area. The listing further states the submarket has a high barrier to entry and that the property is in a strong trade area with significant employers, along with dense and affluent demographics.
Additional remarks indicate flexible zoning and long-term redevelopment potential. The listing also notes the asset is located in an income tax-free state.
Key Highlights
- Automotive building for sale or lease with in‑place income through 2027
- Frontage on a 50,700+ VPD high‑traffic corridor
- Location described as core Seattle with high‑visibility traffic counts
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
$83,873
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
3.05%
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%
$1,677,460
$1.7M
Cap Rate 7%
$1,198,186
$1.2M
Cap Rate 9%
$931,922
$931.9K
Market Conditions
NOI Build-Up for 5,625 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
$123.5K $21.96/SF
− Vacancy
−$3.7K −$0.66/SF
EGI
$119.8K $21.30/SF
− OpEx
−$35.9K −$6.39/SF
NOI
$83.9K $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%
$1,677,460
Cap Rate 7%
$1,198,186
Cap Rate 9%
$931,922
Alternative Uses
Best Use
Retail
$1.20M
$1.05M – $1.40M
NOI $83,873 @ 7.0% cap · market cap 3.05%
Second Best
Industrial
$727.4K
$636.4K – $848.6K
NOI $50,915 @ 7.0% cap · market cap 1.85%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,461 @ 7.0% cap · market cap 4.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,840
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
Median Home Value
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
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Similar Off Market Nearby
- Taylor Brake Services — 630 Elliott Ave W, Seattle, WA 98119
- The Art of Carolyn Goodenough — 200 W Mercer St, Seattle, WA 98119
- Mobile oil change service — 118 Republican St, Seattle, WA 98109
- Mitsubishi Key Replacement — 2918 1st Ave, Seattle, WA 98121
- Pep Boys — 444 Elliott Ave W, Seattle, WA 98119
Frequently Asked Questions
What type of property is this?
Auto shop - Automotive building with in-place income through 2027 and frontage on a 50,700+ VPD corridor.
Where is this auto shop located?
The property is located at 444 Elliott Ave W Seattle, WA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Automotive building for sale or lease with in‑place income through 2027; Frontage on a 50,700+ VPD high‑traffic corridor; Location described as core Seattle with high‑visibility traffic counts
