Specialty Flex Warehouse with Secure
4600 37th Ave SW Seattle, WA 98126
For Sale
$14,000,000
Large specialty warehouse and office with covered secure parking, 24-foot clear height, and two dock doors for owner-users.
Property Size49,383 SF
Price / SF$283.50
Days on Market57
Property Features for 4600 37th Ave SW
General Information
Standard status
Active
Size
49,383 SF
Property subtype
Commercial
Building Details
Year Built
1981
Listing Agency:
SARATOGA EQUITIES, LLC
(425) 455-2664
Listed By:
BRENT NELSON
Source:
Corcoran
Added: Jun 4
Changed: Jul 10
Last Checked: Jul 29 at 7:33AM
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 SARATOGA EQUITIES, LLC
Investment Insights
Based on property information with market context.
This specialty flex warehouse includes a 24-foot clear warehouse with two dock doors, a freight elevator, and a covered, secure parking setup with a newly updated garage. The property also features an 8,329 SF office space on the third floor, with Seattle skyline views, creating a mixed-use operating environment within a single asset.
Located at 4600 37th Ave SW in Seattle, the property is supported by NC3-75 (M) zoning and has conceptual massing completed for up to 162 units at a 75 ft. height. A walk score of 94 is noted in the materials, and Link light rail is described as coming soon.
For owner-users, the combination of docked warehouse functionality, freight elevator access, and dedicated third-floor office space can support a variety of business operations under one roof. For developers, the NC3-75 (M) zoning basis and the completed conceptual massing provide a starting point for covered land redevelopment planning, while the existing improvements offer utility in the meantime.
Located at 4600 37th Ave SW in Seattle, the property is supported by NC3-75 (M) zoning and has conceptual massing completed for up to 162 units at a 75 ft. height. A walk score of 94 is noted in the materials, and Link light rail is described as coming soon.
For owner-users, the combination of docked warehouse functionality, freight elevator access, and dedicated third-floor office space can support a variety of business operations under one roof. For developers, the NC3-75 (M) zoning basis and the completed conceptual massing provide a starting point for covered land redevelopment planning, while the existing improvements offer utility in the meantime.
Key Highlights
- 49,383 SF specialty use building (owner‑user or covered land opportunity) built in 1981
- NC3‑75 (M) zoning with conceptual massing completed for up to 162 units (75 ft.)
- Covered secure parking plus newly updated garage
Financial Insights For Office B
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 | $1.50M | $30.36 |
| − Vacancy | −$343.3k | −$6.95 |
| EGI | $1.16M | $23.41 |
| − OpEx | −$289.0k | −$5.85 |
| NOI | $867.0k | $17.56 |
49,383 SF · lease $30.36/SF/yr · vacancy 22.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$12.39M
$10.84M – $14.45M
NOI $866,952 @ 7.0% cap · market cap 6.19%
Second Best
Warehouse
$7.75M
$6.78M – $9.05M
NOI $542,779 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$14.86M
$13.00M – $17.33M
NOI $1,039,992 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
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Frequently Asked Questions
What type of property is this?
Flex space - Large specialty warehouse and office with covered secure parking, 24-foot clear height, and two dock doors for owner-users.
Where is this flex space located?
The property is located at 4600 37th Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $14,000,000.
What are key features of this property?
This property features: 49,383 SF specialty use building (owner‑user or covered land opportunity) built in 1981; NC3‑75 (M) zoning with conceptual massing completed for up to 162 units (75 ft.); Covered secure parking plus newly updated garage
