Warehouse with 24-Foot Clear
For Sale
Contact for pricing
4600 37th Ave SW, Seattle, WA 98126
Specialty warehouse with 24-foot clear height, two dock doors, and covered secure parking in Seattle.
Property Size49,383 SF
Price / SF$283.50
Days on Market70
Property Features for 4600 37th Ave SW
General Information
Standard status
Active
Size
49,383 SF
Property subtype
INDUSTRIAL
Zoning
NC3-75 (M)
Warehouse & Industrial
Clear Height
24 ft
Dock-High Doors
2
Amenities
covered secure parking
freight elevator
Seattle skyline views
Listing Agency:
Saratoga Equities, LLC
(425) 455-2664
Listed By:
Brent Nelson
(425) 455-2664
Source:
Moodyscre
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 11 at 12:22PM
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-use warehouse offering includes 49,383 SF of industrial space with a 24' clear warehouse height, two dock doors, and a freight elevator. There is also 8,329 SF of office space on the 3rd floor, and the property features covered, secure parking with a newly updated garage.
The site is zoned NC3-75 (M) and the seller has completed conceptual massing for up to 162 units with a 75 ft height maximum. Located at 4600 37th Ave SW in Seattle, the area has a 94 walk score, and Link light rail is noted as coming soon.
The site is zoned NC3-75 (M) and the seller has completed conceptual massing for up to 162 units with a 75 ft height maximum. Located at 4600 37th Ave SW in Seattle, the area has a 94 walk score, and Link light rail is noted as coming soon.
Key Highlights
- 49,383 SF specialty use property with up to 162‑unit conceptual massing under NC3‑75 (M) zoning
- 24' clear‑height warehouse with 2 dock doors and a freight elevator
- Covered secure parking with a newly updated garage
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
$542,779
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
3.88%
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%
$10,855,580
$10.9M
Cap Rate 7%
$7,753,986
$7.8M
Cap Rate 9%
$6,030,878
$6.0M
Market Conditions
NOI Build-Up for 49,383 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
$693.3K $14.04/SF
− Vacancy
−$54.8K −$1.11/SF
EGI
$638.6K $12.93/SF
− OpEx
−$95.8K −$1.94/SF
NOI
$542.8K $10.99/SF
Area
Seattle, WA
Vacancy
7.90%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
15.00%
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%
$10,855,580
Cap Rate 7%
$7,753,986
Cap Rate 9%
$6,030,878
Alternative Uses
Best Use
Warehouse
$7.75M
$6.78M – $9.05M
NOI $542,779 @ 7.0% cap · market cap 3.88%
Second Best
Flex RnD
$7.43M
$6.50M – $8.67M
NOI $520,003 @ 7.0% cap · market cap 3.71%
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
Current Use
Lease Details
24 ft
Clear height
2
Dock-high doors
Location Intelligence
Trade Area within ½ mile
2,102
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98126, WA
23,727
Population
10,824
Households
2.2
Avg Household Size
38
Median Age
60%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
7,654
Density / Sq Mi
$114,030
Median Household Income
$73,642
Median Earnings
$1,708
Median Rent
$751,900
Median Home Value
Market
Vacancy Rate% for Industrial in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Specialty warehouse with 24-foot clear height, two dock doors, and covered secure parking in Seattle.
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 property with up to 162‑unit conceptual massing under NC3‑75 (M) zoning; 24' clear‑height warehouse with 2 dock doors and a freight elevator; Covered secure parking with a newly updated garage
