Building Details

Building Size 12,420 SF

Year Built 1971

Buildings 1

Tenancy Single

Parking Ratio 3.1 per 1,000 SF

Listing Agency: Kidder Mathews - Bellevue

Listed By: Sun Choy · License #111452 Show Phone

Source: Kidder

Added: Apr 13 Changed: Sep 4 Last Checked: Aug 31 at 2:52PM

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Investment Insights

Based on property information with market context.

The property consists of three contiguous tax parcels totaling 29,446 SF, or 0.68 acres. Improvements include a 12,420 SF hardware store with an office component, supported by parking at a ratio of 3.1 stalls per 1,000 SF. The site has frontage at the southeast corner of 15th Ave NW and NW 50th St, with additional frontage along the south side of NW 49th St.

Located in the southerly portion of Seattle’s Ballard neighborhood, the property is near Salmon Bay and the Seattle CBD. Stoneway Hardware occupies the improvements under a lease running through August 2025, with the property reported as 100% leased.

Key Highlights

• 29,446 SF site area spanning 0.68 acres
• 12,420 SF hardware store with an office component
• Three contiguous tax parcels

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$185,193

Cap Rate

2.99%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,703,860 $3.7M

Cap Rate 7%

$2,645,614 $2.6M

Cap Rate 9%

$2,057,700 $2.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,420 SF

Gross rent

$272.7K $21.96/SF

− Vacancy

−$8.2K −$0.66/SF

EGI

$264.6K $21.30/SF

− OpEx

−$79.4K −$6.39/SF

NOI

$185.2K $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 Rate 5%

$3,703,860

Cap Rate 7%

$2,645,614

Cap Rate 9%

$2,057,700

Alternative Uses

Best Use

Retail

$2.65M

$2.31M – $3.09M (±1% cap)

NOI $185,193 @ 7.0% cap · market cap 2.99%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.74M

$3.27M – $4.36M (±1% cap)

NOI $261,562 @ 7.0% cap · market cap 4.22%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Stoneway Hardware Ballard Building Supply

Suggested Use

Top Pick Pet Grooming Service HVAC Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store Carpet & Flooring Store Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

4,430

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 98107, WA

28,557

Population

16,538

Households

1.7

Avg Household Size

35

Median Age

76%

College-Educated

99%

High-School Grad

2.2 sq mi

ZIP Area

12,980

Density / Sq Mi

$137,748

Median Household Income

$82,884

Median Earnings

$2,194

Median Rent

$924,900

Median Home Value

Market

Vacancy Rate% for Retail in Seattle, WA

4.5% 2019

4.4% 2020

3.9% 2021

3.6% 2022

3.8% 2023

4.7% 2024

5.7% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Retail improvements include a hardware store, office component, and dedicated parking in Seattle’s Ballard neighborhood.

Where is this storefront property located?

The property is located at 4910 15th Ave NW Seattle, WA.

What is the asking price?

The asking price for this property is $6,200,000.

What are key features of this property?

This property features: 29,446 SF site area spanning 0.68 acres; 12,420 SF hardware store with an office component; Three contiguous tax parcels