Manufacturing Building with Two
For Sale
Contact for pricing
5416 Shilshole Ave NW, Seattle, WA 98107
6,604 sf manufacturing building in Seattle with two stabilized tenants and lease terms extending through 2029.
Property Size6,604 SF
Price / SF$286.95
Days on Market149
Property Features for 5416 Shilshole Ave NW
General Information
Standard status
Active
Size
6,604 SF
Property subtype
Industrial
Zoning
MML U/65, City of Seattle
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$112,162
Building Details
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Listed By:
Ben Davidson · License #23026809
Source:
Crexi
Added: Apr 6
Changed: Aug 31
Last Checked: Aug 31 at 1:37AM
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 Ben Davidson
Investment Insights
Based on property information with market context.
Neil Walter Company is pleased to present 5416 Shilshole Ave NW in Seattle, Washington. The property is a 6,604 square foot manufacturing building that is fully stabilized with two tenants.
The current leases extend through 2029, when both leases are scheduled to turn over. The businesses occupying the space are described in the offering remarks as well invested into the building and intended for long-term occupancy.
The location is positioned close to the Ballard Farmers Market and the area’s primary walking retail district, supporting an established demand pattern for nearby commercial space.
The current leases extend through 2029, when both leases are scheduled to turn over. The businesses occupying the space are described in the offering remarks as well invested into the building and intended for long-term occupancy.
The location is positioned close to the Ballard Farmers Market and the area’s primary walking retail district, supporting an established demand pattern for nearby commercial space.
Key Highlights
- 6,604 SF manufacturing building in Seattle, WA
- Fully stabilized with 2 tenants
- Lease terms extend through 2029, when both leases turn over
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
$59,777
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
3.15%
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%
$1,195,540
$1.2M
Cap Rate 7%
$853,957
$854.0K
Cap Rate 9%
$664,189
$664.2K
Market Conditions
NOI Build-Up for 6,604 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
$92.7K $14.04/SF
− Vacancy
−$7.3K −$1.11/SF
EGI
$85.4K $12.93/SF
− OpEx
−$25.6K −$3.88/SF
NOI
$59.8K $9.05/SF
Area
Seattle, WA
Vacancy
7.90%
Lease Rate
$14.04 /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%
$1,195,540
Cap Rate 7%
$853,957
Cap Rate 9%
$664,189
Alternative Uses
Best Use
Industrial
$854.0K
$747.2K – $996.3K
NOI $59,777 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,078 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,293
Businesses Nearby
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 Industrial in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - 6,604 sf manufacturing building in Seattle with two stabilized tenants and lease terms extending through 2029.
Where is this manufacturing property located?
The property is located at 5416 Shilshole Ave NW Seattle, WA.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: 6,604 SF manufacturing building in Seattle, WA; Fully stabilized with 2 tenants; Lease terms extend through 2029, when both leases turn over
