Ballard Mixed-Use Development
5422 Shilshole Ave NW & 5415 Ballard Ave NW, Seattle, WA 98107
Two neighboring properties in Seattle's Ballard neighborhood with value-add potential.
Type:Industrial
Property size:
65,854 SFLot size:
0.75 AcresPrice / SF:
$277/SF- Added:
- Mar 4, 2022
- Days on Market:
- 1540
- Last Refresh:
- May 19 at 9:15 pm
Property Features for 5422 Shilshole Ave NW & 5415 Ballard Ave NW
General Information
- Standard status
- Active
- Size
- 65,854 SF
- Lot size
- 0.75 Acres
- Property subtype
- Industrial
Building Details
- Year Built
- 1941
Listing agent Lauren Hendricks License #WA
Listing office Windermere Real Estate Seattle Wall Street
Listing date Mar 4, 2022
Source Crexi
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 Windermere Real Estate Seattle Wall Street
HighLights
- Located in Ballard, a highly populated and rapidly developing Seattle neighborhood.
- Significant value‑add potential in a well‑established submarket.
- Two neighboring properties on separate tax parcels totaling 32,550 SF of land.
- Positioned in the center of Ballard’s commercial district, near the Salmon Bay waterfront.
- Proximity to high‑end shops, restaurants, bars, the Ship Canal, and the Ballard Locks.
- Suitable for numerous potential end uses, including office, retail, residential, storage & industrial.
Overview
Located in Seattle's Ballard neighborhood, these properties offer significant value-add potential. Situated near Ballard's retail area with niche shops, restaurants, and bars, as well as Seattle's Ship Canal and the Ballard Locks, the location is highly desirable. The area is a well-established submarket with limited expansion possibilities, making it an attractive industrial market due to its proximity to the Port of Seattle and major employment and residential centers. Residential development is concentrated along Market Avenue NW. The area is transitioning from industrial to denser developments, including mixed-use projects with apartments above street-level retail. The offering includes two neighboring properties on separate tax parcels, totaling 32,550 square feet of land. A two-story, 65,854 square foot building sits on a 27,900 square foot parcel zoned IG2 U/65. Across the alley is a 4,650 square foot parking lot zoned NC2P-65 fronting Ballard Ave NW. Positioned in the center of Ballard’s commercial district, near the Salmon Bay waterfront and landmarks like the Ballard Locks and Golden Gardens Park, this offering suits various potential uses, including office, retail, residential, storage, and industrial.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$12.85M
NOI $1,156,111 @ 9.00% cap · cautious / downside scenario
Moderate
$16.52M
NOI $1,156,111 @ 7.00% cap · market / base-case scenario
Aggressive
$23.12M
NOI $1,156,111 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $2.00M | $30.36 |
| − Vacancy | −$457.8k | −$6.95 |
| EGI | $1.54M | $23.41 |
| − OpEx | −$385.4k | −$5.85 |
| NOI | $1.16M | $17.56 |
65,854 SF · lease $30.36/SF/yr · vacancy 22.90% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$16.52M
$14.45M – $19.27M
NOI $1,156,111 @ 7.0% cap · market cap 6.33%
Second Best
Retail
$14.03M
$12.27M – $16.37M
NOI $981,938 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$19.81M
$17.34M – $23.11M
NOI $1,386,866 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Mixed-use properties
Location Insight
- Map
- Local Demand
- City
- Seattle
- County
- King
- State
- Washington
- Longitude
- -122.3855165
- Latitude
- 47.6682475
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Two neighboring properties in Seattle's Ballard neighborhood with value-add potential.
Where is this mixed-use property located?
The property is located at 5422 Shilshole Ave NW & 5415 Ballard Ave NW Seattle, WA.
What is the asking price?
The asking price for this property is $18,250,000.
What are key features of this property?
This property features: Located in Ballard, a highly populated and rapidly developing Seattle neighborhood.; Significant value‑add potential in a well‑established submarket.; Two neighboring properties on separate tax parcels totaling 32,550 SF of land.
