Remodeled Office Suite with Conference
For Sale
Contact for pricing
5440-5450 Leary Ave NW, Seattle, WA 98107
Vacant, newly remodeled office suite with open layout, kitchenette, and conference room.
Property Size5,331 SF
Price / SF$459.58
Days on Market381
Property Features for 5440-5450 Leary Ave NW
General Information
Standard status
Active
Size
5,331 SF
Property subtype
RETAIL
Amenities
open area
kitchenette
conference room
Building Details
Tenancy
Multi
Listing Agency:
Ayers Commercial Group
(206) 600-9294
Listed By:
Jeff Ayers · License #105705
(206) 600-9294
Source:
Moodyscre
Added: Aug 5, 2025
Changed: Aug 8
Last Checked: Aug 20 at 12:41PM
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 Ayers Commercial Group
Investment Insights
Based on property information with market context.
A vacant, newly remodeled office suite is available with a layout designed for everyday work flow, including a large open area, kitchenette, and conference room. The property is presented as a purchase opportunity for an owner-user, with the option to occupy 1,752 square feet of office space while generating rental income from occupied spaces within the building.
The offering is located in Ballard at 5440–5450 Leary Ave NW in Seattle. The seller notes that seller financing is available for qualified buyers.
The offering is located in Ballard at 5440–5450 Leary Ave NW in Seattle. The seller notes that seller financing is available for qualified buyers.
Key Highlights
- Vacant, newly remodeled office suite in Ballard
- Offers 1,752 SF of office space
- Includes large open area, kitchenette, and conference room
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
$93,589
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
3.82%
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%
$1,871,780
$1.9M
Cap Rate 7%
$1,336,986
$1.3M
Cap Rate 9%
$1,039,878
$1.0M
Market Conditions
NOI Build-Up for 5,331 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
$161.8K $30.36/SF
− Vacancy
−$37.1K −$6.95/SF
EGI
$124.8K $23.41/SF
− OpEx
−$31.2K −$5.85/SF
NOI
$93.6K $17.56/SF
Area
Seattle, WA
Vacancy
22.90%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
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%
$1,871,780
Cap Rate 7%
$1,336,986
Cap Rate 9%
$1,039,878
Alternative Uses
Best Use
Office B
$1.34M
$1.17M – $1.56M
NOI $93,589 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,269 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,470
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 Office in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Vacant, newly remodeled office suite with open layout, kitchenette, and conference room.
Where is this office units located?
The property is located at 5440-5450 Leary Ave NW Seattle, WA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Vacant, newly remodeled office suite in Ballard; Offers 1,752 SF of office space; Includes large open area, kitchenette, and conference room
