Storefront Property with Grade-Level
For Sale
Contact for pricing
5531 Airport Way S, Seattle, WA 98108
Retail-oriented building with loading access, on-site parking, and partial occupancy.
Property Size19,741 SF
Lot Size0.60 Acres
Price / SF$250.75
Days on Market149
Property Features for 5531 Airport Way S
General Information
Standard status
Active
Size
19,741 SF
Total Parking Spaces
25
Lot size
0.60 Acres
Property subtype
RETAIL
Occupancy
76%
Listing Agency:
KBC Advisors WA.
(206) 940-7199
Listed By:
Michael Roy, CCIM
(206) 940-7199
Source:
Moodyscre
Added: Mar 17
Changed: Aug 11
Last Checked: Aug 12 at 10:55AM
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 KBC Advisors WA.
Investment Insights
Based on property information with market context.
The property comprises a 19,741 SF storefront building on 0.60 AC of land. The building includes 5 grade-level doors and 25 auto stalls, providing loading access and on-site parking. Occupancy is reported at 76%.
Located at 5531 Airport Way S in Seattle, Washington, the property is identified by ZIP code 98108 and offers a combination of storefront space, grade-level access, and parking within an established commercial setting.
Located at 5531 Airport Way S in Seattle, Washington, the property is identified by ZIP code 98108 and offers a combination of storefront space, grade-level access, and parking within an established commercial setting.
Key Highlights
- 19,741 SF total building area
- 0.60 AC land area
- 5 grade‑level doors
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
$294,355
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
5.95%
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%
$5,887,100
$5.9M
Cap Rate 7%
$4,205,071
$4.2M
Cap Rate 9%
$3,270,611
$3.3M
Market Conditions
NOI Build-Up for 19,741 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
$433.5K $21.96/SF
− Vacancy
−$13.0K −$0.66/SF
EGI
$420.5K $21.30/SF
− OpEx
−$126.2K −$6.39/SF
NOI
$294.4K $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 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%
$5,887,100
Cap Rate 7%
$4,205,071
Cap Rate 9%
$3,270,611
Alternative Uses
Best Use
Retail
$4.21M
$3.68M – $4.91M
NOI $294,355 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.94M
$5.20M – $6.93M
NOI $415,740 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
76%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,475
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98108, WA
25,009
Population
9,096
Households
2.7
Avg Household Size
37
Median Age
37%
College-Educated
83%
High-School Grad
7.4 sq mi
ZIP Area
3,380
Density / Sq Mi
$90,806
Median Household Income
$48,703
Median Earnings
$1,463
Median Rent
$693,500
Median Home Value
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail-oriented building with loading access, on-site parking, and partial occupancy.
Where is this storefront property located?
The property is located at 5531 Airport Way S Seattle, WA.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 19,741 SF total building area; 0.60 AC land area; 5 grade‑level doors
