5531 Airport Way S, Seattle, WA 98108

Listing Agency: KBC Advisors WA. Show Phone

Listed By: Michael Roy, CCIM Show Phone

Source: Moodyscre

Added: Mar 17 Changed: Oct 26 Last Checked: Nov 10 at 7:41AM

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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.

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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.

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 / Yr

$294,355

Cap Rate

5.95%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,887,100 $5.9M

Cap Rate 7%

$4,205,071 $4.2M

Cap Rate 9%

$3,270,611 $3.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 19,741 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $415,740 @ 7.0% cap · market cap 8.40%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

District Auction Trade Show Venue Hardmill Industrial Manufacturer Adorn - Now Online ... Furniture & Home Goods seattle art source (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Nail Salon Hair Salon Law Firm Barber Shop Grocery & Convenience Store Veterinary Clinic

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

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

Average Price Trend$/SF for Storefront properties in Seattle, WA

$368 Jul

$331 Aug

$364 Sep

$419 Oct

Properties on Market for Storefront properties in Seattle

Jul

Aug

Sep

Oct

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-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