Multi-Tenant Office
For Sale
Contact for pricing
5639 California Ave SW, Seattle, WA 98136
Adaptable office configuration supports owner occupancy, multiple suites, or a combination of both.
Property Size3,092 SF
Price / SF$481.89
Days on Market12
Property Features for 5639 California Ave SW
General Information
Standard status
Active
Size
3,092 SF
Property subtype
OFFICE
Zoning
LR3 RC (M)
Additional Details
Public Transit
Yes
Listing Agency:
Compass Washington
(206) 330-0314
Listed By:
Susi Musi
(206) 214-5468
Source:
Moodyscre
Added: Sep 5
Changed: Sep 9
Last Checked: Sep 15 at 10:03AM
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 Compass Washington
Investment Insights
Based on property information with market context.
This 3,092-square-foot office property is configured to support one, two, or three tenants. The layout can accommodate an owner-user occupying the entire building, multiple office suites, or a blended owner-occupant and leasing strategy.
The property fronts California Ave SW in West Seattle, with visibility, transit access, and proximity to established businesses and amenities in the Alaska and Morgan Junction areas. It is currently zoned LR3 RC (M) and lies within an area subject to Seattle’s ongoing Comprehensive Plan and zoning-update process. Any future zoning, permitted-use, development-standard, or capacity changes require independent verification.
The property fronts California Ave SW in West Seattle, with visibility, transit access, and proximity to established businesses and amenities in the Alaska and Morgan Junction areas. It is currently zoned LR3 RC (M) and lies within an area subject to Seattle’s ongoing Comprehensive Plan and zoning-update process. Any future zoning, permitted-use, development-standard, or capacity changes require independent verification.
Key Highlights
- 3,092‑square‑foot office property
- Configuration can accommodate one, two, or three tenants
- Owner‑user, multi‑tenant, or combined occupancy options
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
$54,282
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
3.64%
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%
$1,085,640
$1.1M
Cap Rate 7%
$775,457
$775.5K
Cap Rate 9%
$603,133
$603.1K
Market Conditions
NOI Build-Up for 3,092 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
$93.9K $30.36/SF
− Vacancy
−$21.5K −$6.95/SF
EGI
$72.4K $23.41/SF
− OpEx
−$18.1K −$5.85/SF
NOI
$54.3K $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%
$1,085,640
Cap Rate 7%
$775,457
Cap Rate 9%
$603,133
Alternative Uses
Best Use
Office B
$775.5K
$678.5K – $904.7K
NOI $54,282 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$930.2K
$814.0K – $1.09M
NOI $65,117 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,253
Businesses Nearby
Explore this area
Business Placement
Demographics for 98136, WA
16,424
Population
8,295
Households
2
Avg Household Size
43
Median Age
67%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,141
Density / Sq Mi
$153,636
Median Household Income
$85,279
Median Earnings
$1,917
Median Rent
$900,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Seattle, WA
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Frequently Asked Questions
What type of property is this?
Office units - Adaptable office configuration supports owner occupancy, multiple suites, or a combination of both.
Where is this office units located?
The property is located at 5639 California Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: 3,092‑square‑foot office property; Configuration can accommodate one, two, or three tenants; Owner‑user, multi‑tenant, or combined occupancy options
