Industrial Flex
For Sale
Contact for pricing
601 South Andover Street, Seattle, WA 98108
Flex space with two-floor office, secured outside storage, and two dock platforms with dock levelers.
Property Size17,401 SF
Price / SF$264.35
Days on Market535
Property Features for 601 South Andover Street
General Information
Standard status
Active
Size
17,401 SF
Property subtype
INDUSTRIAL
Additional Details
Outdoor Storage
Yes
Sprinkler System
Yes
Amenities
air-conditioned offices
upgraded LED lighting
dock platforms with dock leveler
Listing Agency:
NWC-KV LLC
(206) 787-1800
Listed By:
Spencer Mead
(206) 787-1476
Source:
Moodyscre
Added: Mar 31, 2025
Changed: Sep 15
Last Checked: Sep 15 at 9:56AM
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 NWC-KV LLC
Investment Insights
Based on property information with market context.
Industrial flex building offering 3,758 SF of office space on two floors. The property includes two secured outside storage areas for additional operational space.
Warehouse improvements include two dock platforms with dock levelers and sprinklers throughout. Offices are air-conditioned, and the building features upgraded LED lighting.
Exterior and roof improvements include a new TPO roof completed in 2023. The listing is also available for lease.
Warehouse improvements include two dock platforms with dock levelers and sprinklers throughout. Offices are air-conditioned, and the building features upgraded LED lighting.
Exterior and roof improvements include a new TPO roof completed in 2023. The listing is also available for lease.
Key Highlights
- 3,758 SF office space on two floors with air‑conditioned offices
- Two secured outside storage areas
- Two dock platforms with dock levelers
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
$191,258
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
4.16%
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%
$3,825,160
$3.8M
Cap Rate 7%
$2,732,257
$2.7M
Cap Rate 9%
$2,125,089
$2.1M
Market Conditions
NOI Build-Up for 17,401 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
$244.3K $14.04/SF
− Vacancy
−$19.3K −$1.11/SF
EGI
$225.0K $12.93/SF
− OpEx
−$33.8K −$1.94/SF
NOI
$191.3K $10.99/SF
Area
Seattle, WA
Vacancy
7.90%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
15.00%
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%
$3,825,160
Cap Rate 7%
$2,732,257
Cap Rate 9%
$2,125,089
Alternative Uses
Best Use
Warehouse
$2.73M
$2.39M – $3.19M
NOI $191,258 @ 7.0% cap · market cap 4.16%
Second Best
Flex RnD
$2.62M
$2.29M – $3.05M
NOI $183,233 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$5.24M
$4.58M – $6.11M
NOI $366,460 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,214
Businesses Nearby
Well-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Seattle, WA
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space with two-floor office, secured outside storage, and two dock platforms with dock levelers.
Where is this flex space located?
The property is located at 601 South Andover Street Seattle, WA.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: 3,758 SF office space on two floors with air‑conditioned offices; Two secured outside storage areas; Two dock platforms with dock levelers
