Ballard Mixed-Use Investment
For Sale
Contact for pricing
603 NW 65th St, Seattle, WA 98117
Leased mixed-use building in Ballard neighborhood with commercial and residential units.
Property Size3,525 SF
Price / SF$468.09
Days on Market155
Property Features for 603 NW 65th St
General Information
Standard status
Active
Size
3,525 SF
Property subtype
Multifamily, Retail
Occupancy
100%
Lease Type
NNN
Net Operating Income
$88,855
Building Details
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Pacific Continental Realty LLC
(360) 671-5000
Listed By:
KC Coonc · License #WA 17357
Source:
Crexi
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 11 at 9:07AM
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 Pacific Continental Realty LLC
Investment Insights
Based on property information with market context.
Located in the Ballard neighborhood, this mixed-use building offers a prime investment opportunity. The property is situated on the corner of 6th Ave W and NW 65th St, across the street from Mainstay Provisions, and surrounded by restaurants and bars including Molly Maguires, Tin Hat Bar, The Blue Glass, The Dray, and Stumbletown. The newer construction building is 100% leased and includes a commercial tenant, Ballard Acupuncture center, and four one-bedroom residential units above. The commercial space was originally built as two suites but has been used by one tenant from the beginning. The building benefits from cell tower income. The property size is 3525 square feet.
Key Highlights
- Prime location in Ballard neighborhood on NW 65th St.
- 100% leased mixed‑use building.
- Newer construction.
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
$52,561
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
3.19%
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%
$1,051,220
$1.1M
Cap Rate 7%
$750,871
$750.9K
Cap Rate 9%
$584,011
$584.0K
Market Conditions
NOI Build-Up for 3,525 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
$77.4K $21.96/SF
− Vacancy
−$2.3K −$0.66/SF
EGI
$75.1K $21.30/SF
− OpEx
−$22.5K −$6.39/SF
NOI
$52.6K $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%
$1,051,220
Cap Rate 7%
$750,871
Cap Rate 9%
$584,011
Alternative Uses
Best Use
Retail
$750.9K
$657.0K – $876.0K
NOI $52,561 @ 7.0% cap · market cap 3.19%
Second Best
Mixed Use
$664.7K
$581.6K – $775.5K
NOI $46,530 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$1.06M
$927.9K – $1.24M
NOI $74,235 @ 7.0% cap · market cap 4.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,041
Businesses Nearby
Explore this area
Business Placement
Demographics for 98117, WA
35,608
Population
15,230
Households
2.3
Avg Household Size
39
Median Age
75%
College-Educated
98%
High-School Grad
3.9 sq mi
ZIP Area
9,130
Density / Sq Mi
$182,500
Median Household Income
$95,616
Median Earnings
$2,197
Median Rent
$1,028,100
Median Home Value
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Leased mixed-use building in Ballard neighborhood with commercial and residential units.
Where is this mixed-use property located?
The property is located at 603 NW 65th St Seattle, WA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Prime location in Ballard neighborhood on NW 65th St.; 100% leased mixed‑use building.; Newer construction.
