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    West Seattle Investment Opportunity Title is generated by Realmo AI

    6323 35th Ave SW, Seattle, WA 98126

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    For Sale
    $3,400,000

    Well-maintained 9,112 SF building with long-term tenants.

    Type:Commercial
    Property size:
    9,112 SF
    Lot size:
    0.69 Acres
    Price / SF:
    $373/SF
    Added:
    Jan 14, 2026
    Days on Market:
    142
    Last Refresh:
    Apr 5 at 8:21 pm

    Property Features for 6323 35th Ave SW

    General Information

    Standard status
    Active
    Size
    9,112 SF
    Lot size
    0.69 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1987

    We can help!

    Listing Contact
    PETER ARGERES

    Listing agent PETER ARGERES

    Listing office EWING & CLARK COMM'L BROKERAGE

    Listing date Jan 14, 2026

    Source Corcoran

    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 EWING & CLARK COMM'L BROKERAGE

    HighLights

    • Solid investment property with three long‑term tenants.
    • NNN and modified gross leases in place, expiring July 2028 with no options.
    • Large 29,945 SF lot zoned NC2P‑55 (M) offering potential development opportunities.
    • Well‑maintained 9,112 SF building with recent upgrades.
    • New roof installed in 2022.
    • Ample parking with 60+ spaces and two curb cuts on each end of the building.

    Overview

    This well-maintained 9,112 square foot building in West Seattle presents a solid investment or development opportunity. The property, situated on a 29,945 square foot lot, is zoned NC2P-55 (M) and features new exterior paint from 2021 and a new roof installed in 2022. The building also benefits from the installation of four new HVAC units within the last four years. Currently, the site accommodates three long-term tenants, two of whom operate under NNN leases, while the third has a modified gross lease. All three leases are set to expire in July 2028, with no options for renewal. The property includes over 60 parking spaces and two curb cuts on each end of the building. It is located next to U Haul on 35th Ave SW and SW Morgan St.
    Property Profile Location Intelligence

    Current Use by Public Records

    HIIT Lab Gym & Fitness Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.377
    Latitude
    47.5457

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    FAQs

    What type of property is this?
    Shopping center - Well-maintained 9,112 SF building with long-term tenants.
    Where is this shopping center located?
    The property is located at 6323 35th Ave SW Seattle, WA.
    What is the asking price?
    The asking price for this property is $3,400,000.
    What are key features of this property?
    This property features: Solid investment property with three long‑term tenants.; NNN and modified gross leases in place, expiring July 2028 with no options.; Large 29,945 SF lot zoned NC2P‑55 (M) offering potential development opportunities.
    We can help!
    Listing Contact
    PETER ARGERES
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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