NNN Retail Building with
For Sale
Contact for pricing
6323 35th Ave SW, Seattle, WA 98126
Well-maintained 9,112 SF retail building on a 29,945 SF NC2P-55 (M) lot with 60+ parking spaces.
Property Size9,112 SF
Lot Size0.69 Acres
Price / SF$340.21
Days on Market210
Property Features for 6323 35th Ave SW
General Information
Standard status
Active
Size
9,112 SF
Lot size
0.69 Acres
Property subtype
RETAIL
Zoning
NC2P-55 (M)
Additional Details
Business Included
No
Building Details
Tenancy
Multi
Listing Agency:
Ewing & Clark Comm'l Brokerage
(206) 612-7877
Listed By:
Peter Argeres
Source:
Moodyscre
Added: Jan 14
Changed: Aug 8
Last Checked: Aug 11 at 10:44AM
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
Investment Insights
Based on property information with market context.
This well-maintained retail building totals 9,112 SF and has received recent exterior and system upgrades, including new exterior paint in 2021, a new roof in 2022, and four new HVAC units installed within the last four years. The property is currently occupied by three long-term tenants, with two tenants on NNN leases and one on a modified gross lease. All three leases end in July 2028 with no options.
The site includes 60+ parking spaces and two curb cuts on each end of the building. The 29,945 SF lot is zoned NC2P-55 (M) and is located next to U-Haul on 35th Ave SW and SW Morgan St.
The building benefits from multiple access points for vehicles given the two curb cuts, supporting day-to-day customer and tenant operations from the parking area.
The site includes 60+ parking spaces and two curb cuts on each end of the building. The 29,945 SF lot is zoned NC2P-55 (M) and is located next to U-Haul on 35th Ave SW and SW Morgan St.
The building benefits from multiple access points for vehicles given the two curb cuts, supporting day-to-day customer and tenant operations from the parking area.
Key Highlights
- Well‑maintained 9,112 SF retail building on a 29,945 SF lot zoned NC2P‑55 (M)
- New exterior paint (2021), new roof (2022), and four new HVAC units installed within the last four years
- 60+ parking spaces plus two curb cuts on each end of the building
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
$135,868
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
4.38%
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%
$2,717,360
$2.7M
Cap Rate 7%
$1,940,971
$1.9M
Cap Rate 9%
$1,509,644
$1.5M
Market Conditions
NOI Build-Up for 9,112 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
$200.1K $21.96/SF
− Vacancy
−$6.0K −$0.66/SF
EGI
$194.1K $21.30/SF
− OpEx
−$58.2K −$6.39/SF
NOI
$135.9K $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%
$2,717,360
Cap Rate 7%
$1,940,971
Cap Rate 9%
$1,509,644
Alternative Uses
Best Use
Retail
$1.94M
$1.70M – $2.26M
NOI $135,868 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $191,896 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
769
Businesses Nearby
Explore this area
Business Placement
Demographics for 98126, WA
23,727
Population
10,824
Households
2.2
Avg Household Size
38
Median Age
60%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
7,654
Density / Sq Mi
$114,030
Median Household Income
$73,642
Median Earnings
$1,708
Median Rent
$751,900
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?
Retail space - Well-maintained 9,112 SF retail building on a 29,945 SF NC2P-55 (M) lot with 60+ parking spaces.
Where is this retail space located?
The property is located at 6323 35th Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Well‑maintained 9,112 SF retail building on a 29,945 SF lot zoned NC2P‑55 (M); New exterior paint (2021), new roof (2022), and four new HVAC units installed within the last four years; 60+ parking spaces plus two curb cuts on each end of the building
