Greenlake Retail Investment
6408 Latona Avenue NE Seattle, WA 98115
For Sale
$1,850,000
Commercial property in Seattle's Greenlake neighborhood with development potential.
Property Size4,140 SF
Lot Size0.13 Acres
Price / SF$446.86
Days on Market475
Property Features for 6408 Latona Avenue NE
General Information
Standard status
Active
Size
4,140 SF
Lot size
0.13 Acres
Property subtype
Commercial
Building Details
Year Built
1907
Listing Agency:
WINDERMERE REAL ESTATE/M2, LLC
(425) 776-9580
Listed By:
NICKOLAS NICOLOUDAKIS
Source:
Corcoran
Added: Apr 10, 2025
Changed: Jul 10
Last Checked: Jul 27 at 7:53AM
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 WINDERMERE REAL ESTATE/M2, LLC
Investment Insights
Based on property information with market context.
This commercial property is located in Seattle's Greenlake neighborhood. The building has a total area of 4,140 square feet and is situated on a 5,465 square foot lot. Currently, the property houses 4 retail businesses. Recent rezoning allows for building up to 40 feet in height, presenting a commercial development opportunity.
Key Highlights
- Rare commercial property in Seattle's Greenlake neighborhood.
- Rezoning allows building up to 40 feet.
- 4,140 sq ft building on a 5,465 sq ft lot.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $131.2k | $31.68 |
| − Vacancy | −$3.9k | −$0.95 |
| EGI | $127.2k | $30.73 |
| − OpEx | −$38.2k | −$9.22 |
| NOI | $89.1k | $21.51 |
4,140 SF · lease $31.68/SF/yr · vacancy 3.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.27M
$1.11M – $1.48M
NOI $89,054 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $116,072 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Commercial property in Seattle's Greenlake neighborhood with development potential.
Where is this retail space located?
The property is located at 6408 Latona Avenue NE Seattle, WA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Rare commercial property in Seattle's Greenlake neighborhood.; Rezoning allows building up to 40 feet.; 4,140 sq ft building on a 5,465 sq ft lot.
