Redevelopment Medical Clinic
For Sale
$999,800
6517 35TH, Seattle, WA 98126
Former medical clinic parcel with NC2P55 (M) zoning, suited for multi-unit low-rise residential or townhomes.
Property Size6,043 SF
Price / SF$165.45
Days on Market428
Property Features for 6517 35TH
General Information
Standard status
Active
Size
6,043 SF
Property subtype
Commercial
Zoning
NC2P55 (M)
Building Details
Year Built
1962
Listing Agency:
Berkshire Hathaway HS NW
Listed By:
Martin J. Ho
(206) 522-3400
Source:
Skylineproperties
Added: Jun 8, 2025
Changed: Aug 8
Last Checked: Jul 8 at 4:33AM
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 Berkshire Hathaway HS NW
Investment Insights
Based on property information with market context.
This 6,043-square-foot redevelopment site was previously used as a medical clinic and is offered as a canvas for new development. The property is associated with NC2P55 (M) zoning, with the stated redevelopment direction being a multi-unit low-rise residential project and townhomes.
Located in Seattle’s Gatewood/Highpoint area at 6517 35TH, the property is presented in the marketing materials as having easy access to major transportation routes and nearby parks, shops, cafes, and restaurants.
For buyers and developers evaluating neighborhood infill and adaptive reuse potential, this site provides a defined parcel size and zoning framework for residential-focused redevelopment.
Located in Seattle’s Gatewood/Highpoint area at 6517 35TH, the property is presented in the marketing materials as having easy access to major transportation routes and nearby parks, shops, cafes, and restaurants.
For buyers and developers evaluating neighborhood infill and adaptive reuse potential, this site provides a defined parcel size and zoning framework for residential-focused redevelopment.
Key Highlights
- 6,043 SF West Seattle redevelopment site in the Gatewood/Highpoint neighborhood
- NC2P55 (M) zoning supports multi‑unit low‑rise residential development and townhomes
- Previously operated as a medical clinic
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
$86,863
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
8.69%
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%
$1,737,260
$1.7M
Cap Rate 7%
$1,240,900
$1.2M
Cap Rate 9%
$965,144
$965.1K
Market Conditions
NOI Build-Up for 6,043 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
$157.4K $26.04/SF
− Vacancy
−$12.6K −$2.08/SF
EGI
$144.8K $23.96/SF
− OpEx
−$57.9K −$9.58/SF
NOI
$86.9K $14.37/SF
Area
Seattle, WA
Vacancy
8.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
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%
$1,737,260
Cap Rate 7%
$1,240,900
Cap Rate 9%
$965,144
Alternative Uses
Best Use
Healthcare Medical
$1.24M
$1.09M – $1.45M
NOI $86,863 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,264 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
661
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Former medical clinic parcel with NC2P55 (M) zoning, suited for multi-unit low-rise residential or townhomes.
Where is this medical center located?
The property is located at 6517 35TH Seattle, WA.
What is the asking price?
The asking price for this property is $999,800.
What are key features of this property?
This property features: 6,043 SF West Seattle redevelopment site in the Gatewood/Highpoint neighborhood; NC2P55 (M) zoning supports multi‑unit low‑rise residential development and townhomes; Previously operated as a medical clinic
