Industrial Warehouse with Loading
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For Sale
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665 S Dakota St, Seattle, WA 98108
Concrete construction and a blend of office and warehouse space support the property’s industrial configuration.
Property Size20,714 SF
Lot Size0.63 Acres
Price / SF$301.73
Days on Market3
Property Features for 665 S Dakota St
General Information
Standard status
Active
Size
20,714 SF
Lot size
0.63 Acres
Property subtype
INDUSTRIAL
Occupancy
100%
Warehouse & Industrial
Warehouse Space
16,598 SF
Office Build-Out
4,116 SF
Dock-High Doors
2
Drive-In Doors
2
Additional Details
Gross Income
$319,200
Building Details
Year Built
1974
Buildings
1
Building Size
20,714 SF
Construction
concrete
Tenancy
Single
Listing Agency:
SRE
(206) 486-3111
Listed By:
Tyler Springer
(206) 486-3112
Source:
Moodyscre
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 4 at 2:28PM
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 SRE
Investment Insights
Based on property information with market context.
This 20,714-square-foot concrete warehouse in Seattle contains 4,116 square feet of office space and 16,598 square feet of warehouse area. Built in 1974, the building sits on a 0.63-acre parcel and is equipped with two dock-high doors and two grade-level doors.
The property is fully leased to Supergraphics under a NNN agreement that runs through December 2027, with one two-year extension option. It is located in Seattle’s South Seattle industrial area.
The property is fully leased to Supergraphics under a NNN agreement that runs through December 2027, with one two-year extension option. It is located in Seattle’s South Seattle industrial area.
Key Highlights
- 20,714‑square‑foot concrete building on a 0.63‑acre lot
- Office area totals 4,116 square feet; warehouse area totals 16,598 square feet
- Two dock‑high doors and two grade‑level doors
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
$227,672
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
3.64%
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%
$4,553,440
$4.6M
Cap Rate 7%
$3,252,457
$3.3M
Cap Rate 9%
$2,529,689
$2.5M
Market Conditions
NOI Build-Up for 20,714 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
$290.8K $14.04/SF
− Vacancy
−$23.0K −$1.11/SF
EGI
$267.8K $12.93/SF
− OpEx
−$40.2K −$1.94/SF
NOI
$227.7K $10.99/SF
Area
Seattle, WA
Vacancy
7.90%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
15.00%
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%
$4,553,440
Cap Rate 7%
$3,252,457
Cap Rate 9%
$2,529,689
Alternative Uses
Best Use
Warehouse
$3.25M
$2.85M – $3.79M
NOI $227,672 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.23M
$5.45M – $7.27M
NOI $436,231 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Dock-high doors
2
Drive-in doors
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98108, WA
25,009
Population
9,096
Households
2.7
Avg Household Size
37
Median Age
37%
College-Educated
83%
High-School Grad
7.4 sq mi
ZIP Area
3,380
Density / Sq Mi
$90,806
Median Household Income
$48,703
Median Earnings
$1,463
Median Rent
$693,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Seattle, WA
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Frequently Asked Questions
What type of property is this?
Warehouse - Concrete construction and a blend of office and warehouse space support the property’s industrial configuration.
Where is this warehouse located?
The property is located at 665 S Dakota St Seattle, WA.
What is the asking price?
The asking price for this property is $6,250,000.
What are key features of this property?
This property features: 20,714‑square‑foot concrete building on a 0.63‑acre lot; Office area totals 4,116 square feet; warehouse area totals 16,598 square feet; Two dock‑high doors and two grade‑level doors
