Ground-Floor Medical
For Sale
Contact for pricing
7301 5th Ave NE, Seattle, WA 98115
Ground-floor condo configured for medical and therapy rooms with ADA bath, conference room, and private office.
Property Size2,177 SF
Price / SF$401.93
Days on Market126
Property Features for 7301 5th Ave NE
General Information
Standard status
Active
Size
2,177 SF
Property subtype
OFFICE
Listing Agency:
Windermere Commercial Real Estate
(425) 591-7494
Listed By:
Janet Irons
(425) 591-7494
Source:
Moodyscre
Added: Apr 3
Changed: Jul 26
Last Checked: Aug 6 at 4:31AM
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 Commercial Real Estate
Investment Insights
Based on property information with market context.
This ground-floor commercial condo is finished throughout and arranged as a suite of medical/therapy rooms, supported by a conference room, an ADA bath, a kitchen, and a private office with a storage area.
The space is fully leased by a single tenant through April 2028. The listing notes a 5.25% CAP based on the current below-market rental rate, and that the current tenant pays no NNN; it also references the potential for a higher rate if an extension option is exercised. Two designated covered parking spaces adjoin the space, and an additional parking space inside a secure underground parking garage is included, with elevator access to the ground floor.
Located about two blocks from Greenlake in a thriving commercial district, the property is described as close to the new Swedish Medical Center at Greenlake, with nearby bus service and access to I5.
The space is fully leased by a single tenant through April 2028. The listing notes a 5.25% CAP based on the current below-market rental rate, and that the current tenant pays no NNN; it also references the potential for a higher rate if an extension option is exercised. Two designated covered parking spaces adjoin the space, and an additional parking space inside a secure underground parking garage is included, with elevator access to the ground floor.
Located about two blocks from Greenlake in a thriving commercial district, the property is described as close to the new Swedish Medical Center at Greenlake, with nearby bus service and access to I5.
Key Highlights
- Ground‑floor commercial condo configured for medical/therapy rooms, including a conference room, kitchen, private office, and ADA bath
- Fully leased to a single tenant through April 2028
- 5.25% CAP reported; current tenant pays no NNN
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
$45,906
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
5.25%
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%
$918,120
$918.1K
Cap Rate 7%
$655,800
$655.8K
Cap Rate 9%
$510,067
$510.1K
Market Conditions
NOI Build-Up for 2,177 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
$78.4K $36.00/SF
− Vacancy
−$17.2K −$7.88/SF
EGI
$61.2K $28.12/SF
− OpEx
−$15.3K −$7.03/SF
NOI
$45.9K $21.09/SF
Area
ZIP 98115
Vacancy
21.90%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
25.00%
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%
$918,120
Cap Rate 7%
$655,800
Cap Rate 9%
$510,067
Alternative Uses
Best Use
Office B
$655.8K
$573.8K – $765.1K
NOI $45,906 @ 7.0% cap · market cap 5.25%
Second Best
Healthcare Medical
$532.7K
$466.1K – $621.5K
NOI $37,289 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$871.9K
$763.0K – $1.02M
NOI $61,036 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,726
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98115, WA
54,322
Population
24,966
Households
2.2
Avg Household Size
36
Median Age
78%
College-Educated
99%
High-School Grad
6.6 sq mi
ZIP Area
8,231
Density / Sq Mi
$148,190
Median Household Income
$82,332
Median Earnings
$2,118
Median Rent
$1,041,500
Median Home Value
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor condo configured for medical and therapy rooms with ADA bath, conference room, and private office.
Where is this medical office space located?
The property is located at 7301 5th Ave NE Seattle, WA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Ground‑floor commercial condo configured for medical/therapy rooms, including a conference room, kitchen, private office, and ADA bath; Fully leased to a single tenant through April 2028; 5.25% CAP reported; current tenant pays no NNN
