Fully Leased Retail Space in
For Sale
$3,490,000
Pending
8562 Greenwood Ave N, Seattle, WA 98103
Fully leased retail space in vibrant Greenwood neighborhood with development potential.
Property Size7,996 SF
Days on Market505
Property Features for 8562 Greenwood Ave N
General Information
Standard status
Pending
Size
7,996 SF
Property subtype
Commercial
Building Details
Year Built
1937
Listing Agency:
RE/MAX METRO REALTY, INC.
(206) 726-6230
Listed By:
JAMES TJOA · License #8112
Source:
Corcoran
Added: Apr 3, 2025
Changed: Jul 6
Last Checked: Jul 23 at 8:23AM
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 RE/MAX METRO REALTY, INC.
Investment Insights
Based on property information with market context.
This is a fully leased 7,986 square foot retail space located in the core of Greenwood. The property is 100% occupied by two established and local tenants and has a 6.1% cap rate. The location has a 91 Walk Score, and is surrounded by a mix of local and national businesses. A Trader Joes is coming soon nearby. There are about 900 multifamily units recently built or planned for developments in the area. The building has system updates, 13-foot high ceilings, and 3 storefront doors for future flexible demising options. The NC-75 zoning allows a wide variety of uses and future development potential up to 7 stories.
Key Highlights
- Fully leased retail space offering a solid 6.1% cap rate.
- Prime Greenwood location boasts a highly desirable 91 Walk Score.
- 100% occupied by two established local tenants.
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
$173,954
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
4.98%
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%
$3,479,080
$3.5M
Cap Rate 7%
$2,485,057
$2.5M
Cap Rate 9%
$1,932,822
$1.9M
Market Conditions
NOI Build-Up for 7,996 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
$256.2K $32.04/SF
− Vacancy
−$7.7K −$0.96/SF
EGI
$248.5K $31.08/SF
− OpEx
−$74.6K −$9.32/SF
NOI
$174.0K $21.76/SF
Area
ZIP 98103
Vacancy
3.00%
Lease Rate
$32.04 /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%
$3,479,080
Cap Rate 7%
$2,485,057
Cap Rate 9%
$1,932,822
Alternative Uses
Best Use
Retail
$2.49M
$2.17M – $2.90M
NOI $173,954 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,255 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 98103, WA
53,056
Population
27,857
Households
1.9
Avg Household Size
35
Median Age
77%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
11,534
Density / Sq Mi
$127,372
Median Household Income
$80,508
Median Earnings
$2,006
Median Rent
$1,012,900
Median Home Value
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Fully leased retail space in vibrant Greenwood neighborhood with development potential.
Where is this retail space located?
The property is located at 8562 Greenwood Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $3,490,000.
What are key features of this property?
This property features: Fully leased retail space offering a solid 6.1% cap rate.; Prime Greenwood location boasts a highly desirable 91 Walk Score.; 100% occupied by two established local tenants.
