Renovated Ground-Floor Office
For Sale
$475,000
8745 Greenwood Avenue, Seattle, WA 98103
Flexible office configuration with private work areas, reception space, and dedicated in-suite restroom access.
Property Size1,367 SF
Price / SF$347.48
Days on Market18
Property Features for 8745 Greenwood Avenue
General Information
Standard status
Active
Size
1,367 SF
Property subtype
General Commercial
Zoning
NC2-55
Additional Details
Floor
Ground Floor
Road Access
Yes
Office Units
2
Amenities
private in-suite bath
access to additional building restrooms
3
Building Details
Year Built
1989
Year Renovated
2024
Listing Agency:
(425) 285-3200
Listed By:
Keller Williams Eastside
Source:
Xome
Added: Jul 26
Changed: Aug 11
Last Checked: Aug 12 at 3:55AM
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 Keller Williams Eastside
Investment Insights
Based on property information with market context.
This ground-floor office property contains 1,367 square feet arranged as two distinct units, A1 and A2. The interior includes a reception area, multiple private offices, and adaptable space for storage, a breakroom, or future expansion. Renovation work was completed in 2024, and the suite includes a private in-suite bathroom along with access to additional restrooms serving the building.
Located at 8745 Greenwood Avenue in Seattle, the property offers direct access along Greenwood Ave N with exposure to vehicle and pedestrian traffic. Shared garage parking is available, and NC2-55 zoning allows a variety of uses. The two-unit layout can accommodate consolidated occupancy or separate use of the spaces.
Located at 8745 Greenwood Avenue in Seattle, the property offers direct access along Greenwood Ave N with exposure to vehicle and pedestrian traffic. Shared garage parking is available, and NC2-55 zoning allows a variety of uses. The two-unit layout can accommodate consolidated occupancy or separate use of the spaces.
Key Highlights
- 1,367‑square‑foot ground‑floor office suite
- Two distinct units identified as A1 and A2
- Renovated in 2024
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
$32,644
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
6.87%
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%
$652,880
$652.9K
Cap Rate 7%
$466,343
$466.3K
Cap Rate 9%
$362,711
$362.7K
Market Conditions
NOI Build-Up for 1,367 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
$46.8K $34.20/SF
− Vacancy
−$3.2K −$2.36/SF
EGI
$43.5K $31.84/SF
− OpEx
−$10.9K −$7.96/SF
NOI
$32.6K $23.88/SF
Area
ZIP 98103
Vacancy
6.90%
Lease Rate
$34.20 /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%
$652,880
Cap Rate 7%
$466,343
Cap Rate 9%
$362,711
Alternative Uses
Best Use
Office B
$466.3K
$408.1K – $544.1K
NOI $32,644 @ 7.0% cap · market cap 6.87%
Second Best
Healthcare Medical
$302.4K
$264.6K – $352.8K
NOI $21,166 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$552.6K
$483.5K – $644.7K
NOI $38,681 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,351
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 Office in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible office configuration with private work areas, reception space, and dedicated in-suite restroom access.
Where is this office units located?
The property is located at 8745 Greenwood Avenue Seattle, WA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,367‑square‑foot ground‑floor office suite; Two distinct units identified as A1 and A2; Renovated in 2024
