Flex Space With Oversized Grade-Level
For Sale
$6,700,000
938 North 127th Street, Seattle, WA 98133
Flex office/warehouse building offers oversized grade-level loading with multiple suites available for owner-user use.
Property Size28,837 SF
Days on Market43
Property Features for 938 North 127th Street
General Information
Standard status
Active
Size
28,837 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Drive-In Doors
1
Building Details
Building Size
28,837 SF
Buildings
1
Listing Agency:
Rosen Harbottle
Listed By:
Brian Stewart
(425) 289-2222
Source:
Commercialcafe
Added: Jul 28
Changed: Sep 8
Last Checked: Sep 7 at 6:52AM
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 Rosen Harbottle
Investment Insights
Based on property information with market context.
Flex office/warehouse building totaling 28,837 SF with oversized grade-level loading. Suites totaling 7,883 SF to 15,909 SF are available now for an owner/user.
Located in North Seattle at 938 N 127th St, with nearby retail and restaurant amenities on Aurora Ave. The property also offers quick access to I-5.
The flexible layout supports both office and warehouse functions, making it well-suited for businesses that need storage or light distribution alongside workplace space.
Located in North Seattle at 938 N 127th St, with nearby retail and restaurant amenities on Aurora Ave. The property also offers quick access to I-5.
The flexible layout supports both office and warehouse functions, making it well-suited for businesses that need storage or light distribution alongside workplace space.
Key Highlights
- Total building size: 28,837 SF
- 7,883 SF to 15,909 SF available now for owner/user
- Oversized grade‑level loading
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
$421,235
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
6.29%
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%
$8,424,700
$8.4M
Cap Rate 7%
$6,017,643
$6.0M
Cap Rate 9%
$4,680,389
$4.7M
Market Conditions
NOI Build-Up for 28,837 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
$785.5K $27.24/SF
− Vacancy
−$223.9K −$7.76/SF
EGI
$561.6K $19.48/SF
− OpEx
−$140.4K −$4.87/SF
NOI
$421.2K $14.61/SF
Area
ZIP 98133
Vacancy
28.50%
Lease Rate
$27.24 /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%
$8,424,700
Cap Rate 7%
$6,017,643
Cap Rate 9%
$4,680,389
Alternative Uses
Best Use
Office B
$6.02M
$5.27M – $7.02M
NOI $421,235 @ 7.0% cap · market cap 6.29%
Second Best
Warehouse
$5.81M
$5.08M – $6.77M
NOI $406,351 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$8.21M
$7.18M – $9.58M
NOI $574,721 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,063
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98133, WA
50,720
Population
24,730
Households
2.1
Avg Household Size
39
Median Age
51%
College-Educated
94%
High-School Grad
7.1 sq mi
ZIP Area
7,144
Density / Sq Mi
$92,371
Median Household Income
$60,328
Median Earnings
$1,794
Median Rent
$719,100
Median Home Value
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Flex office/warehouse building offers oversized grade-level loading with multiple suites available for owner-user use.
Where is this flex space located?
The property is located at 938 North 127th Street Seattle, WA.
What is the asking price?
The asking price for this property is $6,700,000.
What are key features of this property?
This property features: Total building size: 28,837 SF; 7,883 SF to 15,909 SF available now for owner/user; Oversized grade‑level loading
