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    16325 5Th Ave Shoreline, WA 98155

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    For Sale
    Contact for pricing

    2.59-acre multifamily site, high NOI.

    Property size:
    24,020 SF

    Property Features for 16325 5Th Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    24,020 SF
    Class
    C
    Lot Size
    112,820 SF

    Building Details

    Year Built
    1955
    Buildings
    1
    Stories
    1
    Units
    466

    We can help!

    Listing Contact
    Brian Bruininks, Ccim
    Brian Bruininks, Ccim

    Listing Agency: The Andover Company, Inc. Listing Agent: Brian Bruininks, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 2.59-acre site in Shoreline, WA, presents a compelling redevelopment opportunity. Currently housing a 24,020 square foot, single-story building with a 100% occupancy rate and a substantial net operating income (NOI) of $556,272, this property offers significant potential. The existing structure, a concrete block building, is utilized as a service industrial facility. The property features convenient access points on both 5th Avenue NE and 165th, and is fully fenced and paved, except for a portion on the southwest side. Its R24 zoning permits high-density multifamily development, aligning perfectly with the high demand for housing in this area. The site's prime location is less than a mile from the new Link Light Rail Park and Ride at 145th Street & Interstate 5, with a bus stop directly adjacent, offering excellent public transportation access. Furthermore, designated bike lanes run along 5th Avenue NE, enhancing its appeal to environmentally conscious residents. The property's flat, rectangular shape is highly desirable for developers seeking to maximize buildable space. The existing income stream can help offset carrying costs during the entitlement process. This established neighborhood location, near Shoreline schools and parks, offers a distinct advantage over higher-density corridors. The planned completion of Link Light Rail connections at 145th and 185th in 2024 will further enhance the property's value and desirability. The property's address is 16325 5th Ave NE, Shoreline, WA 98155, King County. The site consists of 466 units and was built in 1955. This is a Class C multifamily investment property categorized as an apartment building, single-family rental portfolio, and student housing, suitable for mixed-use redevelopment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Shoreline
    County
    King
    State
    Washington
    Longitude
    -122.3249675
    Latitude
    47.747985

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    FAQs

    What type of property is this?
    Multifamily property - 2.59-acre multifamily site, high NOI.
    Where is this multifamily property located?
    The property is located at 16325 5Th Ave Shoreline, WA.
    What are key features of this property?
    This property features: Highly desirable, large, flat rectangular parcel ideal for high-density multifamily development.; Existing income stream helps cover holding costs during permitting.; Excellent location near public transit, Shoreline schools, and parks.
    (206) 336-5333 Call to check price and availability
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    16325 5Th Ave Shoreline, WA 98155
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    16325 5Th Ave Shoreline, WA 98155
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Brian Bruininks, Ccim
    Brian Bruininks, Ccim
    Real Estate License ID: 24568
    (206) 336-5333 (206) 336-5324 (206) 244-0770
    Learn more
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