Ground-Floor Office
For Sale
$500,000
A-8745 Greenwood Ave N, Seattle, WA 98103
Recently renovated office suite with separate units, private offices, reception space, and shared garage parking.
Property Size1,367 SF
Price / SF$365.76
Days on Market66
Property Features for A-8745 Greenwood Ave N
General Information
Standard status
Active
Size
1,367 SF
Zoning
NC2-55
Additional Details
Floor
Ground Floor
Road Access
Yes
Office Units
2
Amenities
private in-suite bath
shared garage parking
Building Details
Year Renovated
2024
Listing Agency:
Keller Williams Eastside
(425) 285-3200
Listed By:
Kelly Chiou
(425) 285-3200
Source:
Exprealty
Added: Jun 26
Changed: Aug 29
Last Checked: Aug 29 at 2:38PM
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 identified as A1 and A2. The layout includes a reception area, multiple private offices, a private in-suite bathroom, and flexible ancillary areas that can serve as storage or a breakroom. Renovation work was completed in 2024, and occupants also have access to additional building restrooms and shared garage parking.
The suite fronts Greenwood Ave N in Seattle with direct access from the avenue and exposure to both vehicle and pedestrian activity. NC2-55 zoning supports a range of uses. The two-unit configuration allows the space to accommodate separate occupancies within one property or provide room for an owner-user and future expansion.
The suite fronts Greenwood Ave N in Seattle with direct access from the avenue and exposure to both vehicle and pedestrian activity. NC2-55 zoning supports a range of uses. The two-unit configuration allows the space to accommodate separate occupancies within one property or provide room for an owner-user and future expansion.
Key Highlights
- 1,367 SF ground‑floor office property
- 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
6.53%
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 6.53%
Second Best
Healthcare Medical
$302.4K
$264.6K – $352.8K
NOI $21,166 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$552.6K
$483.5K – $644.7K
NOI $38,681 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,983
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Recently renovated office suite with separate units, private offices, reception space, and shared garage parking.
Where is this office units located?
The property is located at A-8745 Greenwood Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 1,367 SF ground‑floor office property; Two distinct units identified as A1 and A2; Renovated in 2024
