Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    507 Northgate Way Seattle, WA 98125

    Property Lookup

    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    507 Northgate Way Seattle, WA 98125

    View on Map
    • Retail properties & Spaces
    • 2,713 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 24 Hour Fitness / Gym & Fitness Center
    • Jimmy John's / Take-out & Catering
    • British Swim School at 24 Hour Fitness - Northgate / Swimming School / Baby Swimming School
    • Primetime car insurance / Insurance Agency
    • Masala of India Cuisine / Restaurant

    Property Details for 507 Northgate Way

    Property size
    2,713 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This exceptional 2,713 square foot retail space is located within an established 24 Hour Fitness gym in Seattle's Northgate neighborhood at 507 NE Northgate Way. The space is currently vacant and available for lease to a single tenant. Ideal for a variety of fitness-related businesses, including but not limited to martial arts, Brazilian Jiu Jitsu, kickboxing, boxing, self-defense instruction, physical therapy, sports rehabilitation, chiropractic services, therapeutic massage, grappling, drip therapy, weight loss advisory services and related programs, health diagnostic screening and testing, or businesses selling sport, health, and wellness products and accessories, including workout apparel. Prospective tenants should note that uses involving on-site food and beverage preparation, pole dancing classes, or those requiring significant construction or utility upgrades are not permitted. The lease includes common area maintenance, property taxes, and utilities (excluding phone, cable, and internet). This presents a unique opportunity to establish a thriving business within a high-traffic, health-conscious environment. The space is ready for immediate occupancy. Inquire today to learn more about this exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.323
    Latitude
    47.7084

    Comparable in this City

    • Value Estimation by Request
      126,574 SF

      12500 Lake City Way

      Individual retail properties • 126,574 SF
      12500 Lake City Way, Seattle, WA 98125
      View Details
    • Value Estimation
      $14,320,000
      46,513 SF

      301 Northgate Way

      RETAIL STORES (PERSONAL SERVICES) • 46,513 SF
      301 Northgate Way, Seattle, WA 98125-6020
      View Details
    • Value Estimation
      $1,600,000
      6,240 SF

      Seattle, WA 98125

      RETAIL STORES (PERSONAL SERVICES) • 6,240 SF
      Seattle, WA 98125
      View Details
    • Value Estimation
      $1,345,000
      5,515 SF

      14343 15th NE Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,515 SF
      14343 15th NE Ave, Seattle, WA 98125-3162
      View Details
    • Value Estimation
      $570,000
      2,117 SF

      Seattle, WA 98125

      RETAIL STORES (PERSONAL SERVICES) • 2,117 SF
      Seattle, WA 98125
      View Details
    • Value Estimation
      $2,540,000
      13,134 SF

      12554 Lk City NE Way

      RETAIL STORES (PERSONAL SERVICES) • 13,134 SF
      12554 Lk City NE Way, Seattle, WA 98125-4425
      View Details

    Similar Nearby for Sale

    • $3,500,000

      Multifamily and Retail Near Light Rail

      9 Units + Retail near Northgate Light Rail Station.
      1018 112Th St, Seattle, WA 98125
      View Details
    • $2,550,000

      Seattle Retail and Warehouse Investment

      Retail and warehouse investment opportunity in Seattle with long-term leases.
      10333 Lake City Way NE, Seattle, WA 98125
      View Details
    • Contact for pricing
      Pending

      High-Visibility Seattle Property For Sale

      Well-located Seattle property ideal for office, retail, or medical use.
      13045 Lake City Way NE, Seattle, WA 98125
      View Details
    • Contact for pricing
      2,300 SF

      Prime Retail Space in Seattle

      Street-level retail with high visibility in North Seattle.
      12000 15Th Ave NE, Seattle, WA 98125
      View Details
    • Contact for pricing

      Meadowbrook Development Site Opportunity

      Prime development site near Meadowbrook Playfield and Community Center.
      10400 Lake City Way NE, Seattle, WA 98125
      View Details
    • $2,550,000

      Seattle Retail and Warehouse Investment

      Retail and warehouse investment opportunity in Seattle with long-term leases.
      10333 Lake City Way NE, Seattle, WA 98125
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      13,905 SF

      Former Walgreens Retail Space Available

      Prominent corner location with high traffic and abundant parking.
      14352 Lake City Way NE, Seattle, WA 98125
      View Details
    • Contact for pricing
      2,729 SF

      Retail Space in Seattle

      Retail space available for lease in Seattle, Washington.
      300 Northeast Northgate Way, Seattle, WA 98125
      View Details
    • $4,038 /Mo
      933 SF

      Retail and Office Leasing Opportunity

      Retail and office spaces available along Lake City Way NE.
      10215-10223 Lake City Way NE, Seattle, WA 98125
      View Details
    • Contact for pricing
      1,681 SF

      Remodeled Retail/Office Space Available

      Newly remodeled retail/office space in a densely populated area.
      11002 1St Ave S, Seattle, WA 98125
      View Details
    • Contact for pricing
      7,200 SF

      Retail Space Near Light Rail

      Retail space with ample parking near Northgate Light Rail.
      550 NE Northgate Way, Seattle, WA 98125
      View Details
    • Contact for pricing
      2,915 SF

      Retail Space in Northgate Area

      Retail space with high visibility and convenient Northgate location.
      534-536 NE Northgate Way, Seattle, WA 98125
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    507 Northgate Way
    Seattle, WA 98125
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    507 Northgate Way, Seattle, WA, 98125

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!