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    550 NE Northgate Way Seattle, WA 98125

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    550 NE Northgate Way Seattle, WA 98125

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    • Retail space
    • 7,152 SF
    • 0.62 lot acres
    For Lease
    $34 SF/Yr
    View Listing →
    Retail Space Near Light Rail For Lease
    $34 SF/Yr
    7,200 SF

    Retail Space Near Light Rail

    Retail space with ample parking near Northgate Light Rail.

    550 NE Northgate Way, Seattle, WA
    View Listing
    Property ID
    US90-1602515
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Facèré Jewelry Art Gallery / (Bike/Boat/Book/etc) Store
    • Green Lake Jewelry Works / (Bike/Boat/Book/etc) Store
    • Aaron Barr / (Bike/Boat/Book/etc) Store / Clothing & Fashion Store

    Property Details for 550 NE Northgate Way

    Year built
    1984
    Construction
    WOOD
    Lot size
    0.62 lot acres
    Property size
    7,152 SF
    Zone code
    NC3-75 (M)
    Property type
    Retail space
    APN
    292604-9084
    APU
    2926049084

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,430,000
      6.5%
      $2,240,000
      7%
      $2,080,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,395,000
      Market price range: $370k - $1.45M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,870,000
      Current use
      COMMERCIAL (GENERAL)
      $3,620,000
      Change: +26% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,940,000
      Change: +3% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $2,535,000
      Change: -12% Conversion: Difficult
      OFFICE BUILDING
      $2,525,000
      Change: -12% Conversion: Easy
      MEDICAL BUILDING
      $2,460,000
      Change: -14% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.321
    Latitude
    47.7089
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $35,703
    $3,769,900
    $1,000
    $3,770,900
    -
    $3,769,900
    $1,000
    $3,770,900

    Comparable in this City

    • Value Estimation
      $725,000
      4,256 SF

      10330 Lk City NE Way

      RETAIL STORES (PERSONAL SERVICES) • 4,256 SF
      10330 Lk City NE Way, Seattle, WA 98125-7738
      View Details
    • Value Estimation
      $1,090,000
      3,906 SF

      13318 Lk City NE Way

      RETAIL STORES (PERSONAL SERVICES) • 3,906 SF
      13318 Lk City NE Way, Seattle, WA 98125-4431
      View Details
    • Value Estimation by Request
      900 SF

      10326 Lk City NE Way

      RETAIL STORES (PERSONAL SERVICES) • 900 SF
      10326 Lk City NE Way, Seattle, WA 98125-7738
      View Details
    • Value Estimation by Request
      467 SF

      12311 Lk City NE Way

      RETAIL STORES (PERSONAL SERVICES) • 467 SF
      12311 Lk City NE Way, Seattle, WA 98125-5401
      View Details
    • Value Estimation
      $765,000
      4,290 SF

      11518 Lk City NE Way

      RETAIL STORES (PERSONAL SERVICES) • 4,290 SF
      11518 Lk City NE Way, Seattle, WA 98125-5328
      View Details
    • Value Estimation by Request
      1,452 SF

      12543 Lk City NE Way

      RETAIL STORES (PERSONAL SERVICES) • 1,452 SF
      12543 Lk City NE Way, Seattle, WA 98125-4424
      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
    • 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
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    • Contact for pricing

      Meadowbrook Development Site Opportunity

      Prime development site near Meadowbrook Playfield and Community Center.
      10400 Lake City Way NE, Seattle, WA 98125
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    • $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
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    • $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
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    Similar Nearby for Lease

    • 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
    • $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
      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
    • $32 SF/Yr

      Retail Space in Northgate Area

      Retail space with high visibility near Northgate and public transportation.
      534 NE Northgate Way, Seattle, WA 98125
      View Details
    View Listing
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    Seattle, WA 98125
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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.

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    550 NE Northgate Way, Seattle, WA, 98125

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