7342 15th NW Ave Seattle, WA 98117

This exceptional redevelopment opportunity presents a 2,650 square foot traditional office building situated on a 4,250 square foot lot in Seattle's desirable Northwest neighborhood, at 7342 15th Ave NW, zip code 98117, King County, Washington. Currently operating at 100% occupancy with two tenants, the property boasts a Net Operating Income (NOI) of $38,400, yielding a 3.50% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $54,600 and a 5.00% cap rate, reflecting substantial upside potential. Built in 1914 and renovated in 1966, the building is classified as Class C and operates under a NNN lease structure. The permitted zoning is NC2-55(M). The asking price is $1,098,000. An adjacent lot (7345 15th Ave NW, MLS 2244224) is also available for purchase, presenting a compelling opportunity for larger-scale redevelopment. Architectural renderings are available. Access to the main floor and basement is available during business hours via Supra eKey. Showings are by appointment only. The property is sold "as is," with the seller performing no repairs. All information should be verified by the buyer. The pro-forma rent is approximately $21 per square foot, annually projecting approximately $55,000.