Two-Building Industrial Creative
For Sale
Contact for pricing
1136 S Albro Pl, Seattle, WA 98108
Two interconnected buildings converted from a historic bottling plant for flexible production, warehouse, office, retail, and event use.
Property Size32,143 SF
Price / SF$295.55
Days on Market272
Property Features for 1136 S Albro Pl
General Information
Standard status
Active
Size
32,143 SF
Property subtype
INDUSTRIAL
Additional Details
Highway Access
Yes
Listing Agency:
Meriwether Advisors, LLC
(206) 816-1579
Listed By:
Matthew Brennan
(206) 459-0782
Source:
Moodyscre
Added: Dec 16, 2025
Changed: Sep 7
Last Checked: Sep 14 at 7:17AM
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 Meriwether Advisors, LLC
Investment Insights
Based on property information with market context.
This rare two-building industrial and creative campus was adapted from a historic bottling plant and shaped by the influence of architect Tom Kundig of Olson Kundig and the direction of Charles Smith. The offering preserves authentic industrial character while creating a distinctive facility designed to support multiple operating needs.
The properties are described as being in immediate proximity to Boeing Field and I-5, supporting convenient access for a wide range of users.
The campus provides flexibility across production, warehouse, office, retail, and hospitality or event uses, with the overall configuration intended to accommodate a mix of functional environments across the two buildings.
The properties are described as being in immediate proximity to Boeing Field and I-5, supporting convenient access for a wide range of users.
The campus provides flexibility across production, warehouse, office, retail, and hospitality or event uses, with the overall configuration intended to accommodate a mix of functional environments across the two buildings.
Key Highlights
- Two interconnected buildings converted from a historic bottling plant
- Flexible use space for production, warehouse, office, retail, and hospitality/event uses
- Designed by architect Tom Kundig (Olson Kundig) and Charles Smith, reflecting an adaptive‑reuse industrial campus
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
$338,466
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
3.56%
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%
$6,769,320
$6.8M
Cap Rate 7%
$4,835,229
$4.8M
Cap Rate 9%
$3,760,733
$3.8M
Market Conditions
NOI Build-Up for 32,143 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
$578.6K $18.00/SF
− Vacancy
−$57.9K −$1.80/SF
EGI
$520.7K $16.20/SF
− OpEx
−$182.3K −$5.67/SF
NOI
$338.5K $10.53/SF
Area
Seattle, WA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$6,769,320
Cap Rate 7%
$4,835,229
Cap Rate 9%
$3,760,733
Alternative Uses
Best Use
Flex RnD
$4.84M
$4.23M – $5.64M
NOI $338,466 @ 7.0% cap · market cap 3.56%
Second Best
Industrial
$4.16M
$3.64M – $4.85M
NOI $290,945 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$9.67M
$8.46M – $11.28M
NOI $676,922 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,219
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98108, WA
25,009
Population
9,096
Households
2.7
Avg Household Size
37
Median Age
37%
College-Educated
83%
High-School Grad
7.4 sq mi
ZIP Area
3,380
Density / Sq Mi
$90,806
Median Household Income
$48,703
Median Earnings
$1,463
Median Rent
$693,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Seattle, WA
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Frequently Asked Questions
What type of property is this?
Flex space - Two interconnected buildings converted from a historic bottling plant for flexible production, warehouse, office, retail, and event use.
Where is this flex space located?
The property is located at 1136 S Albro Pl Seattle, WA.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Two interconnected buildings converted from a historic bottling plant; Flexible use space for production, warehouse, office, retail, and hospitality/event uses; Designed by architect Tom Kundig (Olson Kundig) and Charles Smith, reflecting an adaptive‑reuse industrial campus
