Mixed-Use Office and Retail
For Sale
Contact for pricing
115 15th Ave E, Seattle, WA 98112
Recently renovated mixed-use building with on-site parking, updated basement and ground floor plus refreshed second story.
Property Size9,397 SF
Price / SF$425.14
Days on Market220
Property Features for 115 15th Ave E
General Information
Standard status
Active
Size
9,397 SF
Property subtype
OFFICE
Site & Location
Neighborhood
Broadway
Listing Agency:
ORION Commercial Partners, LLC
(206) 734-4100
Listed By:
Scott Clements · License #12379
(206) 793-1074
Source:
Moodyscre
Added: Mar 23
Changed: Oct 25
Last Checked: Oct 28 at 8:55AM
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 ORION Commercial Partners, LLC
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Investment Insights
Based on property information with market context.
This mixed-use office and service retail building offers updated interior space across multiple levels, with renovations completed on the basement and ground floor in 2016 and a refresh to the second story in 2020. The property is described as well-maintained and suitable for office, retail, or service users.
Located in Seattle’s Capitol Hill neighborhood, the building is positioned in a walkable urban area with nearby dining, entertainment, and community events. It is also characterized as providing easy access to downtown Seattle amenities, with strong visibility and accessibility within the Downtown/Central District submarket.
For buyers considering an owner-occupancy or investment, the property combines a mixed-use configuration with on-site parking and a recently updated interior footprint.
Located in Seattle’s Capitol Hill neighborhood, the building is positioned in a walkable urban area with nearby dining, entertainment, and community events. It is also characterized as providing easy access to downtown Seattle amenities, with strong visibility and accessibility within the Downtown/Central District submarket.
For buyers considering an owner-occupancy or investment, the property combines a mixed-use configuration with on-site parking and a recently updated interior footprint.
Key Highlights
- 9,785 SF mixed‑use office and service retail building in Seattle’s Capitol Hill neighborhood
- Updates include basement and ground floor renovated in 2016 and second story refreshed in 2020
- On‑site parking available for tenants and visitors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$164,971
Cap Rate
4.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,299,420
$3.3M
Cap Rate 7%
$2,356,729
$2.4M
Cap Rate 9%
$1,833,011
$1.8M
Market Conditions
NOI Build-Up for 9,397 SF
Gross rent
$285.3K $30.36/SF
− Vacancy
−$65.3K −$6.95/SF
EGI
$220.0K $23.41/SF
− OpEx
−$55.0K −$5.85/SF
NOI
$165.0K $17.56/SF
Area
Seattle, WA
Vacancy
22.90%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,299,420
Cap Rate 7%
$2,356,729
Cap Rate 9%
$1,833,011
Alternative Uses
Best Use
Office B
$2.36M
$2.06M – $2.75M
NOI $164,971 @ 7.0% cap · market cap 4.13%
Second Best
Retail
$2.00M
$1.75M – $2.34M
NOI $140,117 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$2.83M
$2.47M – $3.30M
NOI $197,898 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
5,855
Businesses Nearby
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Business Placement
Demographics for 98112, WA
23,152
Population
11,670
Households
2
Avg Household Size
39
Median Age
81%
College-Educated
99%
High-School Grad
3.2 sq mi
ZIP Area
7,235
Density / Sq Mi
$162,073
Median Household Income
$84,919
Median Earnings
$2,062
Median Rent
$1,407,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Seattle, WA
Frequently Asked Questions
What type of property is this?
Office building - Recently renovated mixed-use building with on-site parking, updated basement and ground floor plus refreshed second story.
Where is this office building located?
The property is located at 115 15th Ave E Seattle, WA.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 9,785 SF mixed‑use office and service retail building in Seattle’s Capitol Hill neighborhood; Updates include basement and ground floor renovated in 2016 and second story refreshed in 2020; On‑site parking available for tenants and visitors
