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 Market175
Property Features for 115 15th Ave E
General Information
Standard status
Active
Size
9,397 SF
Property subtype
OFFICE
Listing Agency:
ORION Commercial Partners, LLC
(206) 734-4100
Listed By:
Scott Clements · License #12379
(206) 793-1074
Source:
Moodyscre
Added: Mar 23
Changed: Aug 8
Last Checked: Sep 13 at 11:18AM
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
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 = 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
$164,971
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
4.13%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,855
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Seattle, WA
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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
