Queen Anne Mixed-Use
For Sale
Contact for pricing
116 Warren Ave N, Seattle, WA 98109
Mixed-use property in Seattle's Queen Anne neighborhood.
Property Size23,659 SF
Price / SF$451.79
Days on Market203
Property Features for 116 Warren Ave N
General Information
Standard status
Active
Size
23,659 SF
Property subtype
Multifamily
Zoning
SM-UP (M)
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
2002
Buildings
1
Stories
8
Units
18
Listing Agency:
CBRE - Seattle
(206) 442-2735
Listed By:
Peter Wright · License #WA 108910
Source:
Crexi
Added: Jan 29
Changed: Aug 14
Last Checked: Aug 20 at 1:15PM
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 CBRE - Seattle
Investment Insights
Based on property information with market context.
Centre Court Apartments is a mixed-use condominium building constructed in 2002, situated in Seattle’s Queen Anne neighborhood. The property includes 4,335 square feet of ground-floor office space featuring a two-story layout and 17-foot ceilings. A private parking garage accommodates six vehicles. The residential component consists of 18 two- and three-bedroom units, each exceeding 1,000 square feet. Residents have access to a rooftop deck that offers views of Downtown Seattle and Puget Sound. There is a second, resident only, parking garage for 22 vehicles. Located at 116 Warren Ave N, the property benefits from its proximity to amenities and employment centers in Downtown Seattle and South Lake Union. The property is located near Climate Pledge Arena.
Key Highlights
- Prime Queen Anne location, walkable access to amenities like Climate Pledge Arena.
- Enjoy sweeping views of Downtown Seattle and Puget Sound from the rooftop deck.
- Spacious residential units, featuring 18 two- and three‑bedroom units exceeding 1,000 square feet.
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
$312,299
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
2.92%
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%
$6,245,980
$6.2M
Cap Rate 7%
$4,461,414
$4.5M
Cap Rate 9%
$3,469,989
$3.5M
Market Conditions
NOI Build-Up for 23,659 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
$567.8K $24.00/SF
− Vacancy
−$68.1K −$2.88/SF
EGI
$499.7K $21.12/SF
− OpEx
−$187.4K −$7.92/SF
NOI
$312.3K $13.20/SF
Area
Seattle, WA
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$6,245,980
Cap Rate 7%
$4,461,414
Cap Rate 9%
$3,469,989
Alternative Uses
Best Use
Mixed Use
$4.46M
$3.90M – $5.20M
NOI $312,299 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.12M
$6.23M – $8.30M
NOI $498,252 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,321
Businesses Nearby
Explore this area
Business Placement
Demographics for 98109, WA
34,551
Population
23,162
Households
1.5
Avg Household Size
32
Median Age
78%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
18,185
Density / Sq Mi
$130,845
Median Household Income
$104,202
Median Earnings
$2,329
Median Rent
$986,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in Seattle's Queen Anne neighborhood.
Where is this mixed-use property located?
The property is located at 116 Warren Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $10,689,000.
What are key features of this property?
This property features: Prime Queen Anne location, walkable access to amenities like Climate Pledge Arena.; Enjoy sweeping views of Downtown Seattle and Puget Sound from the rooftop deck.; Spacious residential units, featuring 18 two- and three‑bedroom units exceeding 1,000 square feet.
