Queen Anne Mixed-Use
For Sale
$10,689,000
116 Warren Avenue North, Seattle, WA 98109
Mixed-use property in Seattle's Queen Anne neighborhood.
Property Size23,659 SF
Price / SF$451.79
Days on Market208
Property Features for 116 Warren Avenue North
General Information
Standard status
Active
Size
23,659 SF
Property subtype
Multifamily
Listed By:
Reed Hunter
(206) 442-2713
Source:
Cbre
Added: Mar 27
Changed: Oct 12
Last Checked: Oct 20 at 7:20PM
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 Reed Hunter
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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 / Yr
$312,299
Cap Rate
2.92%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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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 Avenue North 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.
