Seattle Commercial Condo Live/Work
For Sale
$998,000
Pending
1512 Alaskan Way, Seattle, WA 98101
Commercial condo near Pike Place Market and Seattle's Waterfront.
Property Size2,010 SF
Days on Market690
Property Features for 1512 Alaskan Way
General Information
Standard status
Pending
Size
2,010 SF
Property subtype
Commercial
Building Details
Year Built
1910
Listing Agency:
WEST COAST COMMERCIAL REALTY, LLC
Listed By:
BLAKE TAYLOR · License #104178
(206) 283-5212
Source:
Corcoran
Added: Oct 25, 2024
Changed: Jul 6
Last Checked: Sep 13 at 6:58AM
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 WEST COAST COMMERCIAL REALTY, LLC
Investment Insights
Based on property information with market context.
This commercial condo, suitable for live/work use, is located at 1512 Alaskan Way, nestled between Pike Place Market and the Waterfront in Seattle. The property offers a street-level location at the base of the Pike Street Hillclimb, attracting both tourists and locals. It is situated steps from Seattle's New Waterfront and the Seattle Aquarium Ocean Pavilion. Access is simplified via a public elevator and adjoining garage from Western Ave. The property includes 6 dedicated parking spaces, with nearby ferry and bus stations. The recently renovated space features high ceilings, exposed brick and beams, and an open floor plan. It also includes a kitchenette, private office, and a 3/4 bath. The property size is 2010 square feet. Potential seller financing may be available.
Key Highlights
- Prime location between Pike Place Market and the Waterfront.
- Street‑level access at the base of the Pike Street Hillclimb.
- Steps from Seattle's New Waterfront and the Seattle Aquarium Ocean Pavilion.
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
$29,971
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
3.00%
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%
$599,420
$599.4K
Cap Rate 7%
$428,157
$428.2K
Cap Rate 9%
$333,011
$333.0K
Market Conditions
NOI Build-Up for 2,010 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
$44.1K $21.96/SF
− Vacancy
−$1.3K −$0.66/SF
EGI
$42.8K $21.30/SF
− OpEx
−$12.8K −$6.39/SF
NOI
$30.0K $14.91/SF
Area
Seattle, WA
Vacancy
3.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$599,420
Cap Rate 7%
$428,157
Cap Rate 9%
$333,011
Alternative Uses
Best Use
Retail
$428.2K
$374.6K – $499.5K
NOI $29,971 @ 7.0% cap · market cap 3.00%
Second Best
Mixed Use
$379.0K
$331.7K – $442.2K
NOI $26,532 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$604.7K
$529.1K – $705.5K
NOI $42,330 @ 7.0% cap · market cap 4.24%
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
16,141
Businesses Nearby
Explore this area
Business Placement
Demographics for 98101, WA
16,237
Population
13,193
Households
1.2
Avg Household Size
36
Median Age
71%
College-Educated
96%
High-School Grad
0.5 sq mi
ZIP Area
32,474
Density / Sq Mi
$128,143
Median Household Income
$106,620
Median Earnings
$2,476
Median Rent
$741,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Seattle, WA
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Frequently Asked Questions
What type of property is this?
Live-work space - Commercial condo near Pike Place Market and Seattle's Waterfront.
Where is this live-work space located?
The property is located at 1512 Alaskan Way Seattle, WA.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Prime location between Pike Place Market and the Waterfront.; Street‑level access at the base of the Pike Street Hillclimb.; Steps from Seattle's New Waterfront and the Seattle Aquarium Ocean Pavilion.
