Seattle Commercial Condo For
For Sale
$599,000
Pending
745 Bellevue Ave E, Seattle, WA 98102
Commercial condo in Capitol Hill, leased since 2007.
Property Size1,096 SF
Days on Market856
Property Features for 745 Bellevue Ave E
General Information
Standard status
Pending
Size
1,096 SF
Property subtype
Commercial
Building Details
Year Built
2006
Listing Agency:
URBAN PACIFIC REAL ESTATE
Listed By:
IOLANTHE CHAN-MCCARTHY
Source:
Corcoran
Added: Apr 17, 2024
Changed: Jul 6
Last Checked: Jul 23 at 9:30AM
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 URBAN PACIFIC REAL ESTATE
Investment Insights
Based on property information with market context.
This commercial condo is located in the Bellagio Condominium complex, a 23-unit midrise property in Seattle's Capitol Hill neighborhood. The space has been leased to Mercato Bellagio, a neighborhood convenience store, since 2007. The interior features approximately 12 ft ceilings. The property includes two outdoor patios and two parking spaces in the garage. The space, totaling 1096 square feet, is suitable as-is or for an owner/user, with potential uses including retail shops, office space, or a coffee shop. The property provides easy access to freeways.
Key Highlights
- Leased to established business (Mercato Bellagio) since 2007, providing immediate income.
- Versatile commercial condo suitable for retail, office, or coffee shop.
- Located in the Bellagio Condominium complex on Capitol Hill.
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
$18,465
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
3.08%
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%
$369,300
$369.3K
Cap Rate 7%
$263,786
$263.8K
Cap Rate 9%
$205,167
$205.2K
Market Conditions
NOI Build-Up for 1,096 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
$25.3K $23.04/SF
− Vacancy
−$631 −$0.58/SF
EGI
$24.6K $22.46/SF
− OpEx
−$6.2K −$5.62/SF
NOI
$18.5K $16.85/SF
Area
Seattle, WA
Vacancy
2.50%
Lease Rate
$23.04 /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%
$369,300
Cap Rate 7%
$263,786
Cap Rate 9%
$205,167
Alternative Uses
Best Use
Specialty Retail
$263.8K
$230.8K – $307.8K
NOI $18,465 @ 7.0% cap · market cap 3.08%
Second Best
Retail
$233.5K
$204.3K – $272.4K
NOI $16,342 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$329.7K
$288.5K – $384.7K
NOI $23,081 @ 7.0% cap · market cap 3.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,826
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98102, WA
25,066
Population
17,944
Households
1.4
Avg Household Size
34
Median Age
79%
College-Educated
99%
High-School Grad
1.3 sq mi
ZIP Area
19,282
Density / Sq Mi
$114,395
Median Household Income
$80,130
Median Earnings
$1,920
Median Rent
$988,700
Median Home Value
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Banana stand — 410 Terry Ave N, Seattle, WA 98109
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- Crest Hill Market — 110 Summit Ave E, Seattle, WA 98102
- Broadway Market — 401 Broadway E, Seattle, WA 98102
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Commercial condo in Capitol Hill, leased since 2007.
Where is this grocery and convenience store located?
The property is located at 745 Bellevue Ave E Seattle, WA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Leased to established business (Mercato Bellagio) since 2007, providing immediate income.; Versatile commercial condo suitable for retail, office, or coffee shop.; Located in the Bellagio Condominium complex on Capitol Hill.
