Broadway State Building For
824 Pike St Seattle, WA 98122
824 Pike St, Seattle, WA, 98122
$1,975,000
For Sale
$1,975,000
Fully occupied retail and office building in desirable Seattle location.
Property Size3,828 SF
Price / SF$515.94
Days on Market547
Property Features for 824 Pike St
General Information
- Standard status
- Active
- Size
- 3,828 SF
Building Details
- Year Built
- 1913
Listing Agency
GIBRALTAR, LLC
(206) 296-9610
Listed by
DAN SWANSON · License #13533
Source
Corcoran
Added: Jan 16, 2025 Checked: Jul 17 at 3:16 am
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 GIBRALTAR, LLC
Investment Insights
Based on property information with market context.
The Broadway State building is located in a pedestrian-oriented and transit-served retail corridor and is currently at 100% occupancy. The ground-floor retail space is occupied by a franchise of Come Buy Tea, an international chain of Boba Tea and Waffle cafés. The operator recently signed a 10-year lease. The upstairs space is occupied by Here.design, a local design company with one year remaining on their lease, offering an owner-user buyer the opportunity to purchase the property and occupy the upstairs office space for their own business. Redeveloping the property into a view, mixed-use multifamily and retail property is another potentially lucrative option.
Key Highlights
- 100% Occupancy with Established Tenants
- Ground‑Floor Retail Leased to International Franchise (Come Buy Tea) with 10‑Year Lease
- Prime Corner Location in Desirable Seattle Neighborhood
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $116.2k | $30.36 |
| − Vacancy | −$26.6k | −$6.95 |
| EGI | $89.6k | $23.41 |
| − OpEx | −$22.4k | −$5.85 |
| NOI | $67.2k | $17.56 |
3,828 SF · lease $30.36/SF/yr · vacancy 22.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$960.0K
$840.0K – $1.12M
NOI $67,203 @ 7.0% cap · market cap 3.40%
Second Best
Retail
$815.4K
$713.5K – $951.3K
NOI $57,079 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,617 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
ComeBuyTEA Seattle
Cafe & Coffee Shop
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Fully occupied retail and office building in desirable Seattle location.
Where is this retail space located?
The property is located at 824 Pike St Seattle, WA.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: 100% Occupancy with Established Tenants; Ground‑Floor Retail Leased to International Franchise (Come Buy Tea) with 10‑Year Lease; Prime Corner Location in Desirable Seattle Neighborhood
