Broadway State Building For
For Sale
$1,975,000
824 Pike St, Seattle, WA 98122
Fully occupied retail and office building in desirable Seattle location.
Property Size3,828 SF
Price / SF$515.94
Days on Market639
Property Features for 824 Pike St
General Information
Standard status
Active
Size
3,828 SF
Building Details
Year Built
1913
Listing Agency:
GIBRALTAR, LLC
Listed By:
DAN SWANSON · License #13533
(206) 296-9610
Source:
Corcoran
Added: Jan 16, 2025
Changed: Mar 16
Last Checked: Oct 16 at 9:08AM
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
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,203
Cap Rate
3.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,344,060
$1.3M
Cap Rate 7%
$960,043
$960.0K
Cap Rate 9%
$746,700
$746.7K
Market Conditions
NOI Build-Up for 3,828 SF
Gross rent
$116.2K $30.36/SF
− Vacancy
−$26.6K −$6.95/SF
EGI
$89.6K $23.41/SF
− OpEx
−$22.4K −$5.85/SF
NOI
$67.2K $17.56/SF
Area
Seattle, WA
Vacancy
22.90%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,344,060
Cap Rate 7%
$960,043
Cap Rate 9%
$746,700
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 authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
12,100
Businesses Nearby
Explore this area
Business Placement
Demographics for 98122, WA
41,646
Population
24,942
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
18,107
Density / Sq Mi
$106,479
Median Household Income
$69,673
Median Earnings
$1,991
Median Rent
$929,400
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 Office in Seattle, WA
Frequently Asked Questions
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
