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 Market593
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
Changed: Mar 16
Last Checked: Jul 23 at 8:16AM
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
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
$67,203
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
3.40%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
