Downtown Seattle Commercial
For Sale
$1,795,000
819 Virginia St, Seattle, WA 98101
Rare commercial condominium in downtown Seattle, suitable for various businesses.
Property Size3,126 SF
Price / SF$574.22
Days on Market1220
Property Features for 819 Virginia St
General Information
Standard status
Active
Size
3,126 SF
Building Details
Year Built
2006
Listing Agency:
RE/MAX METRO REALTY, INC.
(206) 910-5288
Listed By:
KEVIN HARASIMOWICZ · License #102801
Source:
Corcoran
Added: Apr 11, 2023
Changed: Mar 16
Last Checked: Jul 23 at 8:50AM
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 RE/MAX METRO REALTY, INC.
Investment Insights
Based on property information with market context.
Suite C-2 at 819 Virginia Street presents a unique opportunity to own a commercial condominium in downtown Seattle. This condominium is suitable for various businesses, potentially serving as a central meeting space or periodic workplace for larger businesses with remote employees. Located one block east of the Federal Courthouse, it occupies the ground floor of The Cosmopolitan, a 34-story mixed-use condominium tower. Constructed and completed in 2007, Suite C-2 features contemporary office space with high-end improvements valued at over $500,000. The property size is 3126 square feet. The Cosmopolitan is located within walking distance of downtown amenities.
Key Highlights
- Seller financing available
- High‑end, quality improvements valued at over $500,000
- Rare opportunity to own a commercial condominium in downtown Seattle
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
$54,879
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
3.06%
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%
$1,097,580
$1.1M
Cap Rate 7%
$783,986
$784.0K
Cap Rate 9%
$609,767
$609.8K
Market Conditions
NOI Build-Up for 3,126 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
$94.9K $30.36/SF
− Vacancy
−$21.7K −$6.95/SF
EGI
$73.2K $23.41/SF
− OpEx
−$18.3K −$5.85/SF
NOI
$54.9K $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%
$1,097,580
Cap Rate 7%
$783,986
Cap Rate 9%
$609,767
Alternative Uses
Best Use
Office B
$784.0K
$686.0K – $914.7K
NOI $54,879 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$940.5K
$822.9K – $1.10M
NOI $65,833 @ 7.0% cap · market cap 3.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
14,902
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
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Rare commercial condominium in downtown Seattle, suitable for various businesses.
Where is this office units located?
The property is located at 819 Virginia St Seattle, WA.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Seller financing available; High‑end, quality improvements valued at over $500,000; Rare opportunity to own a commercial condominium in downtown Seattle
