South Lake Union Development
1175 Harrison Street Seattle, WA 98109
1175 Harrison Street, Seattle, WA, 98109
$1,750,000
For Sale
$1,750,000
Multifamily/Retail development opportunity in Seattle's South Lake Union.
Property Size4,050 SF
Lot Size0.10 Acres
Price / SF$432.10
Days on Market509
Property Features for 1175 Harrison Street
General Information
- Standard status
- Active
- Size
- 4,050 SF
- Lot size
- 0.10 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1951
Listing agency
COMPASS
(206) 448-8888
Listed by
TAYNA LORELLA
Source
Corcoran
Added: Feb 27, 2025 Updated: Jul 10 at 3:46PM Checked: Jul 21 at 5:07AM
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 COMPASS
Investment Insights
Based on property information with market context.
This property presents a multifamily and retail development opportunity in the South Lake Union area of Seattle. The site features a 4,050 square foot building situated on a 4,200 square foot lot. The property is zoned SM-SLUR 65/95, which allows for mixed-use developments. Zoning permits a maximum height of 65 feet for non-residential uses and 95 feet for base residential uses, promoting walkability, transit access, and a mix of residential and non-residential spaces. Located in the heart of Seattle, this is one of two remaining lots available for development on the block. It is surrounded by other mixed multifamily developments and is located next to Cascade Playground. The property is situated minutes from South Lake Union, Capital Hill, the Space Needle, Amazon, Google, REI, and Whole Foods. It is across the street from Cascade Playground and a couple of blocks from I-5, positioned between 520 and I-90.
Key Highlights
- Prime South Lake Union location, a highly desirable area.
- Zoned SM‑SLUR 65/95, allowing for mixed‑use development opportunities.
- High development potential with building height limits of 65' (non‑residential) and 95' (residential).
Local Financial Insights For Mixed Use
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 | $97.2k | $24.00 |
| − Vacancy | −$11.7k | −$2.88 |
| EGI | $85.5k | $21.12 |
| − OpEx | −$32.1k | −$7.92 |
| NOI | $53.5k | $13.20 |
4,050 SF · lease $24.00/SF/yr · vacancy 12.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$763.7K
$668.3K – $891.0K
NOI $53,460 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,292 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Mastercraft Metal Finishing
Factory
Similar For Sale Nearby
FAQs
What type of property is this?
Commercial land - Multifamily/Retail development opportunity in Seattle's South Lake Union.
Where is this commercial land located?
The property is located at 1175 Harrison Street Seattle, WA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Prime South Lake Union location, a highly desirable area.; Zoned SM‑SLUR 65/95, allowing for mixed‑use development opportunities.; High development potential with building height limits of 65' (non‑residential) and 95' (residential).
