Belltown Office Opportunity For
For Sale
Contact for pricing
87 Wall St, Seattle, WA 98121
Belltown office space with brick and timber interiors available for sale.
Property Size14,130 SF
Lot Size0.17 Acres
Price / SF$247.70
Days on Market506
Property Features for 87 Wall St
General Information
Standard status
Active
Size
14,130 SF
Lot size
0.17 Acres
Property subtype
OFFICE
Lease Type
NNN
Properties For Sale
at 87 Wall St Contact us- Size
- 14,130 SF
- Type
- OFFICE
- Lease Type
- NNN
- Availability
- AVAILABLE
Full Building Opportunity
Full building office opportunity available for lease. First floor has 7,790 SF, second...
show more
Contact us
Listing Agency:
Ewing & Clark Comm'l Brokerage
(206) 838-7737
Listed By:
Cameron Kent · License #102567
(206) 838-7737
Source:
Moodyscre
Added: Mar 25, 2025
Changed: Aug 8
Last Checked: Aug 12 at 6:51AM
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 Ewing & Clark Comm'l Brokerage
Investment Insights
Based on property information with market context.
This Belltown property presents a versatile opportunity for various parties, including owner-users, investors, tenants, and developers. The building features brick and timber interiors, creating a distinctive aesthetic. The office layout is open, providing flexibility for different configurations and uses. The property offers a total area of 14,130 square feet.
Key Highlights
- Fantastic Belltown location.
- Opportunity for owner/user, investor, tenant, or developer.
- Brick and timber interiors.
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
$248,062
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
7.09%
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%
$4,961,240
$5.0M
Cap Rate 7%
$3,543,743
$3.5M
Cap Rate 9%
$2,756,244
$2.8M
Market Conditions
NOI Build-Up for 14,130 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
$429.0K $30.36/SF
− Vacancy
−$98.2K −$6.95/SF
EGI
$330.7K $23.41/SF
− OpEx
−$82.7K −$5.85/SF
NOI
$248.1K $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%
$4,961,240
Cap Rate 7%
$3,543,743
Cap Rate 9%
$2,756,244
Alternative Uses
Best Use
Office B
$3.54M
$3.10M – $4.13M
NOI $248,062 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.25M
$3.72M – $4.96M
NOI $297,574 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,538
Businesses Nearby
Explore this area
Business Placement
Demographics for 98121, WA
21,411
Population
15,781
Households
1.4
Avg Household Size
35
Median Age
78%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
53,528
Density / Sq Mi
$148,974
Median Household Income
$118,893
Median Earnings
$2,329
Median Rent
$796,600
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?
Office units - Belltown office space with brick and timber interiors available for sale.
Where is this office units located?
The property is located at 87 Wall St Seattle, WA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Fantastic Belltown location.; Opportunity for owner/user, investor, tenant, or developer.; Brick and timber interiors.
