Historic Mixed-Use Building with
For Sale
$4,900,000
213 1ST, Seattle, WA 98104
Four-story mixed-use building with leased ground-floor retail and 13 residential units.
Property Size16,974 SF
Price / SF$288.68
Days on Market636
Property Features for 213 1ST
General Information
Standard status
Active
Size
16,974 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
13
Building Details
Year Built
1900
Stories
4
Tenancy
Multi
Listing Agency:
COMPASS
Listed By:
Ben Kaufman
(425) 285-3200
Source:
Century21northhomes
Added: Jan 22, 2025
Changed: Oct 16
Last Checked: Oct 19 at 9:21AM
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
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Investment Insights
Based on property information with market context.
Built in 1900, this well-maintained four-story mixed-use property includes 13 residential units and two retail spaces on the ground level. The residences feature open layouts, hardwood flooring, and contemporary finishes, with on-site laundry and an elevator serving the building. Unit mix includes four penthouses with rooftop decks, four lofts, four micro lofts, and one studio.
Located in Seattle’s Pioneer Square, the building sits on 1st St with street parking available, and it is described as having a Walk Score of 96. The two ground-level retail spaces are fully leased.
For an owner, this structure offers a straightforward live-work blend with multiple unit types for residential tenants and existing leasing in the retail component. The presence of on-site laundry and an elevator supports day-to-day convenience for occupants across the property, while the variety of layouts can help accommodate different household needs within a single building. The fully leased retail spaces add an established use on the ground floor alongside the residential program.
Located in Seattle’s Pioneer Square, the building sits on 1st St with street parking available, and it is described as having a Walk Score of 96. The two ground-level retail spaces are fully leased.
For an owner, this structure offers a straightforward live-work blend with multiple unit types for residential tenants and existing leasing in the retail component. The presence of on-site laundry and an elevator supports day-to-day convenience for occupants across the property, while the variety of layouts can help accommodate different household needs within a single building. The fully leased retail spaces add an established use on the ground floor alongside the residential program.
Key Highlights
- Built in 1900, 4‑story mixed‑use building in Pioneer Square with on‑site elevator
- Ground‑floor includes 2 retail spaces that are fully leased
- Residential units total 13: 4 penthouses with rooftop decks, 4 lofts, 4 micro lofts, and 1 studio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$286,485
Cap Rate
5.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,729,700
$5.7M
Cap Rate 7%
$4,092,643
$4.1M
Cap Rate 9%
$3,183,167
$3.2M
Market Conditions
NOI Build-Up for 16,974 SF
Gross rent
$539.8K $31.80/SF
− Vacancy
−$18.9K −$1.11/SF
EGI
$520.9K $30.69/SF
− OpEx
−$234.4K −$13.81/SF
NOI
$286.5K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,729,700
Cap Rate 7%
$4,092,643
Cap Rate 9%
$3,183,167
Alternative Uses
Best Use
Apartment 5plus
$4.09M
$3.58M – $4.77M
NOI $286,485 @ 7.0% cap · market cap 5.85%
Second Best
Retail
$3.62M
$3.16M – $4.22M
NOI $253,097 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$5.11M
$4.47M – $5.96M
NOI $357,468 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
13
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 98104, WA
16,157
Population
10,803
Households
1.5
Avg Household Size
38
Median Age
45%
College-Educated
83%
High-School Grad
0.9 sq mi
ZIP Area
17,952
Density / Sq Mi
$61,866
Median Household Income
$57,791
Median Earnings
$1,511
Median Rent
$663,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Four-story mixed-use building with leased ground-floor retail and 13 residential units.
Where is this apartment building located?
The property is located at 213 1ST Seattle, WA.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Built in 1900, 4‑story mixed‑use building in Pioneer Square with on‑site elevator; Ground‑floor includes 2 retail spaces that are fully leased; Residential units total 13: 4 penthouses with rooftop decks, 4 lofts, 4 micro lofts, and 1 studio
