Seattle Commercial Condo Live/Work
For Sale
$998,000
Pending
1512 Alaskan Way, Seattle, WA 98101
Commercial condo near Pike Place Market and Seattle's Waterfront.
Property Size2,010 SF
Days on Market735
Property Features for 1512 Alaskan Way
General Information
Standard status
Pending
Size
2,010 SF
Property subtype
Commercial
Site & Location
Neighborhood
Pike Place Market
Building Details
Year Built
1910
Listing Agency:
WEST COAST COMMERCIAL REALTY, LLC
Listed By:
BLAKE TAYLOR · License #104178
(206) 931-0525
Source:
Corcoran
Added: Oct 25, 2024
Changed: Oct 25
Last Checked: Oct 28 at 8:56AM
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 WEST COAST COMMERCIAL REALTY, LLC
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Investment Insights
Based on property information with market context.
This commercial condo, suitable for live/work use, is located at 1512 Alaskan Way, nestled between Pike Place Market and the Waterfront in Seattle. The property offers a street-level location at the base of the Pike Street Hillclimb, attracting both tourists and locals. It is situated steps from Seattle's New Waterfront and the Seattle Aquarium Ocean Pavilion. Access is simplified via a public elevator and adjoining garage from Western Ave. The property includes 6 dedicated parking spaces, with nearby ferry and bus stations. The recently renovated space features high ceilings, exposed brick and beams, and an open floor plan. It also includes a kitchenette, private office, and a 3/4 bath. The property size is 2010 square feet. Potential seller financing may be available.
Key Highlights
- Prime location between Pike Place Market and the Waterfront.
- Street‑level access at the base of the Pike Street Hillclimb.
- Steps from Seattle's New Waterfront and the Seattle Aquarium Ocean Pavilion.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,971
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$599,420
$599.4K
Cap Rate 7%
$428,157
$428.2K
Cap Rate 9%
$333,011
$333.0K
Market Conditions
NOI Build-Up for 2,010 SF
Gross rent
$44.1K $21.96/SF
− Vacancy
−$1.3K −$0.66/SF
EGI
$42.8K $21.30/SF
− OpEx
−$12.8K −$6.39/SF
NOI
$30.0K $14.91/SF
Area
Seattle, WA
Vacancy
3.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$599,420
Cap Rate 7%
$428,157
Cap Rate 9%
$333,011
Alternative Uses
Best Use
Retail
$428.2K
$374.6K – $499.5K
NOI $29,971 @ 7.0% cap · market cap 3.00%
Second Best
Mixed Use
$379.0K
$331.7K – $442.2K
NOI $26,532 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$604.7K
$529.1K – $705.5K
NOI $42,330 @ 7.0% cap · market cap 4.24%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
16,141
Businesses Nearby
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Seattle, WA
Frequently Asked Questions
What type of property is this?
Live-work space - Commercial condo near Pike Place Market and Seattle's Waterfront.
Where is this live-work space located?
The property is located at 1512 Alaskan Way Seattle, WA.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Prime location between Pike Place Market and the Waterfront.; Street‑level access at the base of the Pike Street Hillclimb.; Steps from Seattle's New Waterfront and the Seattle Aquarium Ocean Pavilion.
