Historic Retail
For Sale
Contact for pricing
1521 3rd Avenue, Seattle, WA 98101
Owner-user retail space with an income component in a mixed-use building near light rail.
Property Size9,233 SF
Price / SF$249.11
Days on Market13
Property Features for 1521 3rd Avenue
General Information
Standard status
Active
Size
9,233 SF
Property subtype
Retail
Zoning
DRC 85-170
Lease Type
NNN
Building Details
Year Built
1913
Units
2
Tenancy
Multi
Listing Agency:
Kelly Right Real Estate
Listed By:
Sihem Chamakh · License #9999
Source:
Crexi
Added: Jul 30
Changed: Aug 3
Last Checked: Aug 9 at 1:21PM
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 Kelly Right Real Estate
Investment Insights
Based on property information with market context.
This 9,233-square-foot retail condominium occupies space within the Fischer Studio Building, a mixed-use historic landmark completed in 1913. The property is positioned for an owner-user seeking a substantial retail footprint with an existing income component. DRC 85-170 zoning applies to the property.
The condominium is located at 1521 3rd Avenue in Seattle’s Pike-Pine Corridor, within walking distance of Pike Place Market and the waterfront. Westlake light rail station is adjacent, providing direct transit access. The surrounding area includes major employers, hotels, restaurants, shopping, entertainment venues, and flagship stores. Nearby corporate occupants identified in the property information include Uber, Zillow, Nordstrom, Oracle, Qualtrics, DocuSign, Deloitte, and Perkins Coie.
The condominium is located at 1521 3rd Avenue in Seattle’s Pike-Pine Corridor, within walking distance of Pike Place Market and the waterfront. Westlake light rail station is adjacent, providing direct transit access. The surrounding area includes major employers, hotels, restaurants, shopping, entertainment venues, and flagship stores. Nearby corporate occupants identified in the property information include Uber, Zillow, Nordstrom, Oracle, Qualtrics, DocuSign, Deloitte, and Perkins Coie.
Key Highlights
- 9,233‑square‑foot retail condominium
- Located within the Fischer Studio Building, a mixed‑use historic landmark
- Building completed in 1913
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
$137,672
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
5.99%
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%
$2,753,440
$2.8M
Cap Rate 7%
$1,966,743
$2.0M
Cap Rate 9%
$1,529,689
$1.5M
Market Conditions
NOI Build-Up for 9,233 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
$202.8K $21.96/SF
− Vacancy
−$6.1K −$0.66/SF
EGI
$196.7K $21.30/SF
− OpEx
−$59.0K −$6.39/SF
NOI
$137.7K $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 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%
$2,753,440
Cap Rate 7%
$1,966,743
Cap Rate 9%
$1,529,689
Alternative Uses
Best Use
Retail
$1.97M
$1.72M – $2.29M
NOI $137,672 @ 7.0% cap · market cap 5.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,444 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
18,335
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 Retail in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Owner-user retail space with an income component in a mixed-use building near light rail.
Where is this retail space located?
The property is located at 1521 3rd Avenue Seattle, WA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 9,233‑square‑foot retail condominium; Located within the Fischer Studio Building, a mixed‑use historic landmark; Building completed in 1913
