Historic Retail
1521 3rd Avenue, Seattle, WA 98101
For Sale
Contact for pricing
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 Market104
Property Features for 1521 3rd Avenue
General Information
Standard status
Size
Property subtype
Zoning
Lease Type
Site & Location
Neighborhood
Building Details
Year Built
Units
Tenancy
Listing Agency:
Kelly Right Real Estate
Listed By:
Sihem Chamakh · License WA #9999
Source:
Crexi
Added: Jul 30
Changed: Oct 26
Last Checked: Nov 10 at 5:55AM
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
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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 / Yr
$137,672
Cap Rate
5.99%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
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
$741,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Retail space in Seattle, WA
Properties on Market for Retail space in Seattle
Vacancy Rate% for Retail in Seattle, WA
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
