Character Retail-Office
For Sale
Contact for pricing
158 1st Place Northwest, Issaquah, WA 98027
Historic 1927 building offers renovated retail-office space with six on-site parking stalls and a private outdoor area.
Property Size2,490 SF
Lot Size0.13 Acres
Price / SF$481.93
Days on Market438
Property Features for 158 1st Place Northwest
General Information
Standard status
Active
Size
2,490 SF
Total Parking Spaces
6
Lot size
0.13 Acres
Property subtype
RETAIL
Zoning
CBD
Additional Details
Highway Access
Yes
Amenities
private outdoor area
Building Details
Year Built
1927
Listing Agency:
Kidder Mathews
(425) 450-1180
Listed By:
Steve Pelluer · License #23225
(425) 450-1180
Source:
Moodyscre
Added: Jun 9, 2025
Changed: Aug 15
Last Checked: Apr 19 at 3:17PM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
Originally constructed in 1927 and renovated over the years while maintaining its original character, this 2,490 SF retail-office building is designed to support boutique and professional services use. The property also includes a quiet, private outdoor area, offering an on-site setting that can enhance customer experience and employee comfort.
Set on a 5,445 SF lot with six on-site parking stalls, the building is located just behind Front Street and offers walkability and visibility while remaining set back from heavy traffic. The property is zoned CBD and is described as easily accessible from I-90.
The building’s layout supports flexible use as a retail, office, or restaurant-style operation, with other possibilities noted such as daycare, subject to confirmation of permitted uses under CBD zoning.
Set on a 5,445 SF lot with six on-site parking stalls, the building is located just behind Front Street and offers walkability and visibility while remaining set back from heavy traffic. The property is zoned CBD and is described as easily accessible from I-90.
The building’s layout supports flexible use as a retail, office, or restaurant-style operation, with other possibilities noted such as daycare, subject to confirmation of permitted uses under CBD zoning.
Key Highlights
- 2,490 SF retail office in downtown Issaquah in a building originally constructed in 1927
- 5,445 SF lot with six on‑site parking stalls
- Renovated over the years while maintaining original character
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
$52,507
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
4.38%
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%
$1,050,140
$1.1M
Cap Rate 7%
$750,100
$750.1K
Cap Rate 9%
$583,411
$583.4K
Market Conditions
NOI Build-Up for 2,490 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
$89.6K $36.00/SF
− Vacancy
−$19.6K −$7.88/SF
EGI
$70.0K $28.12/SF
− OpEx
−$17.5K −$7.03/SF
NOI
$52.5K $21.09/SF
Area
King County, WA
Vacancy
21.90%
Lease Rate
$36.00 /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%
$1,050,140
Cap Rate 7%
$750,100
Cap Rate 9%
$583,411
Alternative Uses
Best Use
Office B
$750.1K
$656.3K – $875.1K
NOI $52,507 @ 7.0% cap · market cap 4.38%
Second Best
Retail
$636.3K
$556.8K – $742.4K
NOI $44,543 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$997.3K
$872.7K – $1.16M
NOI $69,812 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,602
Businesses Nearby
Explore this area
Business Placement
Demographics for 98027, WA
29,089
Population
12,071
Households
2.4
Avg Household Size
41
Median Age
65%
College-Educated
97%
High-School Grad
57.2 sq mi
ZIP Area
509
Density / Sq Mi
$150,000
Median Household Income
$82,823
Median Earnings
$2,343
Median Rent
$976,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Historic 1927 building offers renovated retail-office space with six on-site parking stalls and a private outdoor area.
Where is this retail space located?
The property is located at 158 1st Place Northwest Issaquah, WA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2,490 SF retail office in downtown Issaquah in a building originally constructed in 1927; 5,445 SF lot with six on‑site parking stalls; Renovated over the years while maintaining original character
