Owner-User Office
For Sale
Contact for pricing
1617 8th Ave N, Seattle, WA 98109
Two-level office property with existing occupancy and future space for an owner-user.
Property Size7,000 SF
Price / SF$471.43
Days on Market50
Property Features for 1617 8th Ave N
General Information
Standard status
Active
Size
7,000 SF
Property subtype
OFFICE
Listing Agency:
Newmark
(206) 388-3000
Listed By:
Levi Bundrant
(425) 409-7405
Source:
Moodyscre
Added: Aug 18
Changed: Oct 5
Last Checked: Oct 5 at 7:04PM
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 Newmark
Investment Insights
Based on property information with market context.
This 7,000-square-foot office building offers a combination of in-place occupancy and future user flexibility. The first floor is leased to a local life science user through September 30, 2029, providing ongoing rental income to the owner.
The second floor is expected to become available within 6 months of closing, creating an opportunity for an owner to occupy part of the building while retaining an existing lease on the lower level. The property is located at 1617 8th Ave N in Seattle, Washington.
The second floor is expected to become available within 6 months of closing, creating an opportunity for an owner to occupy part of the building while retaining an existing lease on the lower level. The property is located at 1617 8th Ave N in Seattle, Washington.
Key Highlights
- 7,000‑square‑foot office building at 1617 8th Ave N, Seattle, WA 98109
- First‑floor lease runs through September 30, 2029
- First floor occupied by a local life science user
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$122,890
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,457,800
$2.5M
Cap Rate 7%
$1,755,571
$1.8M
Cap Rate 9%
$1,365,444
$1.4M
Market Conditions
NOI Build-Up for 7,000 SF
Gross rent
$212.5K $30.36/SF
− Vacancy
−$48.7K −$6.95/SF
EGI
$163.9K $23.41/SF
− OpEx
−$41.0K −$5.85/SF
NOI
$122.9K $17.56/SF
Area
Seattle, WA
Vacancy
22.90%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,457,800
Cap Rate 7%
$1,755,571
Cap Rate 9%
$1,365,444
Alternative Uses
Best Use
Office B
$1.76M
$1.54M – $2.05M
NOI $122,890 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.84M – $2.46M
NOI $147,418 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,091
Businesses Nearby
Explore this area
Business Placement
Demographics for 98109, WA
34,551
Population
23,162
Households
1.5
Avg Household Size
32
Median Age
78%
College-Educated
98%
High-School Grad
1.9 sq mi
ZIP Area
18,185
Density / Sq Mi
$130,845
Median Household Income
$104,202
Median Earnings
$2,329
Median Rent
$986,000
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 Office in Seattle, WA
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Frequently Asked Questions
What type of property is this?
Office building - Two-level office property with existing occupancy and future space for an owner-user.
Where is this office building located?
The property is located at 1617 8th Ave N Seattle, WA.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 7,000‑square‑foot office building at 1617 8th Ave N, Seattle, WA 98109; First‑floor lease runs through September 30, 2029; First floor occupied by a local life science user
