Vacant Mixed-Use Redevelopment
For Sale
Contact for pricing
1821 E HOWELL ST, Seattle, WA 98122
Vacant building with mixed-use redevelopment potential under NC2-75 (M1) zoning.
Property Size2,380 SF
Lot Size0.09 Acres
Price / SF$399.16
Days on Market9
Property Features for 1821 E HOWELL ST
General Information
Standard status
Active
Size
2,380 SF
Lot size
0.09 Acres
Property subtype
Multifamily, Mixed Use
Zoning
NC2-75 (M1)
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Land Use
residential
Building Details
Year Built
1906
Stories
2
Units
1
Listing Agency:
Windermere Real Estate East Inc.
Listed By:
Julie Scozzafave · License #98398
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 10 at 3:58AM
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 Windermere Real Estate East Inc.
Investment Insights
Based on property information with market context.
The property includes a vacant 2,380-square-foot structure built in 1906 on an approximately 4,030-square-foot lot. The existing building may be renovated and reconfigured into two separate residential units, subject to design, permitting, and buyer verification.
NC2-75 (M1) zoning supports mixed-use redevelopment concepts, with heights up to 75 feet identified. Preliminary planning indicates approximately 20,000–28,000 SF of gross buildable area and roughly 25–40 residential units, depending on design, unit mix, parking strategy, and commercial use. Residential space above ground-floor commercial or amenity space is among the concepts described for the site.
Located at 1821 E Howell St in Seattle’s Madison Valley, the property has access to nearby retail, dining, transit, and employment centers. Zoning, unit count, rental potential, and redevelopment feasibility remain subject to buyer verification, design review, and permitting.
NC2-75 (M1) zoning supports mixed-use redevelopment concepts, with heights up to 75 feet identified. Preliminary planning indicates approximately 20,000–28,000 SF of gross buildable area and roughly 25–40 residential units, depending on design, unit mix, parking strategy, and commercial use. Residential space above ground-floor commercial or amenity space is among the concepts described for the site.
Located at 1821 E Howell St in Seattle’s Madison Valley, the property has access to nearby retail, dining, transit, and employment centers. Zoning, unit count, rental potential, and redevelopment feasibility remain subject to buyer verification, design review, and permitting.
Key Highlights
- Vacant 2,380 SF structure built in 1906
- Approximately 4,030 SF lot at 1821 E Howell St, Seattle, WA
- NC2‑75 (M1) zoning with heights up to 75 feet
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
$40,169
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
4.23%
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%
$803,380
$803.4K
Cap Rate 7%
$573,843
$573.8K
Cap Rate 9%
$446,322
$446.3K
Market Conditions
NOI Build-Up for 2,380 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
$75.7K $31.80/SF
− Vacancy
−$2.6K −$1.11/SF
EGI
$73.0K $30.69/SF
− OpEx
−$32.9K −$13.81/SF
NOI
$40.2K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$803,380
Cap Rate 7%
$573,843
Cap Rate 9%
$446,322
Alternative Uses
Best Use
Apartment 5plus
$573.8K
$502.1K – $669.5K
NOI $40,169 @ 7.0% cap · market cap 4.23%
Second Best
Mixed Use
$448.8K
$392.7K – $523.6K
NOI $31,416 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$716.0K
$626.5K – $835.4K
NOI $50,122 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,173
Businesses Nearby
Explore this area
Business Placement
Demographics for 98122, WA
41,646
Population
24,942
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
18,107
Density / Sq Mi
$106,479
Median Household Income
$69,673
Median Earnings
$1,991
Median Rent
$929,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant building with mixed-use redevelopment potential under NC2-75 (M1) zoning.
Where is this mixed-use property located?
The property is located at 1821 E HOWELL ST Seattle, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Vacant 2,380 SF structure built in 1906; Approximately 4,030 SF lot at 1821 E Howell St, Seattle, WA; NC2‑75 (M1) zoning with heights up to 75 feet
