Historic Craftsman Office
New
For Sale
$1,299,000
1cu-5430 California Avenue Sw, Seattle, WA 98136
Renovated professional office property with private suites, shared amenities, secure parking, and climate-controlled storage.
Property Size2,269 SF
Price / SF$572.50
Days on Market7
Property Features for 1cu-5430 California Avenue Sw
General Information
Standard status
Active
Size
2,269 SF
Total Parking Spaces
3
Additional Details
Road Access
Yes
Sprinkler System
Yes
Office Units
7
Taxes and HOA fees
Annual Taxes
$12,444
Amenities
waiting room
break area
kitchen
climate-controlled basement storage
Building Details
Buildings
1
Building Size
2,269 SF
Construction
Craftsman
Tenancy
Multi
Listing Agency:
John L. Scott Vashon
Listed By:
James Marsh
(206) 567-1600
Source:
Exprealty
Added: Sep 10
Changed: Sep 15
Last Checked: Sep 15 at 2:25PM
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 John L. Scott Vashon
Investment Insights
Based on property information with market context.
This renovated historic Craftsman office property provides 2,269 SF across seven individual office suites. Shared areas include a welcoming first-floor waiting room, kitchen, break area, and two bathrooms, while each suite offers distinct architectural character. The property also includes nearly 1,000 SF of climate-controlled basement storage, two storage units, and three covered, secured parking stalls.
Located on California Avenue in West Seattle, the building has a new ductless heating and air-conditioning system, full fire sprinklers, and ADA compliance. The HOA covers water, sewer, garbage, recycling, common-area maintenance, exterior irrigation, earthquake and fire insurance, and reserves. The configuration supports professional office occupancy with shared facilities and dedicated suite space.
Located on California Avenue in West Seattle, the building has a new ductless heating and air-conditioning system, full fire sprinklers, and ADA compliance. The HOA covers water, sewer, garbage, recycling, common-area maintenance, exterior irrigation, earthquake and fire insurance, and reserves. The configuration supports professional office occupancy with shared facilities and dedicated suite space.
Key Highlights
- 2,269 SF historic Craftsman‑style office building
- Seven individual office suites with shared kitchen, break area, waiting room, and two bathrooms
- Nearly 1,000 SF of climate‑controlled basement storage
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
$39,834
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
3.07%
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%
$796,680
$796.7K
Cap Rate 7%
$569,057
$569.1K
Cap Rate 9%
$442,600
$442.6K
Market Conditions
NOI Build-Up for 2,269 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
$68.9K $30.36/SF
− Vacancy
−$15.8K −$6.95/SF
EGI
$53.1K $23.41/SF
− OpEx
−$13.3K −$5.85/SF
NOI
$39.8K $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 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%
$796,680
Cap Rate 7%
$569,057
Cap Rate 9%
$442,600
Alternative Uses
Best Use
Office B
$569.1K
$497.9K – $663.9K
NOI $39,834 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$682.6K
$597.3K – $796.4K
NOI $47,784 @ 7.0% cap · market cap 3.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Office units
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 98136, WA
16,424
Population
8,295
Households
2
Avg Household Size
43
Median Age
67%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,141
Density / Sq Mi
$153,636
Median Household Income
$85,279
Median Earnings
$1,917
Median Rent
$900,000
Median Home Value
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated professional office property with private suites, shared amenities, secure parking, and climate-controlled storage.
Where is this office building located?
The property is located at 1cu-5430 California Avenue Sw Seattle, WA.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 2,269 SF historic Craftsman‑style office building; Seven individual office suites with shared kitchen, break area, waiting room, and two bathrooms; Nearly 1,000 SF of climate‑controlled basement storage
