Upper Queen Anne Office
For Sale
$9,250,000
20 W Galer St, Seattle, WA 98119
Modern office building with rooftop deck and parking.
Property Size19,669 SF
Lot Size0.17 Acres
Price / SF$470.28
Days on Market164
Property Features for 20 W Galer St
General Information
Standard status
Active
Size
19,669 SF
Lot size
0.17 Acres
Property subtype
Office
Building Details
Year Built
1998
Listing Agency:
Lee & Associates Commercial Real Estate Services
(253) 303-1983
Listed By:
Alex Muir
(253) 303-1983
Source:
Lee-associates
Added: Mar 6
Changed: Jul 6
Last Checked: Aug 17 at 4:08AM
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 Lee & Associates Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This commercial real estate opportunity features a 19,669 square foot office building located in Upper Queen Anne, at the corner of W Galer Street and 1st Avenue W. The property is positioned at the entry to the neighborhood’s primary commercial corridor. The three-story, Class A penthouse building includes a modern, near-turnkey office buildout. It offers convenient access to SR-99, I-5, and nearby transit routes, while remaining walkable to Queen Anne Avenue’s restaurants, cafés, and daily-needs retail, including a Safeway and Trader Joe’s. The property includes secure on-site parking with 25 spaces in a secured garage, and a private rooftop deck with views of Elliott Bay and Downtown Seattle. The building has undergone $2.25M in renovations. Upper Queen Anne is a fully built-out, supply-constrained neighborhood with no new office development, supporting long-term stability for owner-users.
Key Highlights
- Ideal owner‑user headquarters opportunity in Upper Queen Anne.
- 19,669 SF of Net Rentable Area in a Class A 3‑Story Penthouse Building.**
- Private rooftop deck with views of Elliott Bay and Downtown Seattle.**
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
$345,302
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
3.73%
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%
$6,906,040
$6.9M
Cap Rate 7%
$4,932,886
$4.9M
Cap Rate 9%
$3,836,689
$3.8M
Market Conditions
NOI Build-Up for 19,669 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
$597.2K $30.36/SF
− Vacancy
−$136.7K −$6.95/SF
EGI
$460.4K $23.41/SF
− OpEx
−$115.1K −$5.85/SF
NOI
$345.3K $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%
$6,906,040
Cap Rate 7%
$4,932,886
Cap Rate 9%
$3,836,689
Alternative Uses
Best Use
Office B
$4.93M
$4.32M – $5.76M
NOI $345,302 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.92M
$5.18M – $6.90M
NOI $414,223 @ 7.0% cap · market cap 4.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,810
Businesses Nearby
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
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 - Modern office building with rooftop deck and parking.
Where is this office building located?
The property is located at 20 W Galer St Seattle, WA.
What is the asking price?
The asking price for this property is $9,250,000.
What are key features of this property?
This property features: Ideal owner‑user headquarters opportunity in Upper Queen Anne.; 19,669 SF of Net Rentable Area in a Class A 3‑Story Penthouse Building.**; Private rooftop deck with views of Elliott Bay and Downtown Seattle.**
