Mixed-Use Building with Retail
For Sale
Contact for pricing
211 1st Avenue South, Seattle, WA 98104
1900-vintage brick building with four fully occupied residential units and approximately 6,000 sq. ft. of street-level and lower-level retail space.
Property Size11,605 SF
Price / SF$236.97
Days on Market52
Property Features for 211 1st Avenue South
General Information
Standard status
Active
Size
11,605 SF
Property subtype
Retail, Multifamily, Mixed Use
Zoning
PSM-100
Investment Type
Stabilized
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Buildings
1
Units
6
Tenancy
Multi
Construction
brick
Listing Agency:
Colliers - Seattle, Washington
Listed By:
Sam Wayne · License #WA 122177
(206) 219-2366
Source:
Crexi
Added: Jul 20
Changed: Sep 8
Last Checked: Sep 9 at 6:17AM
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 Colliers - Seattle, Washington
Investment Insights
Based on property information with market context.
211 1st Ave S is a character-rich, 1900-vintage brick mixed-use building featuring four fully occupied residential units. The property also includes approximately 6,000 square feet of street-level and lower-level commercial space, creating a combined residential and retail income profile within a single asset.
Located in the heart of Pioneer Square, the building’s commercial component is positioned along 1st Avenue South, supporting street-facing visibility for its retail uses.
The overall configuration provides consistent in-place residential occupancy alongside dedicated retail space at the ground and lower levels, allowing for streamlined property management under one ownership structure.
Located in the heart of Pioneer Square, the building’s commercial component is positioned along 1st Avenue South, supporting street-facing visibility for its retail uses.
The overall configuration provides consistent in-place residential occupancy alongside dedicated retail space at the ground and lower levels, allowing for streamlined property management under one ownership structure.
Key Highlights
- 1900‑vintage brick mixed‑use building in Pioneer Square
- 4 fully occupied residential units
- Approximately 6,000 sq. ft. of street‑level and lower‑level commercial/retail space
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
$209,464
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
7.62%
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%
$4,189,280
$4.2M
Cap Rate 7%
$2,992,343
$3.0M
Cap Rate 9%
$2,327,378
$2.3M
Market Conditions
NOI Build-Up for 11,605 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
$313.3K $27.00/SF
− Vacancy
−$14.1K −$1.22/SF
EGI
$299.2K $25.79/SF
− OpEx
−$89.8K −$7.74/SF
NOI
$209.5K $18.05/SF
Area
Seattle, WA
Vacancy
4.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$4,189,280
Cap Rate 7%
$2,992,343
Cap Rate 9%
$2,327,378
Alternative Uses
Best Use
Multifamily LT 5
$2.99M
$2.62M – $3.49M
NOI $209,464 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$2.80M
$2.45M – $3.26M
NOI $195,867 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$3.49M
$3.05M – $4.07M
NOI $244,398 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
12,655
Businesses Nearby
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Business Placement
Demographics for 98104, WA
16,157
Population
10,803
Households
1.5
Avg Household Size
38
Median Age
45%
College-Educated
83%
High-School Grad
0.9 sq mi
ZIP Area
17,952
Density / Sq Mi
$61,866
Median Household Income
$57,791
Median Earnings
$1,511
Median Rent
$663,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 1900-vintage brick building with four fully occupied residential units and approximately 6,000 sq. ft. of street-level and lower-level retail space.
Where is this mixed-use property located?
The property is located at 211 1st Avenue South Seattle, WA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 1900‑vintage brick mixed‑use building in Pioneer Square; 4 fully occupied residential units; Approximately 6,000 sq. ft. of street‑level and lower‑level commercial/retail space
