Belltown Multifamily/Hotel Redevelopment
2200 1st Avenue Seattle, WA 98121
2200 1st Avenue, Seattle, WA, 98121
$3,800,000
For Sale
$3,800,000
Value-add investment near Pike Place Market with redevelopment potential.
Property Size8,330 SF
Price / SF$456.18
Days on Market237
Property Features for 2200 1st Avenue
General Information
- Standard status
- Active
- Size
- 8,330 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1910
Listing Agency
NAI PUGET SOUND PROPERTIES
(206) 660-8768
Listed by
Wyk Parker · License #873009985
Source
Naiglobal
Added: Nov 22, 2025 Checked: Jul 17 at 4:18 am
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 NAI PUGET SOUND PROPERTIES
Investment Insights
Based on property information with market context.
Located in the heart of the Belltown neighborhood, three blocks north of Pike Place Market, this property presents a value-add investment opportunity. The existing three-story building, with a gross square footage of 9,990, offers versatility as either multifamily residential units or a hotel. The building contains 13 living units, each equipped with a private kitchen and bathroom. The street-level retail space is currently occupied by a convenience store but could be converted into a hotel lobby or other use. The lower level includes shared laundry services, storage closets, a utility room, and a small shop area. The property also features 9 on-site surface parking stalls. The building is a charming brick structure that underwent a near-full renovation in 1980 and has a newer roof. Situated at the corner of 1st Avenue and Blanchard Street, the property benefits from a highly visible corner location. Its proximity to the redesigned Seattle Waterfront, Pike Place Market, the Seattle Center, and the Space Needle enhances its appeal. The property maintains significant utility with existing improvements and offers strong potential for high-rise zoned redevelopment in the near or long term. The property size is 8,330 square feet.
Key Highlights
- High‑rise development site with existing multifamily/hotel building and street‑level commercial space.
- Prime Belltown location: just 3 blocks from Pike Place Market and 4 blocks from the new Seattle Waterfront.
- Versatile building: can be used as multifamily residential or converted to a hotel.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $264.9k | $31.80 |
| − Vacancy | −$9.3k | −$1.11 |
| EGI | $255.6k | $30.69 |
| − OpEx | −$115.0k | −$13.81 |
| NOI | $140.6k | $16.88 |
8,330 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.34M
NOI $140,592 @ 7.0% cap · market cap 3.70%
Second Best
Retail
$1.77M
$1.55M – $2.07M
NOI $124,207 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$2.51M
$2.19M – $2.92M
NOI $175,427 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
2200 first : jll
Property Management Company
OAC Seattle
Construction Company
Porch
Corporate Office
MovingPlace
Moving Company
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Value-add investment near Pike Place Market with redevelopment potential.
Where is this retail space located?
The property is located at 2200 1st Avenue Seattle, WA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: High‑rise development site with existing multifamily/hotel building and street‑level commercial space.; Prime Belltown location: just 3 blocks from Pike Place Market and 4 blocks from the new Seattle Waterfront.; Versatile building: can be used as multifamily residential or converted to a hotel.
