Live-Work Loft With
New
For Sale
Contact for pricing
2200 Westlake Avenue, Seattle, WA 98121
Dual-entry layout separates a private residence from a street-accessible professional workspace.
Property Size1,826 SF
Price / SF$546
Days on Market4
Property Features for 2200 Westlake Avenue
General Information
Standard status
Active
Size
1,826 SF
Property subtype
RETAIL
Additional Details
Furnished
Yes
Asking Price
$997,000
Road Access
Yes
Office Units
1
Amenities
16 seat theater
fitness center
game room
resident lounge
rooftop terrace
concierge
Building Details
Buildings
1
Listing Agency:
John L. Scott Real Estate - University Village
(206) 527-0700
Listed By:
Wendy Carrington
(206) 948-3852
Source:
Moodyscre
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 13 at 3:06PM
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 Real Estate - University Village
Investment Insights
Based on property information with market context.
This 1,826-square-foot live-work condo combines a one-bedroom loft residence with a dedicated commercial office below. The workspace includes built-in workstations and a conference room, while two private entrances support separate residential and professional access. The lower-level entry opens directly to 9th Avenue, with additional entry through the building lobby. Interior details include dark hardwood flooring, limestone shelving, German designer lighting, heavy glass doors, expansive windows, high ceilings, and an integrated sound system.
The property is within the 2200 Westlake mixed-use center, which includes Whole Foods, Bank of America, 1 Hotel Seattle, Luminous Yoga, and Queen Bee Salon and Spa. Building amenities include a 16-seat theater, fitness center, game room, resident lounge, rooftop terrace, 24-hour concierge service, garage parking, and storage. Select furnishings and media equipment are included.
The property is within the 2200 Westlake mixed-use center, which includes Whole Foods, Bank of America, 1 Hotel Seattle, Luminous Yoga, and Queen Bee Salon and Spa. Building amenities include a 16-seat theater, fitness center, game room, resident lounge, rooftop terrace, 24-hour concierge service, garage parking, and storage. Select furnishings and media equipment are included.
Key Highlights
- 1,826 SF live‑work condo with a one‑bedroom loft residence and commercial office
- Office level includes workstations and a conference room
- Two private entrances: direct 9th Avenue access and building lobby entry
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
$32,057
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
3.22%
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%
$641,140
$641.1K
Cap Rate 7%
$457,957
$458.0K
Cap Rate 9%
$356,189
$356.2K
Market Conditions
NOI Build-Up for 1,826 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
$55.4K $30.36/SF
− Vacancy
−$12.7K −$6.95/SF
EGI
$42.7K $23.41/SF
− OpEx
−$10.7K −$5.85/SF
NOI
$32.1K $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%
$641,140
Cap Rate 7%
$457,957
Cap Rate 9%
$356,189
Alternative Uses
Best Use
Office B
$458.0K
$400.7K – $534.3K
NOI $32,057 @ 7.0% cap · market cap 3.22%
Second Best
Mixed Use
$344.3K
$301.3K – $401.7K
NOI $24,103 @ 7.0% cap · market cap 2.42%
Theoretical Best
Office A
$549.4K
$480.7K – $640.9K
NOI $38,455 @ 7.0% cap · market cap 3.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
14,902
Businesses Nearby
Explore this area
Business Placement
Demographics for 98121, WA
21,411
Population
15,781
Households
1.4
Avg Household Size
35
Median Age
78%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
53,528
Density / Sq Mi
$148,974
Median Household Income
$118,893
Median Earnings
$2,329
Median Rent
$796,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Seattle, WA
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Frequently Asked Questions
What type of property is this?
Live-work space - Dual-entry layout separates a private residence from a street-accessible professional workspace.
Where is this live-work space located?
The property is located at 2200 Westlake Avenue Seattle, WA.
What is the asking price?
The asking price for this property is $997,000.
What are key features of this property?
This property features: 1,826 SF live‑work condo with a one‑bedroom loft residence and commercial office; Office level includes workstations and a conference room; Two private entrances: direct 9th Avenue access and building lobby entry
