Capitol Hill Mixed-Use
For Sale
$2,195,000
Pending
231 Summit Ave E, Seattle, WA 98102
Retail/office space with two apartments in vibrant Capitol Hill.
Property Size5,448 SF
Days on Market414
Property Features for 231 Summit Ave E
General Information
Standard status
Pending
Size
5,448 SF
Property subtype
Commercial
Building Details
Year Built
1925
Listing Agency:
206 PROPERTY ADVISORS
Listed By:
JAMES EECKHOUDT
Source:
Corcoran
Added: Jun 25, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:50AM
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 206 PROPERTY ADVISORS
Investment Insights
Based on property information with market context.
This mixed-use property is located in the Capitol Hill neighborhood and features a retail/office space with two one-bedroom apartments on the second floor. The retail/office space offers a well-designed layout that includes private offices, a conference room, and open collaboration areas. It also has two bathrooms and a private back patio. The two apartments each feature period details. The property has a total size of 5448 square feet and is suited for an owner/operator.
Key Highlights
- Versatile retail/office space in Capitol Hill.
- Includes two spacious one‑bedroom apartments.
- Well‑designed layout with private offices and conference room.
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
$91,951
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
4.19%
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%
$1,839,020
$1.8M
Cap Rate 7%
$1,313,586
$1.3M
Cap Rate 9%
$1,021,678
$1.0M
Market Conditions
NOI Build-Up for 5,448 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
$173.2K $31.80/SF
− Vacancy
−$6.1K −$1.11/SF
EGI
$167.2K $30.69/SF
− OpEx
−$75.2K −$13.81/SF
NOI
$92.0K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,839,020
Cap Rate 7%
$1,313,586
Cap Rate 9%
$1,021,678
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,951 @ 7.0% cap · market cap 4.19%
Second Best
Retail
$1.16M
$1.02M – $1.35M
NOI $81,234 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,733 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,127
Businesses Nearby
Explore this area
Business Placement
Demographics for 98102, WA
25,066
Population
17,944
Households
1.4
Avg Household Size
34
Median Age
79%
College-Educated
99%
High-School Grad
1.3 sq mi
ZIP Area
19,282
Density / Sq Mi
$114,395
Median Household Income
$80,130
Median Earnings
$1,920
Median Rent
$988,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail/office space with two apartments in vibrant Capitol Hill.
Where is this mixed-use property located?
The property is located at 231 Summit Ave E Seattle, WA.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Versatile retail/office space in Capitol Hill.; Includes two spacious one‑bedroom apartments.; Well‑designed layout with private offices and conference room.
