Commercial Condo Unit
For Sale
Contact for pricing
2313 1st Ave, Seattle, WA
Commercial condo unit suitable for office or retail use.
Property Size3,509 SF
Lot Size0.28 Acres
Price / SF$512.97
Days on Market294
Property Features for 2313 1st Ave
General Information
Standard status
Active
Size
3,509 SF
Lot size
0.28 Acres
Property subtype
RETAIL
Lease Type
NNN
Properties For Sale
at 2313 1st Ave Contact us- Size
- 3,509 SF
- Type
- RETAIL
- Lease Type
- NNN
- Availability
- AVAILABLE
Retail or Office for Lease
Space for lease in Belltown. Current configuration is office, but could easily be...
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Listing Agency:
Ewing & Clark Comm'l Brokerage
(206) 405-0090
Listed By:
Cameron Kent · License #102567
(206) 838-7737
Source:
Moodyscre
Added: Oct 31, 2025
Changed: Aug 13
Last Checked: Aug 20 at 9:09AM
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 Ewing & Clark Comm'l Brokerage
Investment Insights
Based on property information with market context.
A commercial condominium unit is available, currently formatted as an office space. The property offers flexibility for conversion back to retail use. It includes two existing bathrooms and a kitchen, which could facilitate such a conversion. The unit is located within the Pomeroy Condominiums and has a size of 3509 square feet.
Key Highlights
- Commercial condo unit at the Pomeroy Condominiums.
- Easily convertible from office to retail space.
- Includes 2 existing bathrooms.
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
$61,603
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
3.42%
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%
$1,232,060
$1.2M
Cap Rate 7%
$880,043
$880.0K
Cap Rate 9%
$684,478
$684.5K
Market Conditions
NOI Build-Up for 3,509 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
$106.5K $30.36/SF
− Vacancy
−$24.4K −$6.95/SF
EGI
$82.1K $23.41/SF
− OpEx
−$20.5K −$5.85/SF
NOI
$61.6K $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%
$1,232,060
Cap Rate 7%
$880,043
Cap Rate 9%
$684,478
Alternative Uses
Best Use
Office B
$880.0K
$770.0K – $1.03M
NOI $61,603 @ 7.0% cap · market cap 3.42%
Second Best
Retail
$747.5K
$654.0K – $872.0K
NOI $52,322 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$1.06M
$923.7K – $1.23M
NOI $73,899 @ 7.0% cap · market cap 4.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11,409
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Commercial condo unit suitable for office or retail use.
Where is this retail space located?
The property is located at 2313 1st Ave Seattle, WA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Commercial condo unit at the Pomeroy Condominiums.; Easily convertible from office to retail space.; Includes **2 existing bathrooms**.
