Bank Space Available For
For Sale
Contact for pricing
2720 3rd Ave, Seattle, WA 98121
Bank space featuring vault, conference room, and open workspace.
Property Size1,926 SF
Lot Size0.45 Acres
Price / SF$584.11
Days on Market640
Property Features for 2720 3rd Ave
General Information
Standard status
Active
Size
1,926 SF
Lot size
0.45 Acres
Property subtype
RETAIL
Lease Type
NNN
Properties For Sale
at 2720 3rd Ave Contact us- Floor
- Street
- Size
- 1,926 SF
- Type
- RETAIL
- Lease Type
- NNN
- Availability
- AVAILABLE, Immediately
- Sublease
- No
Former Bank Space
Bank space with two privates, conference, vault room, open work space and a large...
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Listing Agency:
TRF Pacific, LLC.
(206) 985-0107
Listed By:
Rick Parks
(206) 985-0107
Source:
Moodyscre
Added: Nov 19, 2024
Changed: Aug 8
Last Checked: Aug 20 at 10:51AM
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 TRF Pacific, LLC.
Investment Insights
Based on property information with market context.
This 1926-square-foot property is suitable for use as a bank. The space includes two private offices, a conference room, a vault room, an open workspace, and a large break room. The property can be purchased.
Key Highlights
- Bank space with vault room.
- Includes two private offices.
- Features a 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
$32,449
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
2.88%
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%
$648,980
$649.0K
Cap Rate 7%
$463,557
$463.6K
Cap Rate 9%
$360,544
$360.5K
Market Conditions
NOI Build-Up for 1,926 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
$44.4K $23.04/SF
− Vacancy
−$1.1K −$0.58/SF
EGI
$43.3K $22.46/SF
− OpEx
−$10.8K −$5.62/SF
NOI
$32.4K $16.85/SF
Area
Seattle, WA
Vacancy
2.50%
Lease Rate
$23.04 /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%
$648,980
Cap Rate 7%
$463,557
Cap Rate 9%
$360,544
Alternative Uses
Best Use
Specialty Retail
$463.6K
$405.6K – $540.8K
NOI $32,449 @ 7.0% cap · market cap 2.88%
Second Best
Retail
$410.3K
$359.0K – $478.6K
NOI $28,718 @ 7.0% cap · market cap 2.55%
Theoretical Best
Office A
$579.4K
$507.0K – $676.0K
NOI $40,561 @ 7.0% cap · market cap 3.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,461
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
Market
Vacancy Rate% for Retail in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Bank space featuring vault, conference room, and open workspace.
Where is this bank located?
The property is located at 2720 3rd Ave Seattle, WA.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: Bank space with vault room.; Includes two private offices.; Features a conference room.
