Street-Level Office
For Sale
$560,000
2901 NE Blakeley Street 3a, Seattle, WA 98105
ADA access, elevator service, and two deeded garage spaces support a convenient professional setting.
Property Size1,021 SF
Price / SF$548.48
Days on Market45
Property Features for 2901 NE Blakeley Street 3a
General Information
Standard status
Active
Size
1,021 SF
Total Parking Spaces
2
Elevators
Yes
Additional Details
Floor
Street Level
Public Transit
Yes
Building Details
Year Built
2004
Buildings
1
Listing Agency:
COMPASS
Listed By:
Jennifer Ng
(206) 330-0314
Source:
Robb4realestate
Added: Jul 24
Changed: Sep 5
Last Checked: Sep 5 at 10:48AM
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 COMPASS
Investment Insights
Based on property information with market context.
This 1,021 SF office condominium occupies a street-level position within a 2004 commercial building. The space offers a flexible layout, bright natural light, ADA-accessible entry, elevator service, and 2 deeded garage parking spaces. Its configuration provides a practical base for professional, creative, or service-oriented operations.
The property is located at 2901 NE Blakeley Street in Seattle’s University District, adjacent to the University of Washington campus and near U-Village. The surrounding area combines university activity with retail, office, coffee shops, restaurants, residential properties, and transit options. This mixed commercial environment places the condo within an active urban district with convenient access for occupants and visitors.
The property is located at 2901 NE Blakeley Street in Seattle’s University District, adjacent to the University of Washington campus and near U-Village. The surrounding area combines university activity with retail, office, coffee shops, restaurants, residential properties, and transit options. This mixed commercial environment places the condo within an active urban district with convenient access for occupants and visitors.
Key Highlights
- 1,021 SF street‑level office condo
- 2 deeded garage parking spaces
- ADA‑accessible entry with elevator service
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
$17,924
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
3.20%
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%
$358,480
$358.5K
Cap Rate 7%
$256,057
$256.1K
Cap Rate 9%
$199,156
$199.2K
Market Conditions
NOI Build-Up for 1,021 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
$31.0K $30.36/SF
− Vacancy
−$7.1K −$6.95/SF
EGI
$23.9K $23.41/SF
− OpEx
−$6.0K −$5.85/SF
NOI
$17.9K $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%
$358,480
Cap Rate 7%
$256,057
Cap Rate 9%
$199,156
Alternative Uses
Best Use
Office B
$256.1K
$224.1K – $298.7K
NOI $17,924 @ 7.0% cap · market cap 3.20%
Second Best
Retail
$217.5K
$190.3K – $253.7K
NOI $15,224 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$307.2K
$268.8K – $358.4K
NOI $21,502 @ 7.0% cap · market cap 3.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,876
Businesses Nearby
Explore this area
Business Placement
Demographics for 98105, WA
49,151
Population
20,582
Households
2.4
Avg Household Size
27
Median Age
77%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
12,934
Density / Sq Mi
$78,691
Median Household Income
$34,947
Median Earnings
$1,803
Median Rent
$1,261,100
Median Home Value
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - ADA access, elevator service, and two deeded garage spaces support a convenient professional setting.
Where is this office units located?
The property is located at 2901 NE Blakeley Street 3a Seattle, WA.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: 1,021 SF street‑level office condo; 2 deeded garage parking spaces; ADA‑accessible entry with elevator service
