Vacant Commercial Condo with Private
2929 1st Ave, Seattle, WA 98121
For Sale
Contact for pricing
Vacant 1,509 SF commercial condo with electrical and plumbing in place and three private rooms for flexible business use.
Property Size1,509 SF
Price / SF$420.81
Days on Market209
Property Features for 2929 1st Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Listing Agency:
Ewing & Clark Comm'l Brokerage
(206) 695-4823
Listed By:
Peter Argeres
(206) 612-7877
Source:
Moodyscre
Added: Apr 16
Changed: Nov 6
Last Checked: Nov 10 at 10:15AM
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
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Investment Insights
Based on property information with market context.
Available for sale is a vacant 1,509 SF commercial condo within the Concord Condominium. The unit is supported by full electrical and plumbing infrastructure already in place, giving buyers flexibility to customize the space. Its layout includes three private rooms, which can function as offices, treatment rooms, or changing areas.
The condo is located in a high-traffic corridor between Pike Place Market, Lower Queen Anne, and Climate Pledge Arena, providing street presence and visibility. The property also includes one deeded parking space, with monthly dues of $1,566.38.
As presented, the space offers a clean starting point for a range of professional or retail concepts that require private rooms and existing building utilities.
The condo is located in a high-traffic corridor between Pike Place Market, Lower Queen Anne, and Climate Pledge Arena, providing street presence and visibility. The property also includes one deeded parking space, with monthly dues of $1,566.38.
As presented, the space offers a clean starting point for a range of professional or retail concepts that require private rooms and existing building utilities.
Key Highlights
- Vacant 1,509 SF commercial condo in the Concord Condominium
- Full electrical and plumbing infrastructure already in place for business buildout
- Layout includes three private rooms for office, treatment, or changing‑area use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,492
Cap Rate
4.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$529,840
$529.8K
Cap Rate 7%
$378,457
$378.5K
Cap Rate 9%
$294,356
$294.4K
Market Conditions
NOI Build-Up for 1,509 SF
Gross rent
$45.8K $30.36/SF
− Vacancy
−$10.5K −$6.95/SF
EGI
$35.3K $23.41/SF
− OpEx
−$8.8K −$5.85/SF
NOI
$26.5K $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 Rate 5%
$529,840
Cap Rate 7%
$378,457
Cap Rate 9%
$294,356
Alternative Uses
Best Use
Office B
$378.5K
$331.2K – $441.5K
NOI $26,492 @ 7.0% cap · market cap 4.17%
Second Best
Retail
$321.4K
$281.3K – $375.0K
NOI $22,500 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$454.0K
$397.2K – $529.7K
NOI $31,779 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,884
Businesses Nearby
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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
$796,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Retail space in Seattle, WA
Properties on Market for Retail space in Seattle
Vacancy Rate% for Office in Seattle, WA
Frequently Asked Questions
What type of property is this?
Retail space - Vacant 1,509 SF commercial condo with electrical and plumbing in place and three private rooms for flexible business use.
Where is this retail space located?
The property is located at 2929 1st Ave Seattle, WA.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Vacant 1,509 SF commercial condo in the Concord Condominium; Full electrical and plumbing infrastructure already in place for business buildout; Layout includes three private rooms for office, treatment, or changing‑area use
