Vacant Commercial Condo with Private
For Sale
Contact for pricing
2929 1st Ave, Seattle, WA 98121
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 Market116
Property Features for 2929 1st Ave
General Information
Standard status
Active
Size
1,509 SF
Total Parking Spaces
1
Property subtype
RETAIL
Listing Agency:
Ewing & Clark Comm'l Brokerage
(206) 612-7877
Listed By:
Peter Argeres
Source:
Moodyscre
Added: Apr 16
Changed: Aug 8
Last Checked: Aug 8 at 1:40PM
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.
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 = 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
$26,492
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
4.17%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,120
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 Office in Seattle, WA
Questions? Ask Rey
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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
