Coffee Shop Condo with Deeded
For Sale
Contact for pricing
2929 1st Ave, Seattle, WA 98121
Vacant coffee shop condo built out as a cafe in turn-key condition with equipment and a wide row of windows.
Property Size1,734 SF
Price / SF$470.01
Days on Market118
Property Features for 2929 1st Ave
General Information
Standard status
Active
Size
1,734 SF
Total Parking Spaces
2
Property subtype
RETAIL
Listing Agency:
Ewing & Clark Comm'l Brokerage
(206) 612-7877
Listed By:
Peter Argeres
Source:
Moodyscre
Added: Apr 14
Changed: Aug 8
Last Checked: Aug 8 at 11:08AM
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.
Unit B is a vacant coffee shop condo built out as a cafe in turn-key condition, including some equipment. At 1,734 SF, the layout includes a wide row of windows designed for strong street presence.
The unit is positioned for walk-by exposure in a high-traffic corridor between Pike Place Market, Lower Queen Anne, and Climate Pledge Arena. Unit B also includes two deeded parking spaces, supporting convenient customer access.
Monthly condo dues are in place for the unit. Overall, the combination of a cafe build-out, prominent storefront glazing, and deeded parking makes Unit B well suited for an operator looking for an established in-place configuration.
The unit is positioned for walk-by exposure in a high-traffic corridor between Pike Place Market, Lower Queen Anne, and Climate Pledge Arena. Unit B also includes two deeded parking spaces, supporting convenient customer access.
Monthly condo dues are in place for the unit. Overall, the combination of a cafe build-out, prominent storefront glazing, and deeded parking makes Unit B well suited for an operator looking for an established in-place configuration.
Key Highlights
- Vacant Unit B coffee shop condo built out as a cafe in turn‑key condition with some equipment
- 1,734 SF unit with a wide row of windows for street presence
- Two deeded parking spaces included
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
$29,214
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
3.58%
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%
$584,280
$584.3K
Cap Rate 7%
$417,343
$417.3K
Cap Rate 9%
$324,600
$324.6K
Market Conditions
NOI Build-Up for 1,734 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
$40.0K $23.04/SF
− Vacancy
−$999 −$0.58/SF
EGI
$39.0K $22.46/SF
− OpEx
−$9.7K −$5.62/SF
NOI
$29.2K $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%
$584,280
Cap Rate 7%
$417,343
Cap Rate 9%
$324,600
Alternative Uses
Best Use
Specialty Retail
$417.3K
$365.2K – $486.9K
NOI $29,214 @ 7.0% cap · market cap 3.58%
Second Best
Retail
$369.4K
$323.2K – $430.9K
NOI $25,855 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$521.7K
$456.5K – $608.6K
NOI $36,518 @ 7.0% cap · market cap 4.48%
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
Well-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Coffeemind Queen Anne — 1907 10th Ave W, Seattle, WA 98119
- Emerald City Smoothie Queen Anne — 1835 Queen Anne Ave N, Seattle, WA 98119
- Queen Anne Coffee co. — 1811 Queen Anne Ave N, Seattle, WA 98109
- Starbucks — 2135 Queen Anne Ave N, Seattle, WA 98109
- Café Hagen Modern Scandinavian Cafe — 2128 Queen Anne Ave N, Seattle, WA 98109
Frequently Asked Questions
What type of property is this?
Coffee shop - Vacant coffee shop condo built out as a cafe in turn-key condition with equipment and a wide row of windows.
Where is this coffee shop located?
The property is located at 2929 1st Ave Seattle, WA.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: Vacant Unit B coffee shop condo built out as a cafe in turn‑key condition with some equipment; 1,734 SF unit with a wide row of windows for street presence; Two deeded parking spaces included
