Old Rainier Brewery Mixed-Use
New
For Sale
Contact for pricing
3100 Airport Way S, Seattle, WA 98134
Multi-building Seattle campus combining live/work lofts, creative offices, flex space, studios, and retail uses.
Property Size181,453 SF
Price / SF$160.01
Days on Market7
Property Features for 3100 Airport Way S
General Information
Standard status
Active
Size
181,453 SF
Elevators
Yes
Property subtype
OFFICE
Occupancy
91%
Additional Details
Utilities to Site
Yes
Sprinkler System
Yes
Building Details
Buildings
24
Tenancy
Multi
Listing Agency:
Northmarq Commercial, LLC
(206) 584-6195
Listed By:
Raymond Vara
(206) 584-6195
Source:
Moodyscre
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 10 at 10:49AM
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 Northmarq Commercial, LLC
Investment Insights
Based on property information with market context.
The Old Rainier Brewery is a 181,453-square-foot mixed-use campus at 3100 Airport Way S in Seattle, organized across 24 connected buildings. The property includes live/work lofts, creative office and flex space, retail, soundproof recording and rehearsal studios, and a full-service spa. Finished space is approximately 91% leased across a diversified tenant base, with Groove Universe and Little Red Day Spa serving as named occupants and a drive-thru coffee tenant contributing frontage income.
Physical improvements include structural rentable-space buildout, new sprinkler and utility-metering systems, roof and plumbing-line replacements, elevator overhauls, interior renovations, removal of the former tank farm, and prior seismic upgrades. PCB remediation is complete, with final regulatory closure in process. Approximately 23,427 square feet of unfinished shell space is positioned for conversion to additional live/work lofts, and the Master Use Permit is in process. Approximately 22% of leased space is on holdover or near-term expiration.
Physical improvements include structural rentable-space buildout, new sprinkler and utility-metering systems, roof and plumbing-line replacements, elevator overhauls, interior renovations, removal of the former tank farm, and prior seismic upgrades. PCB remediation is complete, with final regulatory closure in process. Approximately 23,427 square feet of unfinished shell space is positioned for conversion to additional live/work lofts, and the Master Use Permit is in process. Approximately 22% of leased space is on holdover or near-term expiration.
Key Highlights
- 181,453‑square‑foot mixed‑use campus spanning 24 connected buildings
- Approximately 91% leased across live/work, creative office, flex, studio, and retail uses
- 23,427 square feet of unfinished shell space positioned for live/work conversion
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
$2,395,180
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
8.25%
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%
$47,903,600
$47.9M
Cap Rate 7%
$34,216,857
$34.2M
Cap Rate 9%
$26,613,111
$26.6M
Market Conditions
NOI Build-Up for 181,453 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
$4.35M $24.00/SF
− Vacancy
−$522.6K −$2.88/SF
EGI
$3.83M $21.12/SF
− OpEx
−$1.44M −$7.92/SF
NOI
$2.40M $13.20/SF
Area
Seattle, WA
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$47,903,600
Cap Rate 7%
$34,216,857
Cap Rate 9%
$26,613,111
Alternative Uses
Best Use
Office B
$45.51M
$39.82M – $53.09M
NOI $3,185,529 @ 7.0% cap · market cap 10.97%
Second Best
Mixed Use
$34.22M
$29.94M – $39.92M
NOI $2,395,180 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$54.59M
$47.77M – $63.69M
NOI $3,821,348 @ 7.0% cap · market cap 13.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
91%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,424
Businesses Nearby
Explore this area
Business Placement
Demographics for 98134, WA
1,216
Population
241
Households
5
Avg Household Size
38
Median Age
26%
College-Educated
89%
High-School Grad
3.3 sq mi
ZIP Area
368
Density / Sq Mi
$66,119
Median Household Income
$35,472
Median Earnings
$1,551
Median Rent
$385,300
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?
Mixed-use property - Multi-building Seattle campus combining live/work lofts, creative offices, flex space, studios, and retail uses.
Where is this mixed-use property located?
The property is located at 3100 Airport Way S Seattle, WA.
What is the asking price?
The asking price for this property is $29,035,000.
What are key features of this property?
This property features: 181,453‑square‑foot mixed‑use campus spanning 24 connected buildings; Approximately 91% leased across live/work, creative office, flex, studio, and retail uses; 23,427 square feet of unfinished shell space positioned for live/work conversion
