Old Rainier Brewery Mixed-Use
For Sale
$29,035,000
3100 Airport Way, 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 Market77
Property Features for 3100 Airport Way
General Information
Standard status
Active
Size
181,453 SF
Total Parking Spaces
143
Elevators
Yes
Property subtype
Office
Zoning
MML U/85
Occupancy
91%
Site & Location
Neighborhood
Greater Duwamish
Utilities to Site
Yes
Additional Details
Sprinkler System
Yes
Building Details
Year Built
1920
Buildings
24
Tenancy
Multi
Listing Agency:
R.H. Cooke & Associates
Listed By:
Bob Cooke · License #12404
(509) 327-2282
Source:
Rhcooke.idxbroker
Added: Aug 8
Changed: Oct 11
Last Checked: Oct 23 at 3:30AM
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 R.H. Cooke & Associates
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$2,395,180
Cap Rate
8.25%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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 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
