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SODO Mixed-Use Opportunity

3228 1st Avenue S, Seattle, WA 98134

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For Sale

$5,449,950

Versatile property in Seattle's SODO district with income potential.

Type:Commercial

Property size:

20,975 SF

Lot size:

0.32 Acres

Price / SF:

$259/SF

HighLights

Prime location in Seattle's SODO district, near downtown and stadiums, with high visibility on a corner lot.
20,975 SF building with a rare combination of warehouse, creative, and income‑producing spaces.
9,000 SF of flexible open‑span warehouse space suitable for entertainment, production, storage, or light industrial use.
Existing income from 17 band/practice rooms leased on short‑term agreements.
Three commercial storefront spaces along First Avenue South providing strong street presence and additional income potential.
Excellent accessibility to I‑5, I‑90, and SR‑99.

We can help!

Contact an agent

PAUL B. POIRIER

For Sale

$5,449,950

Versatile property in Seattle's SODO district with income potential.

Type:Commercial

Property size:

20,975 SF

Lot size:

0.32 Acres

Price / SF:

$259/SF

Added:: Mar 20, 2026
Days on Market:: 109
Last Refresh:: Jul 5 at 11:22 am

Property Features for 3228 1st Avenue S

General Information

Standard status: Active
Size: 20,975 SF
Lot size: 0.32 Acres
Property subtype: Commercial

Building Details

Year Built: 1937

We can help!

Contact an agent

PAUL B. POIRIER

Listing office BERKSHIRE HATHAWAY HS NW

Listing date Mar 20, 2026

Source Corcoran

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 BERKSHIRE HATHAWAY HS NW

HighLights

Prime location in Seattle's SODO district, near downtown and stadiums, with high visibility on a corner lot.
20,975 SF building with a rare combination of warehouse, creative, and income‑producing spaces.
9,000 SF of flexible open‑span warehouse space suitable for entertainment, production, storage, or light industrial use.
Existing income from 17 band/practice rooms leased on short‑term agreements.
Three commercial storefront spaces along First Avenue South providing strong street presence and additional income potential.
Excellent accessibility to I‑5, I‑90, and SR‑99.

Overview

Located in Seattle’s SODO district, just one mile south of downtown, this corner property offers frontage along First Avenue South. The building, totaling 20,975 square feet, sits on a 14,100 square foot lot and provides a combination of warehouse, creative, and income-producing spaces. The property is easily accessible to I-5, I-90, and SR-99. The 9,000 square feet of warehouse space, previously operated as a nightclub, offers open-span space suitable for entertainment, production, storage, creative workspace, or light industrial use. Surrounding the warehouse area are 17 band/practice rooms currently leased on short-term agreements, providing cash flow and flexibility. The front of the building includes three commercial storefront spaces along First Avenue South, creating street presence and income potential. Above the retail spaces are two office suites that could serve as administrative space, work studios, or support offices. This SODO asset is suited for entertainment, creative industries, production companies, breweries or businesses looking for a flagship presence.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$636.8k	$30.36
− Vacancy	−$145.8k	−$6.95
EGI	$491.0k	$23.41
− OpEx	−$122.7k	−$5.85
NOI	$368.2k	$17.56

20,975 SF · lease $30.36/SF/yr · vacancy 22.90% · expense 25.00%

Alternative Uses

Best Use

Office B

$5.26M

$4.60M – $6.14M (±1% cap)

NOI $368,230 @ 7.0% cap · market cap 6.76%

Second Best

Retail

$4.47M

$3.91M – $5.21M (±1% cap)

NOI $312,755 @ 7.0% cap · market cap 5.74%

Theoretical Best

Office A

$6.31M

$5.52M – $7.36M (±1% cap)

NOI $441,727 @ 7.0% cap · market cap 8.11%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Creative space

Suggested Use

Location Insight

Map
Local Demand

City: Seattle
County: King
State: Washington
Longitude: -122.33397
Latitude: 47.57468

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For sale
Mixed-use properties
WA
Seattle
98134
3228 1st Avenue S

What type of property is this?

Mixed-use property - Versatile property in Seattle's SODO district with income potential.

Where is this mixed-use property located?

The property is located at 3228 1st Avenue S Seattle, WA.

What is the asking price?

The asking price for this property is $5,449,950.

What are key features of this property?

This property features: Prime location in Seattle's SODO district, near downtown and stadiums, with high visibility on a corner lot.; **20,975 SF building** with a rare combination of warehouse, creative, and income‑producing spaces.; **9,000 SF of flexible open‑span warehouse space** suitable for entertainment, production, storage, or light industrial use.