Corner Flex Space Building with
3228 1ST Seattle, WA 98134
For Sale
$5,449,950
Corner flex space building with storefront frontage, warehouse space, and office suites near major Seattle freeway access.
Property Size20,975 SF
Lot Size0.32 Acres
Price / SF$259.83
Days on Market256
Property Features for 3228 1ST
General Information
Standard status
Active
Size
20,975 SF
Lot size
0.32 Acres
Property subtype
Commercial
Building Details
Year Built
1937
Listing Agency:
Berkshire Hathaway HS NW
Listed By:
Paul B. Poirier
(206) 363-8509
Source:
Century21northhomes
Added: Nov 16, 2025
Changed: Jul 29
Last Checked: Jul 29 at 11:10PM
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
Investment Insights
Based on property information with market context.
This corner flex space building in Seattle’s SODO district offers a versatile live/work setup with multiple income streams. Built in 1937, the property sits on a 14,100 SF lot and includes a 20,975 SF building configured for warehouse, creative, and office uses. Approximately 9,000 SF is dedicated to warehouse-style open-span space, previously operated as a nightclub, with flexibility for entertainment, production, storage, creative workspace, or light industrial uses.
The front of the building includes three commercial storefront spaces along First Avenue South for strong street presence and additional revenue. Above the retail, there are two office suites that can support administrative or studio-type operations for the warehouse and entertainment components. The warehouse area is currently surrounded by 17 band/practice rooms leased on short-term agreements.
With direct access to major transportation routes including I-5, I-90, and SR-99, the property is positioned for an owner-user seeking a prominent building with flexible space and built-in revenue from existing short-term room leasing and storefront tenants.
The front of the building includes three commercial storefront spaces along First Avenue South for strong street presence and additional revenue. Above the retail, there are two office suites that can support administrative or studio-type operations for the warehouse and entertainment components. The warehouse area is currently surrounded by 17 band/practice rooms leased on short-term agreements.
With direct access to major transportation routes including I-5, I-90, and SR-99, the property is positioned for an owner-user seeking a prominent building with flexible space and built-in revenue from existing short-term room leasing and storefront tenants.
Key Highlights
- 14,100 SF lot with a 20,975 SF corner flex space building in SODO
- Approximately 9,000 SF open‑span warehouse area previously operated as a nightclub
- Three commercial storefront spaces along First Avenue South for street presence and revenue
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| 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
NOI $368,230 @ 7.0% cap · market cap 6.76%
Second Best
Retail
$4.47M
$3.91M – $5.21M
NOI $312,755 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$6.31M
$5.52M – $7.36M
NOI $441,727 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Flex space - Corner flex space building with storefront frontage, warehouse space, and office suites near major Seattle freeway access.
Where is this flex space located?
The property is located at 3228 1ST 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: 14,100 SF lot with a 20,975 SF corner flex space building in SODO; Approximately 9,000 SF open‑span warehouse area previously operated as a nightclub; Three commercial storefront spaces along First Avenue South for street presence and revenue
