Flex Space with
3228-3232 1st Ave S, Seattle, WA 98134
For Sale
Contact for pricing
Corner property combines warehouse, storefront, office, and leased practice-room space.
Property Size20,975 SF
Lot Size0.32 Acres
Price / SF$259.83
Days on Market236
Property Features for 3228-3232 1st Ave S
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Corner Location
Highway Access
Road Access
Warehouse & Industrial
Clear Span
Warehouse Space
Building Details
Buildings
Building Size
Tenancy
Listing Agency:
Berkshire Hathaway HomeServices Northwest Real Estate
(206) 932-4500
Listed By:
Paul Poirier
(206) 915-6881
Source:
Moodyscre
Added: Mar 20
Changed: Oct 25
Last Checked: Nov 10 at 10:57AM
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 HomeServices Northwest Real Estate
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Investment Insights
Based on property information with market context.
Located at 3228-3232 1st Ave S in Seattle’s SODO district, this 20,975 SF building sits on a 14,100 SF lot approximately one mile south of downtown and near the stadiums. The corner property offers frontage along First Avenue South with access to I-5, I-90, and SR-99.
Approximately 9,000 SF is configured as open-span warehouse space that was previously operated as a nightclub. The building also includes 17 band/practice rooms leased on short-term agreements, three commercial storefront spaces along First Avenue South, and two office suites above the retail spaces. The layout combines warehouse, creative, practice-room, storefront, and office areas within one building, supporting a range of entertainment, production, storage, creative workspace, and light industrial uses identified in the property information.
Approximately 9,000 SF is configured as open-span warehouse space that was previously operated as a nightclub. The building also includes 17 band/practice rooms leased on short-term agreements, three commercial storefront spaces along First Avenue South, and two office suites above the retail spaces. The layout combines warehouse, creative, practice-room, storefront, and office areas within one building, supporting a range of entertainment, production, storage, creative workspace, and light industrial uses identified in the property information.
Key Highlights
- 20,975 SF building on a 14,100 SF lot in Seattle’s SODO district
- Approximately 9,000 SF of open‑span warehouse space
- 17 band/practice rooms leased on short‑term agreements
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$368,230
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,364,600
$7.4M
Cap Rate 7%
$5,260,429
$5.3M
Cap Rate 9%
$4,091,444
$4.1M
Market Conditions
NOI Build-Up for 20,975 SF
Gross rent
$636.8K $30.36/SF
− Vacancy
−$145.8K −$6.95/SF
EGI
$491.0K $23.41/SF
− OpEx
−$122.7K −$5.85/SF
NOI
$368.2K $17.56/SF
Area
Seattle, WA
Vacancy
22.90%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,364,600
Cap Rate 7%
$5,260,429
Cap Rate 9%
$4,091,444
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,292
Businesses Nearby
Well-served
Demand for This Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Flex space in Seattle
Vacancy Rate% for Office in Seattle, WA
Similar Off Market Nearby
- Aramark — 73 S Spokane St, Seattle, WA 98134
- On Safari Foods — 3317 3rd Ave S, Seattle, WA 98134
- Sodexo — 3310 6th Ave S, Seattle, WA 98134
- LISH — 2730 1st Ave S, Seattle, WA 98134
- lovely night catering — 2915 1st Ave S, Seattle, WA 98134
Frequently Asked Questions
What type of property is this?
Flex space - Corner property combines warehouse, storefront, office, and leased practice-room space.
Where is this flex space located?
The property is located at 3228-3232 1st Ave 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: 20,975 SF building on a 14,100 SF lot in Seattle’s SODO district; Approximately 9,000 SF of open‑span warehouse space; 17 band/practice rooms leased on short‑term agreements
