Vacant Office Condo with
For Sale
Contact for pricing
500 Elliott Ave W, Seattle, WA 98119
Vacant 2,632 SF office condo with street frontage, three dedicated parking stalls, and C2-55 (M) zoning.
Property Size2,632 SF
Price / SF$463.53
Days on Market122
Property Features for 500 Elliott Ave W
General Information
Standard status
Active
Size
2,632 SF
Total Parking Spaces
3
Property subtype
OFFICE
Zoning
C2-55 (M)
Additional Details
Road Access
Yes
Listing Agency:
NWC-KV LLC
(206) 787-1463
Listed By:
Max White
(206) 787-1463
Source:
Moodyscre
Added: Apr 13
Changed: Jul 26
Last Checked: Aug 12 at 10:32AM
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 NWC-KV LLC
Investment Insights
Based on property information with market context.
This listing offers a vacant office condo totaling 2,632 SF. The space is set up as an office unit and is being marketed for sale in its current vacant condition.
The property has street frontage and includes three dedicated parking stalls, supporting straightforward daily access for occupants and visitors. It is zoned C2-55 (M) (per the property information provided).
The property has street frontage and includes three dedicated parking stalls, supporting straightforward daily access for occupants and visitors. It is zoned C2-55 (M) (per the property information provided).
Key Highlights
- Vacant 2,632 SF office condo
- Zoned C2‑55 (M)
- 3 dedicated parking stalls
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
$46,207
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
3.79%
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%
$924,140
$924.1K
Cap Rate 7%
$660,100
$660.1K
Cap Rate 9%
$513,411
$513.4K
Market Conditions
NOI Build-Up for 2,632 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
$79.9K $30.36/SF
− Vacancy
−$18.3K −$6.95/SF
EGI
$61.6K $23.41/SF
− OpEx
−$15.4K −$5.85/SF
NOI
$46.2K $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 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%
$924,140
Cap Rate 7%
$660,100
Cap Rate 9%
$513,411
Alternative Uses
Best Use
Office B
$660.1K
$577.6K – $770.1K
NOI $46,207 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.8K
$692.9K – $923.8K
NOI $55,429 @ 7.0% cap · market cap 4.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,840
Businesses Nearby
Explore this area
Business Placement
Demographics for 98119, WA
26,238
Population
15,323
Households
1.7
Avg Household Size
35
Median Age
71%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
10,933
Density / Sq Mi
$125,021
Median Household Income
$74,038
Median Earnings
$1,963
Median Rent
$1,032,500
Median Home Value
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Vacant 2,632 SF office condo with street frontage, three dedicated parking stalls, and C2-55 (M) zoning.
Where is this office units located?
The property is located at 500 Elliott Ave W Seattle, WA.
What is the asking price?
The asking price for this property is $1,220,000.
What are key features of this property?
This property features: Vacant 2,632 SF office condo; Zoned C2‑55 (M); 3 dedicated parking stalls
