Pioneer Square Commercial
512 1st Ave S, Seattle, WA 98104
For Sale
$925,000
Pending
Classic brick condo in vibrant Pioneer Square neighborhood.
Property Size2,925 SF
Days on Market580
Property Features for 512 1st Ave S
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
WEST COAST COMMERCIAL REALTY, LLC
Listed By:
BLAKE TAYLOR · License WA #104178
(206) 931-0525
Source:
Corcoran
Added: Apr 10, 2025
Changed: Nov 5
Last Checked: Nov 10 at 9:00AM
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 WEST COAST COMMERCIAL REALTY, LLC
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Investment Insights
Based on property information with market context.
Located in Seattle's historic Pioneer Square neighborhood, The Florentine was built in 1909 and converted to condominiums in 1991. Unit 520-C is a ground-floor commercial condominium currently owner-occupied as office/retail space. The property features soaring ceilings and large window frontage. The unit includes 3 secure parking stalls. The surrounding area includes art galleries, restaurants, cafes, and boutiques. It is located steps from the stadiums, parks, light rail, ferry terminal and new Seattle waterfront. The property size is 2925 square feet.
Key Highlights
- Prime Pioneer Square location: heart of the neighborhood, surrounded by amenities.
- Unique classic brick commercial condominium.
- Soaring ceilings and large window frontage.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,350
Cap Rate
5.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,027,000
$1.0M
Cap Rate 7%
$733,571
$733.6K
Cap Rate 9%
$570,556
$570.6K
Market Conditions
NOI Build-Up for 2,925 SF
Gross rent
$88.8K $30.36/SF
− Vacancy
−$20.3K −$6.95/SF
EGI
$68.5K $23.41/SF
− OpEx
−$17.1K −$5.85/SF
NOI
$51.4K $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%
$1,027,000
Cap Rate 7%
$733,571
Cap Rate 9%
$570,556
Alternative Uses
Best Use
Office B
$733.6K
$641.9K – $855.8K
NOI $51,350 @ 7.0% cap · market cap 5.55%
Second Best
Retail
$623.1K
$545.2K – $726.9K
NOI $43,614 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$880.0K
$770.0K – $1.03M
NOI $61,600 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,931
Businesses Nearby
Explore this area
Business Placement
Demographics for 98104, WA
16,157
Population
10,803
Households
1.5
Avg Household Size
38
Median Age
45%
College-Educated
83%
High-School Grad
0.9 sq mi
ZIP Area
17,952
Density / Sq Mi
$61,866
Median Household Income
$57,791
Median Earnings
$1,511
Median Rent
$663,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office Units in Seattle, WA
Properties on Market for Office Units in Seattle
Vacancy Rate% for Office in Seattle, WA
Frequently Asked Questions
What type of property is this?
Office unit - Classic brick condo in vibrant Pioneer Square neighborhood.
Where is this office unit located?
The property is located at 512 1st Ave S Seattle, WA.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Prime Pioneer Square location: heart of the neighborhood, surrounded by amenities.; Unique classic brick commercial condominium.; Soaring ceilings and large window frontage.
