Pioneer Square Commercial
512 1st Ave S Seattle, WA 98104
512 1st Ave S, Seattle, WA, 98104
$695,000
For Sale
$695,000
Commercial condo in historic Pioneer Square, ideal for various uses.
Property Size1,281 SF
Price / SF$542.54
Days on Market180
Property Features for 512 1st Ave S
General Information
- Standard status
- Active
- Size
- 1,281 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1909
Listing agency
WESTLAKE ASSOCIATES, INC.
Listed by
DAVID PETERSEN
Source
Corcoran
Added: Jan 22 Updated: Jul 10 at 3:46PM Checked: Jul 21 at 5:32AM
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 WESTLAKE ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
Located at street level in historic Pioneer Square, this commercial condominium offers approximately 1,280 square feet of space. The property is situated between Seattle’s financial core and stadium district. Currently operating as an art gallery, the space is suitable for owner-users and adaptable for a gallery, showroom, office, or retail business. Housed in the Florentine Condominium, a historic building renovated in 1991, the space features 16-foot ceilings, expansive windows, custom lighting, and a New York-style loft layout. Modern amenities include secured access, a bathroom, a breakroom, and a loft. The property also includes parking for three cars.
Key Highlights
- Prime Pioneer Square location, convenient to both the financial core and stadium district.
- Versatile 1,280 SF space suitable for gallery, showroom, office, or retail.
- Includes parking for three cars.
Local 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 | $38.9k | $30.36 |
| − Vacancy | −$8.9k | −$6.95 |
| EGI | $30.0k | $23.41 |
| − OpEx | −$7.5k | −$5.85 |
| NOI | $22.5k | $17.56 |
1,281 SF · lease $30.36/SF/yr · vacancy 22.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$321.3K
$281.1K – $374.8K
NOI $22,489 @ 7.0% cap · market cap 3.24%
Second Best
Retail
$272.9K
$238.8K – $318.4K
NOI $19,101 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$385.4K
$337.2K – $449.6K
NOI $26,977 @ 7.0% cap · market cap 3.88%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Namaste Children’s Fund
Charitable Organization
Donald Cole
Artist
ArtX Contemporary
Art Gallery
Banfield Pet Hospital
Veterinary Clinic
Similar For Sale Nearby
Similar Off Market Nearby
- Affinda Carpet & Flooring Installation — 427 vine st, seattle, wa 98121
- Mafi International Rugs at Seldens Designer Home Furnishings — 2514 4th Ave, Seattle, WA 98121
- Carpet & Flooring USA — 610 2nd ave w, seattle, wa 98119
- Carpet & Flooring USA — 301 Valley St, Seattle, WA 98109, United States
- Carpet & Flooring USA — 588 Bell St UNIT 3105, Seattle, WA 98121
FAQs
What type of property is this?
Showroom - Commercial condo in historic Pioneer Square, ideal for various uses.
Where is this showroom located?
The property is located at 512 1st Ave S Seattle, WA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Prime Pioneer Square location, convenient to both the financial core and stadium district.; Versatile 1,280 SF space suitable for gallery, showroom, office, or retail.; Includes parking for three cars.
