For Sale
$588,000
827 Hiawatha Pl S Unit 817, Seattle, WA 98144
Live-work space
Property Size1,383 SF
Price / SF$425.16
Days on Market146
Property Features for 827 Hiawatha Pl S Unit 817
General Information
Standard status
Active
Size
1,383 SF
Total Parking Spaces
2
Warehouse & Industrial
Clear Height
12.5 ft
Sprinkler System
Yes
Additional Details
Highway Access
Yes
Amenities
elevator
rooftop deck
social room
Building Details
Year Built
2009
Tenancy
Multi
Listing Agency:
Skyline Properties, Inc.
Listed By:
Henry Wang
Source:
Livnserverealestate
Added: Apr 12
Changed: Sep 3
Last Checked: Sep 1 at 9:36PM
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 Skyline Properties, Inc.
Investment Insights
Based on property information with market context.
Key Highlights
- Newer 2009 street‑level commercial unit #821 in a building with 1,383 SF
- 12.5‑ft ceilings plus high‑end finishes, including a conference room and 2 offices
- Includes a spacious 1/2 bath and setup suited for office, retail, or service use
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
$24,279
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
4.13%
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%
$485,580
$485.6K
Cap Rate 7%
$346,843
$346.8K
Cap Rate 9%
$269,767
$269.8K
Market Conditions
NOI Build-Up for 1,383 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
$42.0K $30.36/SF
− Vacancy
−$9.6K −$6.95/SF
EGI
$32.4K $23.41/SF
− OpEx
−$8.1K −$5.85/SF
NOI
$24.3K $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%
$485,580
Cap Rate 7%
$346,843
Cap Rate 9%
$269,767
Alternative Uses
Best Use
Office B
$346.8K
$303.5K – $404.7K
NOI $24,279 @ 7.0% cap · market cap 4.13%
Second Best
Retail
$294.6K
$257.8K – $343.7K
NOI $20,622 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$416.1K
$364.1K – $485.4K
NOI $29,126 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 98144, WA
32,178
Population
16,381
Households
2
Avg Household Size
38
Median Age
62%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
9,464
Density / Sq Mi
$94,051
Median Household Income
$65,078
Median Earnings
$1,805
Median Rent
$890,400
Median Home Value
Market
Vacancy Rate% for Office in Seattle, WA
Questions? Ask Rey
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Frequently Asked Questions
Where is this live-work space located?
The property is located at 827 Hiawatha Pl S Unit 817 Seattle, WA.
What is the asking price?
The asking price for this property is $588,000.
What are key features of this property?
This property features: Newer 2009 street‑level commercial unit #821 in a building with 1,383 SF; 12.5‑ft ceilings plus high‑end finishes, including a conference room and 2 offices; Includes a spacious 1/2 bath and setup suited for office, retail, or service use
