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    The Largest CRE Database in the US with Over 1 Million Listings

    625 1St Ave Seattle, WA 98104

    Sponsored
    For Lease
    $12 SF/Yr ($12,360 /Mo)

    Historic building, flexible suites available.

    Lot size:
    12,360 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    422
    The Emerald City Building, a historic Seattle landmark at 625 1st Ave, 98104, offers exceptional creative office space for lease. This three-story, Class B building, totaling 12,360 square feet, boasts a unique blend of character and modern functionality. Originally constructed in 1900 and renovated in 1970, the building provides a compelling atmosphere for businesses seeking a distinctive workspace. Currently, there are multiple tenancies available, with three individual spaces ranging from 1,051 to 2,354 square feet. A significant portion of the building is currently vacant, totaling 5,504 square feet, presenting a rare opportunity for businesses to customize their ideal office environment. The building's location in the heart of Seattle offers unparalleled access to the city's vibrant cultural scene, diverse amenities, and robust transportation network. This is an exceptional opportunity to secure prime office space in a highly sought-after location. The open plan layout provides flexibility for various business needs and configurations. Inquire today to learn more about leasing options and explore the possibilities of establishing your business in this iconic Seattle building.

    Property Features for 625 1St Ave

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    12,360 SF
    Class
    B
    Total Rate
    12360

    Building Details

    Year Built/Renovated
    1900/1970
    Buildings
    1
    Stories
    3

    Spaces For Lease

    at 625 1St Ave, Seattle, WA 98104 Contact us
    Unit Suite 200

    $15 /Mo

    Size
    2,354 SF
    Contact us
    Unit Suite 300

    $12 /Mo

    Size
    2,099 SF
    Contact us
    Unit Suite 301

    $12 /Mo

    Size
    1,051 SF
    Contact us

    We can help!

    Listing Contact
    Frank Buchanan

    Learn more

    Property Insight Report

    HighLights

    • High ceilings throughout.
    • Abundant natural light from skylights.
    • Shared kitchen for tenant convenience.
    Property Profile Location Intelligence

    Current Use by Public Records

    DECODE, Inc. Training Center Film Connection Film ... Vocational School Jay Windland Creative ... Film Production Señor Carbón Peruvian ... Restaurant Spees Design Build Construction Company

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Dental Office Food Market Daycare Center Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.33430253536
    Latitude
    47.60248099001

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    FAQs

    What type of property is this?
    Office space - Historic building, flexible suites available.
    Where is this office space located?
    The property is located at 625 1St Ave Seattle, WA.
    What is the lease rate?
    The lease rate is $12-$15 SF/Yr.
    What are key features of this property?
    This property features: High ceilings throughout.; Abundant natural light from skylights.; Shared kitchen for tenant convenience.
    Request Owner's contact information
    625 1St Ave Seattle, WA 98104
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    625 1St Ave Seattle, WA 98104
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    Listing Contact
    Frank Buchanan
    Learn more
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