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    500 Mercer St Seattle, WA 98109

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    For Lease
    Contact for pricing

    23,391 SF Creative Office Available

    Lot size:
    32,370 SF

    Property Features for 500 Mercer St

    General Information

    Property type
    Office Units
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    32,370 SF
    Class
    A
    Total Rate
    102505

    Building Details

    Year Built/Renovated
    2007/2017
    Buildings
    1

    Spaces For Lease

    at 500 Mercer St, Seattle, WA 98109 Contact us
    Unit Suite C-200

    $38 /Mo

    Size
    23,391 SF
    Contact us

    We can help!

    Listing Contact
    Matthew Royal
    Matthew Royal

    Listing Agency: Royal Commercial Corp. Listing Agent: Matthew Royal

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This Class A, 23,391 square foot creative office space is located at 500 Mercer St, Seattle, WA 98109, in the vibrant Lower Queen Anne submarket, close to SLU. Built in 2007 and renovated in 2017, the property boasts a single suite within a larger 32,370 square foot building. The space is ideally suited for a single large tenant seeking a prominent location. Enjoy convenient access to I-5 and Hwy 99, multiple transit lines, and ample street parking. The area offers a wealth of amenities, including numerous restaurants (Bahn Thai, Domino's, The Nabob, and many more), coffee shops (Konvene Coffee-Deli, Starbucks, and more), and retail options. Nearby attractions include Climate Pledge Arena, MoPOP, and the Gates Foundation. The location is also highly walkable, with over 248 apartments, condos, and townhomes within three blocks. The property is zoned SM-UP 85 (M1) and has a King County APN of 445872-0020. This exceptional opportunity offers a blend of modern workspace and unparalleled access to Seattle's dynamic urban core.
    Property Profile Location Intelligence

    Current Use by Public Records

    American Air Academy Vocational School Orangetheory Fitness Gym & Fitness Center Pure Barre Gym & Fitness Center Jesus Christ Only ... Church North Star Marketing ... Consultant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.3472806
    Latitude
    47.6247443

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    FAQs

    What type of property is this?
    Office units - 23,391 SF Creative Office Available
    Where is this office units located?
    The property is located at 500 Mercer St Seattle, WA.
    What is the lease rate?
    The lease rate is $38 SF/Yr.
    What are key features of this property?
    This property features: Class A office space designed by Gensler Architects, featuring high ceilings and open floor plan.; Modern amenities include 12-volt programmable lighting, Cat6e cabling, and various sized conference rooms, video conferencing booths, and phone rooms.; Ample meeting space accommodating over 80 people, plus private breakout and team rooms, and three large kitchenettes.
    (425) 952-4000 Call to check price and availability
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    500 Mercer St Seattle, WA 98109
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    Seattle, WA 98109
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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
    500 Mercer St Seattle, WA 98109
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Matthew Royal
    Matthew Royal
    (425) 952-4000
    Learn more
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