98 Union St, Unit 513 Seattle, WA 98101

Property Details for 98 Union St

Year built

1985

Property size

48,883 SF

Property type

Retail space

Property subtype

Storefront properties

APN

787710-0030, 877710-0040, 787710-0050, 787710-0060, 787710-0070

Description

This exceptional multi-tenant storefront, totaling 48,883 square feet, is situated at the highly visible corner of 1st Avenue and Union Street in Seattle's renowned Pike Place Market neighborhood. The property boasts 10 tenants, with a current occupancy rate of 69% and a 6.75% cap rate. Built in 1985, the building features a well-established anchor tenant, Pike Brewing Company, consistently exceeding percentage rent thresholds. Recent leasing activity includes new tenants like Vampire Penguin, Plantiful, and De'Core, paying between $52 and $65 per square foot, triple net (NNN). A significant value-add opportunity exists with the lease-up of 12,265 square feet of lower-level space, projected to increase net operating income (NOI) by approximately 53% within three years. The property benefits from its prime location, directly connected to Pike Place Market, attracting over 10 million annual visitors. Over 39% of the gross leasable area (GLA) has been occupied for over 10 years, resulting in a weighted average lease term (WALT) of 7.63 years. The property's proximity to the $3.5 billion waterfront revitalization project (estimated completion 2025) and the anticipated influx of visitors for the 2026 World Cup further enhances its investment potential. The permitted zoning is PMM-85, and the APN numbers are 787710-0030, 877710-0040, 787710-0050, 787710-0060, and 787710-0070. Asking price is $15,030,000.

Location Insight

City

Seattle

County

King

State

Washington

Longitude

-122.33913056

Latitude

47.60783964