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2204 1st Ave
Seattle, WA 98121
Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Ideal location 3 blocks from Pike Place Market and 4 blocks to Seattle’s new Billion Dollar waterfront renovation
- Nearly full renovation completed in 1980
- Highly visible corner location at intersection of 1st Avenue and Blanchard Street
- Charming brick building
- Newer roof
- Onsite parking
EXECUTIVE SUMMARY
High-Rise Development Site With Existing Multifamily or Hotel Building With Street Level Commercial
The 2204 First Avenue Property is a value-add investment redevelopment opportunity located 3 blocks north of Pike Place Market in the heart of the Belltown neighborhood.
The value is in the land with zoning allowing a 9 story building with views of Elliott Bay and Olympic Mountains. The existing building
can be leased to provide income while planning or land banking for future redevelopment of property.
This three-story, 9,990 GSF building provides optimal versatility with the 13 living units to remain as multifamily residential units or convert use to hotel use. Street level retail can be converted to hotel lobby or other use or remain as successful Belltown Tobacco convenience store. Each living unit has private kitchen and bathroom. Lower level has shared laundry services, storage closets, utility room, and small shop area. The property has 9 onsite surface parking stalls.
With proximity to the redesigned Seattle Waterfront, Pike Place Market, the Seattle Center & iconic Space Needle, this centrally located offering maintains significant utility with existing improvements with strong potential for high-rise zoned redevelopment in the near or long term.
The 2204 First Avenue Property is a value-add investment redevelopment opportunity located 3 blocks north of Pike Place Market in the heart of the Belltown neighborhood.
The value is in the land with zoning allowing a 9 story building with views of Elliott Bay and Olympic Mountains. The existing building
can be leased to provide income while planning or land banking for future redevelopment of property.
This three-story, 9,990 GSF building provides optimal versatility with the 13 living units to remain as multifamily residential units or convert use to hotel use. Street level retail can be converted to hotel lobby or other use or remain as successful Belltown Tobacco convenience store. Each living unit has private kitchen and bathroom. Lower level has shared laundry services, storage closets, utility room, and small shop area. The property has 9 onsite surface parking stalls.
With proximity to the redesigned Seattle Waterfront, Pike Place Market, the Seattle Center & iconic Space Needle, this centrally located offering maintains significant utility with existing improvements with strong potential for high-rise zoned redevelopment in the near or long term.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
6,330 SF
Building Class
C
Year Built
1910
Price
$3,800,000
Price Per SF
$600.32
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.95
Lot Size
0.15 AC
Zoning
DMRR 8565
Frontage
AMENITIES
- Bus Line
- Signalized Intersection
PROPERTY TAXES
| Parcel Number | 197720-0681 | Improvements Assessment | $1,000 |
| Land Assessment | $3,529,800 | Total Assessment | $3,530,800 |
PROPERTY TAXES
Parcel Number
197720-0681
Land Assessment
$3,529,800
Improvements Assessment
$1,000
Total Assessment
$3,530,800
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2204 1st Ave
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