211 1st Ave S.

www.colliers.com

Sam Wayne

Senior Vice President sam.wayne@colliers.com +1 206 351 7656

Mixed-Use Opportunity in the Heart of Pioneer Square's Arts District

The Offering

Photos

Location

This site is not maintained by Colliers International Group Inc. or its affiliates (“Colliers”). Any use of this site, and any information you provide to this site, will be governed by the terms and conditions of this site, including those relating to confidentiality, data privacy and security. Colliers is not responsible for the information and content on this site. You are encouraged to review the privacy and security policies of this site, which may be different than those maintained by Colliers.

211 1st Ave S, Seattle, WASHINGTON 98104

Investment Overview

211 1st Ave S presents a rare opportunity to acquire a character-rich, 1900-vintage brick mixed-use building in the heart of Pioneer Square. The asset combines four fully occupied residential units with approximately 6,000 square feet of street-level and lower-level commercial space, giving investors both stable in-place income and a clear path to meaningful upside through the lease-up of a prominent 1st Avenue South storefront. At just $237/SF, 211 1st Ave S offers investors a rare opportunity to acquire historic Pioneer Square real estate at a compelling basis with a clear path to stabilized yield. The investment story is straightforward: four occupied apartments provide an income-producing residential base today, while the vacant commercial space creates the primary value-add opportunity. Upon lease-up, the property is projected to generate approximately $159,000 of net operating income, representing a 5.78% stabilized cap rate on the $2,750,000 list price and just $237 per square foot across 11,605 rentable square feet.

Access Deal Room

Executive Highlights

The approximately 6,000 square feet of commercial space is currently vacant, creating the primary upside in the business plan. The space is underwritten on a demised basis, with approximately 3,000 square feet of prime street-level retail at $25/SF NNN and approximately 3,000 square feet of lower-level space at $12/SF NNN. At a blended $18.50/SF, the commercial component represents approximately $111,000 of annual base rent once leased.

Vacant Commercial Space Clear Value-Add Opportunity

Fully Occupied Residential Base with Upside

The building includes four character residential units: three loft-style apartments ranging from approximately 844 to 1,206 square feet, plus a 2,700 SF top-floor two-bedroom penthouse. The apartments are 100% occupied with leases in place and no termination notices outstanding, providing durable in-place income with approximately 12% mark-to-market upside as leases roll.

Lower-Level Concept Optionality

The usable lower-level commercial space creates additional upside beyond traditional retail. Potential uses could include a speakeasy, wine bar, tasting room, private dining room, event space, or another complementary concept tied to the street-level tenant. If improved and permitted for the right use, the lower level could potentially support rents above the conservative $12/SF assumption.

Attractive Stabilized Financing Profile

A same-block lender quote supports conventional permanent debt at approximately 5.75% and 60% loan-to-value. Based on the stabilized pro forma, financing produces a projected 1.38x debt-service coverage ratio.

Conservative, Comp-Supported Retail Underwriting

The subject’s $25/SF street-level rent assumption is approximately 16% below the recently signed $29.70/SF NNN lease at the adjacent 213 1st Ave S. This provides strong same-block support for the underwriting while leaving room for a new owner to outperform the base case.

Irreplaceable Pioneer Square Character

Built in 1900, the building offers the type of historic brick masonry, exposed-brick interiors, original hardwood floors, 14-foot ceilings, and oversized windows that define Pioneer Square and cannot be replicated in new construction. As a contributing building within the Pioneer Square Preservation District, the property carries authentic period character while benefiting from its position in one of Seattle’s most established urban neighborhoods.

The Offering & Acquisition Structure

211 1st Ave S is offered at $2,750,000. The commercial space will be delivered vacant, creating a clear lease-up opportunity for a new owner. The seller is actively exploring retail lease-up and is willing to work with a buyer during escrow to advance discussions with prospective tenants. Lease-up is not guaranteed and will depend on securing an acceptable tenant on acceptable terms, but the seller’s willingness to assist creates a compelling path for buyers evaluating the opportunity. The financial analysis in this memorandum is presented on a stabilized pro-forma basis, assuming the commercial space is leased on the underwritten terms. Tenant improvements, leasing commissions, and other costs associated with a new commercial lease are assumed to be funded by the buyer as part of the acquisition basis.

lease-up opportunity

Program the rooftop patio on floor 3 with seating and landscaping. Re-open the resident lounge whichis currently used as storage Re-open the community gym whichis currently used as storage Upgrade machines in commonlaundry areas to accept credit card payment

Community Upgrade Ideas

$677,000 IN ANNUAL RENT UPSIDE ACROSS 87 CLASSIC UNITS

Chris Hardman

Senior Vice President chris.hardman@colliers.com +1 415 259 8241

Access Deal Room

Property Location

Caden Hughes

Associate caden.hughes@colliers.com +1 253 778 9270