BROADWAY STATE
824 E Pike St, Seattle WA
NNN leased property for sale on a prominent corner in Capitol Hill’s Pike/Pine neighborhood
The Broadway State building, situated in a pedestrian-oriented and transit-served retail corridor, is currently at 100% occupancy. The property’s ground-floor retail space is occupied by a franchise of Come Buy Tea, an international chain of Boba Tea and Waffle cafés. The busy operator just signed a 10-year lease. Upstairs is Here.com, a local design company with another year left on their lease, offering an owner-user buyer the opportunity to purchase the property and occupy the upstairs office space for their own business.
With such an excellent corner location in one of Seattle’s most desirable neighborhoods, redeveloping the property into a view, mixed-use multifamily and retail property is another potentially lucrative option possible by obtaining or partnering with the neighboring parcel. Given the property’s NC3P-75 (M) zoning, a new mixed-use development is possible with no parking requirement.
Priced at $1,975,000, the Broadway State is available at a 6%+ cap rate and approximately $500 per foot. Its strategic corner location and reasonable rental rates of $35 per foot, combined with the potential for cap rate compression, Broadway State should provide the buyer with long-term upside.
HIGHLIGHTS
NNN leases with minimal landlord responsibilities and possibility for owner-user occupancy
Walkable location in a high traffic corridor, near two universities and mass transit
Priced below $2M at a 6%+ cap rate with long-term, stable tenant
Architecturally unique property with updates and potential development opportunity with property next door
property details
property name
Broadway State
address
824 E Pike St
commercial spaces
2
year built
1913
nrsf
±3,828 SF
lot size
±1,429 SF*
zoning
NC3P-75 (M)
parcel
600300-0525
*Per King County records
the offering
1,700+ SF of ground-floor retail space & 1,695 SF second-floor office space
retail space
1,700+
Square feet
430 SF
storage space
10 YR
current lease
Currently occupied by Come Buy Tea, an international chain of Boba Tea and Waffle cafés
Features extraordinarily high ceilings, matching tall windows, and an additional 430 SF of storage
office space
1,695
Square feet
1 YR
current lease
HVAC
in unit
1-year remaining on current lease, offering an owner-user buyer the opportunity to purchase the property and occupy the upstairs office space
Features bright interior with skylights, exposed brick walls, fir wood floors, operable windows, ensuite restroom and kitchenette, and private entry fronting Broadway (no elevator).
Currently occupied by Here, a local architecture and interior design company
Location
Broadway State is a superior NNN Capitol Hill asset
Capitol Hill has consistently maintained some of the highest occupancy rates and rents in the city due to its proximity to Downtown (less than one mile), neighborhood amenities, and accessibility to the University of Washington, Seattle University, Seattle Central College, and numerous employers and hospitals.
Featuring a perfect “Walker’s Paradise” Walk Score® of 100, this property is less than a mile from Downtown and the Seattle Convention Center, and more importantly, is within a 5-minute walk of two places of higher education – Seattle Central College and Seattle University – and many of Capitol Hill’s employers and office spaces. The site, with its ±20 feet of frontage on E Pike and ±90 feet of frontage on Broadway E, benefits from daily traffic counts of more than 10,350 vehicles headed in all directions.
100
Walk Score
Walker's paradise
2 MIN
Walk Time
To Link light rail station
2 MIN
Walk Time
To Seattle Central College
5 MIN
Walk Time
To Seattle University
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Kidder Mathews is the largest independent commercial real estate firm in the Western U.S., with 900 real estate professionals and staff in 19 offices in Washington, Oregon, California, Idaho, Arizona, and Nevada. For more information, visit kidder.com.