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Investment Highlights

  • Stunning, rehabilitated building across from the Pike Place Market
  • Brick and timber interiors and open office layout
  • Opportunity for owner/user, investor, tenant or developer

Executive Summary

Stable Office & Retail Investment in Prime Downtown Seattle 1924 1st Ave is a high-quality mixed-use investment opportunity in one of Seattle’s most high-traffic, landmark locations. This 12,908 SF building features four floors of modernized office space, including two floor through suites, and a long-term retail tenant on the ground floor, ensuring a diverse income stream. Fully renovated by Peter Cipra in 2004. Currently 75% occupied, the property offers immediate cash flow with upside potential through additional lease-up. Its DMC-145 zoning supports stable office and retail uses, and its prime location— directly across from Pike Place Market—ensures ongoing tenant demand. With proximity to light rail, major transit lines, and the waterfront redevelopment, 1924 1st Ave is positioned for long-term stability and appreciation in one of Seattle’s most vibrant commercial districts.

Property Facts

Sale Type
Investment
Property Type
Office
Property Subtype
Office/Residential
Building Size
11,450 SF
Building Class
B
Year Built/Renovated
1909/2001
NOI
$443,135 CAD
Percent Leased
86%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
2,860 SF
Slab To Slab
11’
Building FAR
3.29
Lot Size
0.08 AC
Zoning
DMC-125 - Downtown mixed commercial

Amenities

  • 24 Hour Access
  • Conferencing Facility
  • Signage
  • Fiber Optic Internet

Major Tenants

  • Tenant
  • Industry
  • SF Occupied
  • Rent/SF
  • Lease Type
  • Lease End
  • Retailer
  • -
  • -
  • -
  • -

Design Within Reach is a retailer specializing in modern furniture and home accessories, offering products from iconic designers and contemporary brands. The company provides a curated selection of furnishings, including seating, tables, lighting, outdoor pieces, and décor items, available through its website, catalogs, and studio locations. Design Within Reach emphasizes accessibility to authentic modern design, featuring works by renowned designers such as Charles and Ray Eames, Mies van der Rohe, and Philippe Starck. The brand serves both residential and commercial clients, delivering solutions that combine functionality with aesthetic appeal. Operating as a privately held company under the Herman Miller brand portfolio, Design Within Reach has established itself as a leading source for high-quality, design-driven furniture in the U.S. market.

  • Professional, Scientific, and Technical Services
  • -
  • -
  • -
  • -

It’s a belief and a mantra, all in one. User testing and feedback is an integral part of our process. The user will have their say one way or another. We think it should be as early as possible.

  • MD Clarity
  • Professional, Scientific, and Technical Services
  • -
  • -
  • Triple Net
  • May 2023

na

  • Real Estate
  • -
  • -
  • Triple Net
  • -

Founded in 1998 by multifamily veteran Al Pace and industry icon George Marcus, Pacific Urban Investors is a leading multifamily owner, investor, and operator. Their team of real estate professionals has distinguished themselves by focusing on the satisfaction of their residents, their fiduciary duty to investors, and creating a positive impact in the communities they own. Pacific Urban Investors' commitment to their residents, employees, and stakeholders drives their evergreen results.

  • Rider Hunt Levett & Bailey
  • Public Administration
  • -
  • -
  • -
  • -
  • Tetra AI
  • -
  • -
  • -
  • Triple Net
  • Mar 2025
  • Uptake Medical Corp
  • Health Care and Social Assistance
  • -
  • -
  • -
  • -
Tenant Industry SF Occupied Rent/SF Lease Type Lease End
Retailer - - - -
Professional, Scientific, and Technical Services - - - -
MD Clarity Professional, Scientific, and Technical Services - - Triple Net May 2023
Real Estate - - Triple Net -
Rider Hunt Levett & Bailey Public Administration - - - -
Tetra AI - - - Triple Net Mar 2025
Uptake Medical Corp Health Care and Social Assistance - - - -

Space Availability

  • Space
  • Size
  • Space Use
  • Build-Out
  • Available
  • 2nd Floor
  • 2,860 SF
  • Office
  • Partial Build-Out
  • 30 Days

Espace de bureau au 2e étage situé sur la 1ère Avenue, en face du marché Pike Place. Suite exclusive sur tout l'étage comprenant un bureau de réception, une salle de conférence, des bureaux privés, des espaces de travail ouverts, une kitchenette, deux salles de bain, des plafonds de 11 pieds partout et une excellente lumière naturelle. Briques apparentes, poutres rustiques, piliers métalliques uniques, colonnes en bois naturel, récemment rénové. Bâtiment entièrement rénové avec accès sécurisé par clé électronique, système de chauffage, ventilation et climatisation (CVC), fibre optique haute vitesse, systèmes modernes de mécanique, électricité et plomberie (MEP), systèmes de sécurité incendie et ascenseur.

  • 4th Fl-Ste 450
  • 1,653 SF
  • Office
  • Partial Build-Out
  • Now

Incredible office space just blocks from Pike Place Market. Open office concept on the main floor, with an addition 2 private offices on main floor + two more on top floor. Private enclosed patio space on the main floor, with an additional private balcony on the top floor, shared by two private offices. Office also includes small kitchenette and bathrooms. Secure access building with secure elevator access.

Space Size Space Use Build-Out Available
2nd Floor 2,860 SF Office Partial Build-Out 30 Days
4th Fl-Ste 450 1,653 SF Office Partial Build-Out Now

2nd Floor

Size
2,860 SF
Space Use
Office
Build-Out
Partial Build-Out
Available
30 Days

4th Fl-Ste 450

Size
1,653 SF
Space Use
Office
Build-Out
Partial Build-Out
Available
Now

2nd Floor

Size 2,860 SF
Space Use Office
Build-Out Partial Build-Out
Available 30 Days

Espace de bureau au 2e étage situé sur la 1ère Avenue, en face du marché Pike Place. Suite exclusive sur tout l'étage comprenant un bureau de réception, une salle de conférence, des bureaux privés, des espaces de travail ouverts, une kitchenette, deux salles de bain, des plafonds de 11 pieds partout et une excellente lumière naturelle. Briques apparentes, poutres rustiques, piliers métalliques uniques, colonnes en bois naturel, récemment rénové. Bâtiment entièrement rénové avec accès sécurisé par clé électronique, système de chauffage, ventilation et climatisation (CVC), fibre optique haute vitesse, systèmes modernes de mécanique, électricité et plomberie (MEP), systèmes de sécurité incendie et ascenseur.

4th Fl-Ste 450

Size 1,653 SF
Space Use Office
Build-Out Partial Build-Out
Available Now

Incredible office space just blocks from Pike Place Market. Open office concept on the main floor, with an addition 2 private offices on main floor + two more on top floor. Private enclosed patio space on the main floor, with an additional private balcony on the top floor, shared by two private offices. Office also includes small kitchenette and bathrooms. Secure access building with secure elevator access.

Exceptionally walkable
100/100
Moderately drivable
60/100
Exceptional public transit
100/100
Moderately bikeable
70/100

Property Taxes

Property Taxes

Parcel Number
197720-0935
Land Assessment
$3,067,383 CAD
Improvements Assessment
$3,286,944 CAD
Total Assessment
$6,354,327 CAD
  • Listing ID: 35793909

  • Date on Market: 2025-05-08

  • Last Updated:

  • Address: 1924 1st Ave, Seattle, WA 98101

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