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Old Rainier Brewery 3100 Airport Way S 181,453 SF 91% Leased Flex Building Seattle, WA 98134 $40,679,486 CAD ($224.19 CAD/SF) 7.65% Cap Rate
Investment Highlights
- $19M INVESTED BY OWNERSHIP
- BELOW-MARKET RENTS, ±22% ROLLING SOON
- $129K ANNUAL SIGNAGE INCOME
- 23,427 SF CONVERSION UPSIDE
- LANDMARK AIRPORT WAY LOCATION
- DISCOUNT TO REPLACEMENT COST
Executive Summary
The Old Rainier Brewery is a 181,453-square-foot creative mixed-use campus comprising 24 adjoined buildings at 3100 Airport Way South, the former Rainier Brewery and one of Seattle’s most recognized industrial landmarks. The offering is positioned for investors seeking durable, granular in-place income from a differentiated creative asset, together with two identifiable paths to further NOI growth. The finished space is approximately 91% leased across a diversified tenant base of live/work lofts, creative office and flex users, and retail, anchored by Groove Universe, an operator of soundproof recording and rehearsal studios, and Little Red Day Spa, a full-service spa, with additional frontage income from a drive-thru coffee tenant.
Current ownership has invested approximately $19.0 million during its hold, the substance of which addresses the building’s most capital-intensive systems. Roughly $12.2 million funded the abatement of legacy PCB conditions (remediation complete, final regulatory closure in process), and approximately $6.8 million funded building and tenant improvements: structural buildout of rentable space, new sprinkler and utility-metering systems, removal of the former tank farm, replacement of roofs and plumbing lines, elevator overhauls, and interior renovations across the retail, spa, studio, and live/work components. In combination with prior seismic upgrades, this capital materially de-risks the physical plant and allows a buyer to underwrite operations and lease-up rather than base-building expenditure. The tenancy is intentionally granular and use-diverse, which both diversifies income and reflects sustained, hard-to-replicate demand for creative space at this scale within the Seattle market.
Two levers support forward returns: 23,427 square feet of unfinished shell space is positioned for conversion to additional live/work lofts, with the Master Use Permit in process, and a meaningful share of the rent roll, approximately 22% of leased space, currently sits on holdover or near-term expiration, providing mark-to-market and lease-up upside on renewal. The result is a stabilized, income-producing creative campus with a clear, self-directed path to value creation.
Current ownership has invested approximately $19.0 million during its hold, the substance of which addresses the building’s most capital-intensive systems. Roughly $12.2 million funded the abatement of legacy PCB conditions (remediation complete, final regulatory closure in process), and approximately $6.8 million funded building and tenant improvements: structural buildout of rentable space, new sprinkler and utility-metering systems, removal of the former tank farm, replacement of roofs and plumbing lines, elevator overhauls, and interior renovations across the retail, spa, studio, and live/work components. In combination with prior seismic upgrades, this capital materially de-risks the physical plant and allows a buyer to underwrite operations and lease-up rather than base-building expenditure. The tenancy is intentionally granular and use-diverse, which both diversifies income and reflects sustained, hard-to-replicate demand for creative space at this scale within the Seattle market.
Two levers support forward returns: 23,427 square feet of unfinished shell space is positioned for conversion to additional live/work lofts, with the Master Use Permit in process, and a meaningful share of the rent roll, approximately 22% of leased space, currently sits on holdover or near-term expiration, providing mark-to-market and lease-up upside on renewal. The result is a stabilized, income-producing creative campus with a clear, self-directed path to value creation.
Property Facts
Amenities
- Signage
Utilities
- Water - City
- Sewer - City
- Heating
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
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- Waste Management and Remediation Services
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- -
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1-800-GOT-JUNK? is a full-service junk removal company. They offer Junk Removal services for home or business. Have old furniture, appliances, electronics, tires, construction debris, or yard waste that need to be disappeared? 1-800-GOT-JUNK? can take away almost any material they can fit in their trucks, without ever lifting a finger.
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- Professional, Scientific, and Technical Services
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Actuate Media facilitates data-driven business-to-consumer relationships through digital marketing channels. We strategize and implement conversion-focused digital advertising campaigns, capturing the data to improve our clients' marketing intelligence providing them a competitive advantage within their industry. This makes us a little different from other digital marketing agencies and media companies.
- Calyx King
- Public Administration
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- -
- -
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- Capoeira Males
- Educational Services
- -
- -
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- Casabella Home Care Service
- Health Care and Social Assistance
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- Casual Industrees
- Retailer
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- Creedow Construction
- Construction
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- $9.00
- Triple Net
- Mar 2025
- Crown Social Agency
- Arts, Entertainment, and Recreation
- -
- -
- -
- -
- Life Engineered
- Arts, Entertainment, and Recreation
- -
- $16.00
- Triple Net
- Feb 2026
- Veteran Fire Systems
- -
- -
- $22.20
- Modified Gross
- Apr 2029
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Waste Management and Remediation Services | - | - | - | - | |
|
|
Professional, Scientific, and Technical Services | - | - | - | - | |
| Calyx King | Public Administration | - | - | - | - | |
| Capoeira Males | Educational Services | - | - | - | - | |
| Casabella Home Care Service | Health Care and Social Assistance | - | - | - | - | |
| Casual Industrees | Retailer | - | - | - | - | |
| Creedow Construction | Construction | - | $9.00 | Triple Net | Mar 2025 | |
| Crown Social Agency | Arts, Entertainment, and Recreation | - | - | - | - | |
| Life Engineered | Arts, Entertainment, and Recreation | - | $16.00 | Triple Net | Feb 2026 | |
| Veteran Fire Systems | - | - | $22.20 | Modified Gross | Apr 2029 |
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
Great work loft available on the second floor. Utility sink, lots of natural light, high ceilings, lots of electric available.
Fully built out exercise studio with its own bathroom. All walls mirrored with hardwood floors.
| Space | Size | Space Use | Build-Out | Available |
| 2nd Fl - 08-250 | 1,260 SF | Flex | Partial Build-Out | Now |
| 2nd Fl - 18-240 | 880 SF | Flex | Full Build-Out | Now |
| 2nd Fl - 25-500 | 1,560 SF | Flex | Full Build-Out | Now |
2nd Fl - 08-250
| Size |
| 1,260 SF |
| Space Use |
| Flex |
| Build-Out |
| Partial Build-Out |
| Available |
| Now |
2nd Fl - 18-240
| Size |
| 880 SF |
| Space Use |
| Flex |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
2nd Fl - 25-500
| Size |
| 1,560 SF |
| Space Use |
| Flex |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
2nd Fl - 08-250
| Size | 1,260 SF |
| Space Use | Flex |
| Build-Out | Partial Build-Out |
| Available | Now |
Great work loft available on the second floor. Utility sink, lots of natural light, high ceilings, lots of electric available.
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
2nd Fl - 18-240
| Size | 880 SF |
| Space Use | Flex |
| Build-Out | Full Build-Out |
| Available | Now |
1 of 1
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
2nd Fl - 25-500
| Size | 1,560 SF |
| Space Use | Flex |
| Build-Out | Full Build-Out |
| Available | Now |
Fully built out exercise studio with its own bathroom. All walls mirrored with hardwood floors.
1 1
Moderately walkable
70/100
Exceptionally drivable
100/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 713540-0190 | Improvements Assessment | $42,343 CAD |
| Land Assessment | $66,538 CAD | Total Assessment | $108,881 CAD |
Property Taxes
Parcel Number
713540-0190
Land Assessment
$66,538 CAD
Improvements Assessment
$42,343 CAD
Total Assessment
$108,881 CAD
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Presented by
Old Rainier Brewery | 3100 Airport Way S
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