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1st & Pine Apartments

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Welcome to 1st & Pine

It is a rare opportunity to acquire a 110-year-old character building, thoughtfully modernized, updated, and prepared for its next century. 1st & Pine is defined by its unique and iconic character, and its bulls-eye location.

Never has Downtown Seattle experienced a more exciting time. 1st & Pine’s prominent hard-corner location anchors it as a nexus point between four exciting growth centers.

Growth Centers in Every Direction

North: Belltown’s renaissance and growing retail corridor

West: Seattle waterfront revitalization and renovated / expanded Pike Place Market

East: Downtown retail district expansion and Amazon’s global headquarters

South: Development of over 5M square feet of Class A office space

With ideal character, patina, and streetfront prominence, 1st & Pine’s exterior attracts the most discerning of onlookers and residents alike, making for a perfect pride-of-ownership asset. The modernization of the building’s spacious and efficient units offers the ability to command the highest rents per square foot in the city.

Offering Details

Pricing
Open Bid
Financing Debt
Offered Free and Clear

Property Overview

Address
104 Pine St, Seattle, WA 98101
Year Built
1909
Renovated
2017 - 2019
Stories
6+ Basement
Residential Units
55
NRSF
22,549 (buyer to verify)
Commercial Space
5,870 SF
Parcel No.
197720-0030
Zoning
Downtown Mixed Commercial - 145’

Investment Opportunity

1st & Pine offers both the convenience and stability of a 98% leased, turn-key asset with the added benefit of significant retail upside.

The retail corner space occupied by Simply Seattle totals 3,115 square feet and is rented well below market. The lease extends through 2026, but will convert to market rent in 2022. We have included a 2022 pro forma next to current operations throughout this OM to reflect the future income potential.

The inline spaces are rented to distinguished Seattle businesses on long-term market leases.

Floors 4 and 5 are master leased to Barsala management. Please contact listing agents for details.

Irreplaceable Location

Protected westerly views, across the street from the globally-recognized Pike Place Market, a five-minute walk to Amazon’s Global Headquarters — 1st & Pine’s location is the very best in all of Seattle.

Outsized Value Increase

With a 3,115 square foot corner-location lease resetting to market rent in 2022, there is potential cash flow upside allowing a buyer to exceed $60 NNN retail rental rates currently achieved in far less desirable locations in downtown Seattle.

Multi-Faceted Exit Strategy

1st & Pine provides ultimate value beyond the current generation. The parcel’s high-rise zoning and protected westerly view corridors provide a roadmap to future development as a marquee mixed-use residential/hotel high-rise development.

Location

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1st & Pine Apartments

104 Pine St
Seattle, WA 98101
Units: 55
Price: Open Bid

About the Area

Since Seattle was founded in 1851, the intersection of 1st and Pine has been the epicenter of economic and social activity.

From the 1st & Pine Apartments, you can smell the fresh salty air from the waterfront. You can see the iconic sign perched above Pike Place Market — one of the most popular tourist destinations in the world. You can hear the seagulls over the water, and the bustling downtown behind you.

There are more than 300,000 jobs in Downtown Seattle, and the neighborhood is one of the most transit-dense in the city, connecting to more than 2,000,000 jobs in the region.

Surrounded by theaters, concert halls, and galleries, 1st & Pine is the nerve center of arts and culture Downtown.

Everywhere you look, you’ll find a piece of Seattle’s past, present, and future.

This intersection is Seattle.

Pike Place Renovation

In June 2017, Pike Place Market - just a minute's walk from 1st & Pine - unveiled its new “MarketFront,” the first expansion the market has seen in 40 years. The MarketFront includes a public plaza, 300 parking spaces, new stalls for farmers and artists, low-income housing, and a neighborhood center for the community.

Waterfront Redevelopment Project

Just outside 1st & Pine's front door, Waterfront Seattle will create a new public space that reconnects Seattle to Elliott Bay. Once the aging Alaskan Way viaduct is removed in 2019, the program will build a new, multimodal surface street along Alaskan Way and Elliott Avenue providing access to downtown, create eight acres of new public parks, and improve street connections to the waterfront.

Pike Pine Renaissance

This multi-year effort is a $30M investment to improve the pedestrian experience and connect Pike and Pine to the waterfront — from Pike Place Market to Capitol Hill. With construction anticipated to start in 2020, 1st & Pine residents will benefit from a better connected, more dynamic and inviting downtown.

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Exclusive Listing Brokers

Kidder Mathews is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of 1st & Pine.

Direct: 206.414.8575

       
       

Direct: 425.736.5516