Prefontaine Building
Prefontaine Building
110 Prefontaine Place South, Seattle, WA, USA
$3,995,000
Contact BrokerProperty Information
- Status: For Sale
- Broker(s): David Butler, Scott Clements
- Type: Office, Retail
- County: King
- Land Size (SF): 10,398
- Building Size (SF): 73,470
- Year Built: 1909
- Year Renovated: 1986
- Zoning: PSM 100/100-120 | PIONEER SQUARE MIXED
- Cap Rate: 10.53
Property Highlights
-
Property Highlights:
- COMPELLING LEASE-UP UPSIDE With only 55% occupancy, the Prefontaine Building presents a rare opportunity to significantly grow NOI through strategic leasing.
- BELOW REPLACEMENT COST Priced at just $65/SF of rentable area, this asset trades far below replacement cost for downtown Seattle office product, providing an attractive basis for investors seeking long-term value appreciation.
- LOCATED IN OPPORTUNITY ZONE Investors may benefit from potential tax advantages available through the Opportunity Zone designation.
- STRATEGIC LOCATION Located in South Seattle, this property offers excellent access to downtown via Highway 99, I-5, and nearby public transit, including buses, light rail, and bike lanes. It combines art, commerce, and walkability in a highly connected area.
- STRONG DEMOGRAPHICS
- Pioneer Square is a densely populated, affluent area with over 56,000 residents within a 1-mile radius and 244,000 within 3 miles. The average household income exceeds $113,800, and the median home value is $906,160—reflecting strong consumer spending power and a high proportion of renter-occupied homes.
Marketing Materials
- Marketing Materials - URL: Offering Memorandum