J&M Pioneer Sq Value-Add Retail & Multifamily 201 1st Ave S

Enhance any investment portfolio with the acquisition of 201 1st Ave. S, the J&M Building. This building provides a vacant ground-floor retail suite along with a fully vacant 2nd and 3rd floor within a vibrant urban core and lease spaces at rising market rates. Multifamily rents in Downtown Seattle have grown by 1.2% annually, while retail rents currently sit 17% above greater Seattle.

Discover the property's easily accessible location and desirable features. 201 1st Avenue S comprises 25,450 square feet (per King County) across three stories and a full basement, originally constructed in 1890 on the 0.16-acre southwest corner of 1st Avenue S and S Washington Street. Central placement to Highway 99 and the I-5 and I-90 Freeways makes commuting to and from the property a breeze. The ground-floor retail space, formerly a famous bar, café and cardroom, is adorned with a large, windowed storefront trimmed by attractive woodwork. A wrap-around railing separates the exterior from the tree-lined sidewalks, creating the perfect atmosphere for outdoor seating. Visible to more than 14,000 passing vehicles daily, businesses will easily be able to attract new clientele. The building's upper floors are essentially a blank canvas, and can be repurposed for hospitality, office, residential, or non-profit users. Currently, the building has spaces demised for 24 potential SRO or studio apartment units.

Proximity to Downtown Seattle and Pioneer Square’s most popular destinations strengthens a new owner’s leasing efforts. Residents and retailers will benefit from placement along the 1st Avenue retail corridor, lined with dozens of popular restaurants, bars, cafés, and art galleries. Several parks are nearby, including Occidental Square, a bustling urban space that hosts numerous local events and the $800M Waterfront Park. The Occidental Park also serves as the starting point of the March to the Match parade made by Seattle Sounders FC fans before every home game. Other major traffic drivers, including Lumen Field, T-Mobile Park, the WAMU Theater, and Seattle’s City Hall, are all walkable from 201 1st Avenue S.

Known as Seattle’s first neighborhood since 1852, Pioneer Square boasts a rich history with famous architecture, delicious eateries, unique shops, trendy cafes, and a vibrant arts scene. Settled directly south of Downtown Seattle and north of the Sports Stadiums, this neighborhood houses multiple light rail stops, such as Pioneer Square Station, which travels through Downtown and all the way up to the University of Washington and Lynnwood, or down south to the Seattle-Tacoma International Airport. This pedestrian- and commuter-friendly neighborhood boasts many community activities, from art walks to seasonal festivals. It is also located only a block away from the new Waterfront Park and pedestrian walkways, and is connected to the waterfront via the newly renovated Washington Street.

Apartment communities in Pioneer Square and Downtown Seattle are strongly supported by a robust demographic profile within 2 miles of 201 1st Avenue S. The population of more than 168,00 has grown by 11% since 2020, with population growth forecasted to continue over the next five years. With 82% of these residents renting their homes, there is never a shortage of new tenants seeking functional apartment units.

Don’t miss this rare opportunity to acquire a blank canvas retail and potential multifamily asset in one of Seattle’s most densely populated urban centers at 201 1st Avenue S.