Listed by Newmark - Seattle
Unpriced
1275 Mercer
Details
APN 292504-9094, 292504-9039
Property Type Retail, Mixed Use
Sub Type Commercial, Covered Land Play
Square Footage 27,738
NOI $1,001,746
Occupancy 100%
Tenancy Multi
Year Built 1928
Year Renovated 2010
Buildings 1
Acreage 0.900
Zoning SM-SLU 65/95
Parking Spaces 24 spaces
Parking Per SqFt 0.87
Investment Type Stabilized
Ground Lease No
Retail | 27,738 SqFt
Marketing description
1275 Mercer is a 100% leased, two-tenant covered land play in Seattle's South Lake Union. The Offering caters to passive investors who will benefit from strong in-place cash-flow with minimal management; or active investors/developers who want an A+ development site. The property is anchored by a national credit tenant alongside a local family entertainment operator, with attractive zoning and a massing study for up to 237 residential units (SM-SLU 65/95).
Investment highlights
- The Property is located in Seattle's South Lake Union, the hub of one of the nation's most concentrated biotech and life sciences corridors.
- Embedded within one of the wealthiest urban trade areas in the United States with average household income of $177,605, 31% of households earning $200,000+, and nearly 80% college-educated. The Property's 1-mile residential base has grown 83% since 2010 to 86,392 residents.
- Located on Mercer Street, the primary east-west arterial connecting I-5 to Elliott Avenue, with immediate access to the interchange carrying over 36,000 vehicles per day.
- South Lake Union is one of the most sought-after urban neighborhoods in the Pacific Northwest, driven by world-class employers and surging residential growth.
- The Property offers stable in-place income while providing long-term optionality over a high-density redevelopment site, offering meaningful downside protection with significant upside in one of Seattle's most supply-constrained sub-markets.
- South Lake Union ranks among the most active multifamily corridors in the Pacific Northwest, having added over 10,000 units since 2010, a 245% increase, reflecting sustained, long-term demand for urban density in one of the Pacific Northwest's most sought-after live-work neighborhoods.
- The Property is 100% leased to two established, complementary tenants - Bright Horizons and PlayDate SEA - providing immediate, stabilized cash flow from day one. Bright Horizons represents 80% of in-place income.
- The Property includes an underground parking garage with 24 stalls. Dedicated site parking for a retail property in the heart of South Lake Union is extremely rare and generates ample consumer draw to the site.
- The Property's 1-mile trade area generates a daytime population of 132,033 — with over 111,000 workers — and the South Lake Union district draws 13 million non-resident visits annually, creating a dense, captive consumer base that drives consistent foot traffic seven days a week.
Listing Contacts
Listed by Newmark - Seattle
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$1,001,746.00
$83,478.83/mo
Valuation Metrics
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