568 1St AveSeattle, WA 98104

Property Details for 568 1St Ave

Year built

1909

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.25 AC

Property size (Sq ft)

75,288 SF

Zone code

PSM-85-120

Property type

Office buildings

APN

766620-6871

APU

7666206871

Description

The Provident Building, a beautifully renovated 1910 structure located at 568 1st Avenue South in Seattle's Pioneer Square Preservation District, offers exceptional creative office space. This six-story building, totaling 59,354 square feet, underwent a complete renovation in 2000, seamlessly blending historic charm with modern functionality. The building features one building with multiple tenants and boasts a range of desirable amenities, including secure key access, below-grade parking, tenant shower facilities, and convenient bicycle parking. Enjoy breathtaking views from the rooftop deck, overlooking Elliott Bay and the vibrant SoDo neighborhood. Located in the heart of SoDo, this Class B office building provides unparalleled connectivity. It's a short walk (six minutes) to King Street Station, offering easy access to public transportation. Major freeways (I-5 and I-90) are less than five minutes away, ensuring effortless commutes. The building's prime location places it just a mile from the Seattle Waterfront and Downtown Seattle, and directly across from Lumen Field. The surrounding area is experiencing significant growth, with new residential, retail, and hotel developments adding to the dynamic atmosphere. Currently, there are four available office spaces ranging from 7,449 to 10,305 square feet. This building presents a unique opportunity to secure premier office space in a thriving, well-connected location. The building's heavy timber, seismically reinforced brick and concrete construction ensures both historical significance and modern structural integrity. Elevators are available for convenient access to all floors.

• CAP approach

  CAP return

  Valuation

  6%

  $20,373,118

  6.5%

  $18,805,956

  7%

  $17,462,672

• Comparable approach

  Method

  Valuation

  Relative Method

  $20,189,528

  Geo Method

  $14,498,963

• Alternative Use

  Use

  Valuation

  Residential

  $23,319,384

  Hospitality

  $21,360,430

  Educational

  $17,771,628

  Medical

  $18,382,822

  Retail

  $27,644,754

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.5963

Longitude

-122.334

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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