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    Prime Location Warehouse Opportunity Title is generated by Realmo AI

    1516 15th Ave W, Seattle, WA 98119

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    Warehouse space for lease with high visibility and accessibility.

    Type:Industrial
    Property size:
    55,250 SF
    Added:
    Nov 21, 2025
    Days on Market:
    181
    Last Refresh:
    Apr 5 at 10:27 pm

    Property Features for 1516 15th Ave W

    General Information

    Standard status
    Active
    Size
    55,250 SF
    Property subtype
    Industrial

    Spaces For Lease

    at 1516 15th Ave W Contact us

    We can help!

    Listing Contact
    Bob Swain, CCIM

    Listing agent Bob Swain, CCIM

    Listing office NAI Puget Sound Properties

    Listing date Nov 21, 2025

    Source Naiglobal

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of NAI Puget Sound Properties

    HighLights

    • Prime location at the junction of major commercial corridors (Elliott Ave W, 15th Ave W, W Garfield St) providing excellent visibility and accessibility.
    • 37,671 SF of available space suitable for Wholesale, Retail, Industrial, and Dead Storage.
    • Dock high and Grade level loading capabilities.
    • Abundant onsite and street parking.
    • Timely access to downtown Seattle, Magnolia, Ballard, and Pier 91.
    • Building remodel forthcoming.

    Overview

    This property presents a lease opportunity on a major commercial corridor, offering street frontage with visibility and accessibility. Situated at the junction of Elliott Avenue West, 15th Avenue West, and West Garfield Street, the location provides access to downtown Seattle, Magnolia, Ballard, and Pier 91. The total available space is 37,671 square feet, suitable for wholesale, retail, industrial, and dead storage purposes. Loading options include both dock-high and grade-level access. The property features 12- to 14-foot clear heights and abundant on-site and street parking. A building remodel is forthcoming. The land area is 55,250 square feet, zoned II U/85 (Industrial Innovation).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Parking lot Parking

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Louis Dreyfus Corporation — 955 alaskan way w, seattle, wa 98119
    • City Ice Cold Storage — 2001 W Garfield Street #C100 Pier 90 Building 86, 2001 W Garfield St, Seattle, WA 98119
    • Lineage Cityice Cold Storage — Seattle, WA 98119, United States
    • Lineage Logistics B390 — 2001 W Garfield St Pier 91, Building 392, Seattle, WA 98119
    • Near2Me Self Storage Units — 1602 15th Ave W, Seattle, WA 98119

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.376
    Latitude
    47.633

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    FAQs

    What type of property is this?
    Warehouse - Warehouse space for lease with high visibility and accessibility.
    Where is this warehouse located?
    The property is located at 1516 15th Ave W Seattle, WA.
    What are key features of this property?
    This property features: Prime location at the junction of major commercial corridors (Elliott Ave W, 15th Ave W, W Garfield St) **providing excellent visibility and accessibility**.; 37,671 SF of available space suitable for Wholesale, Retail, Industrial, and Dead Storage.; **Dock high and Grade level loading capabilities.**
    (425) 586-5622
    We can help!
    Listing Contact
    Bob Swain, CCIM
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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