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    SoDo Flex/Office/Industrial Sublease Opportunity Title is generated by Realmo AI

    4786-4790 1st Ave S, Seattle, WA 98134

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    Creative flex/office/industrial space available for sublease in SoDo.

    Type:industrial
    Property size:
    25,263 SF
    Added:
    Apr 15, 2026
    Days on Market:
    48
    Last Refresh:
    Apr 14 at 8:16 pm

    Property Features for 4786-4790 1st Ave S

    General Information

    Standard status
    Active
    Size
    25,263 SF
    Property subtype
    industrial

    Spaces For Lease

    at 4786-4790 1st Ave S Contact us

    We can help!

    Listing Contact
    Chris Spofford
    Chris Spofford

    Listing agent Chris Spofford License #98894

    Listing office Seattle

    Listing date Apr 15, 2026

    Source Property.jll

    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 Seattle

    HighLights

    • Flexible space ideal for creative flex, office, or industrial use.
    • Desirable address in SoDo Row (Former Sears Service Center) on 1st Ave S.
    • Abundant free parking for subtenants.
    • Direct freeway access to I‑5 and I‑90.
    • High‑end finishes with exposed brick, beam, and concrete.
    • Square footage available from 25,263 to 56,950 SF.

    Overview

    Available for sublease is creative flex, office, and industrial space at SoDo Row, formerly the Sears Service Center, located at 4786-4790 1st Ave S. The available square footage ranges from 25,263 to 56,950 square feet. Bay 5 offers 31,678 rentable square feet, including 1,898 rentable square feet of office space and 29,780 rentable square feet of warehouse space. Bay 6 provides 25,263 rentable square feet, with 11,704 rentable square feet of office space and 13,559 rentable square feet of warehouse space. The property features exposed brick, beams, and concrete, along with high-end finishes throughout. It includes one dock-high loading door, 22’x22’ column spacing, and a 15’ clear height. Subtenants benefit from abundant free parking and direct freeway access to I-5 and I-90. The location is 12 minutes from SeaTac Airport, 7 minutes from Downtown Seattle, and 15 minutes from Bellevue.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

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

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

    Similar Places Nearby

    • No Junk Inc — 4634 E Marginal Wy S, Seattle, WA 98134
    • Amazing Lunches LLC — 4634 E Marginal Way S #E120, Seattle, WA 98134, United States
    • Classic Catering NW — 115 S Brandon St, Seattle, WA 98108
    • Chef Bonnie Rae — 4634 E Marginal Wy S Suite E-120, Seattle, WA 98134
    • Conscious Eatery — 5620 6th Ave S Building T, Seattle, WA 98108

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.3333419
    Latitude
    47.5594637

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    FAQs

    What type of property is this?
    Flex space - Creative flex/office/industrial space available for sublease in SoDo.
    Where is this flex space located?
    The property is located at 4786-4790 1st Ave S Seattle, WA.
    What are key features of this property?
    This property features: Flexible space ideal for creative flex, office, or industrial use.; Desirable address in SoDo Row (Former Sears Service Center) on 1st Ave S.; Abundant free parking for subtenants.
    (425) 890-6961
    We can help!
    Listing Contact
    Chris Spofford
    Chris Spofford
    Real Estate License ID: 98894
    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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