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    Medical Office Space in Seattle Title is generated by Realmo AI

    805 Madison Street, Seattle, WA 98104

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    Medical office space with convenient parking and central location.

    Type:Healthcare
    Property size:
    4,144 SF
    Added:
    Nov 22, 2025
    Days on Market:
    186
    Last Refresh:
    May 20 at 12:26 am

    Property Features for 805 Madison Street

    General Information

    Standard status
    Active
    Size
    4,144 SF
    Property subtype
    Healthcare

    We can help!

    Listing Contact
    Paul Carr
    Paul Carr

    Listing agent Paul Carr

    Listing office CBRE

    Listing date Nov 22, 2025

    Source Cbre

    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 CBRE

    HighLights

    • Excellent central location – walking distance to UW Medicine/Harborview Medical Center, Virginia Mason, Swedish First Hill, The Polyclinic Madison Centre and Downtown Seattle office/retail core
    • Direct access to Interstate 5 and 90 via James Street and Cherry Street
    • 3.0 stalls per 1,000 SF parking provided in a public and reserved parking garage
    • Exterior building signage available off Madison Street
    • New lobby and common area improvements
    • On‑site property management office

    Overview

    This property features new lobby and common area improvements. Parking is available at a rate of 3.0 stalls per 1,000 square feet in a public and reserved parking garage. The location provides easy access to a patient garage off 8th Avenue. On-site property management is available. Exterior building signage is available off Madison Street. Direct access to Interstate 5 and 90 is provided via James Street and Cherry Street. An on-site grocery/convenience store is present, with abundant amenities within walking distance. The property is centrally located within walking distance to UW Medicine/Harborview Medical Center, Virginia Mason, Swedish First Hill, The Polyclinic Madison Centre, and the Downtown Seattle office/retail core. The property size is 4,144 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Seattle Homestay Training Center Spectrum Dermatology of Seattle Physician Spectrum Dermatology of Seattle: ... Physician WREN V MCCALLISTER Physician SRAVYA VAJAPEY Physician

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Daycare Center Grocery & Convenience Store Gym & Fitness Center

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

    Similar Places Nearby

    • Jet City Animal Clinic — 822 12th Ave, Seattle, WA 98122
    • BluePearl Pet Hospital — 805 Madison St, Seattle, WA 98104
    • BluePearl Veterinary Partners — 805 madison st #100, seattle, wa 98104
    • Banfield Pet Hospital — 1426 Harvard Ave, Seattle, WA 98122
    • Petrvm — 568 1st Ave S, Seattle, WA 98104

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.328
    Latitude
    47.608

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    FAQs

    What type of property is this?
    Medical Office Space - Medical office space with convenient parking and central location.
    Where is this medical office space located?
    The property is located at 805 Madison Street Seattle, WA.
    What are key features of this property?
    This property features: Excellent central location – walking distance to UW Medicine/Harborview Medical Center, Virginia Mason, Swedish First Hill, The Polyclinic Madison Centre and Downtown Seattle office/retail core; Direct access to Interstate 5 and 90 via James Street and Cherry Street; 3.0 stalls per 1,000 SF parking provided in a public and reserved parking garage
    (206) 292-6005
    We can help!
    Listing Contact
    Paul Carr
    Paul Carr
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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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