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Property profile & analytics
OFF-MARKET
Estimated value
$45,365,000
Office buildings
1101 2nd Ave Seattle, WA 98101-2923
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-3250952
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1968
Construction
CONCRETE
Total area
147,672 SF
Lot
0.5 ac (21,678 SF)
Zoning code
DMC 240/290-440
APN
094200-0025
UPID
US90-3250952
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
MG2 Architecture Firm
-
Architects Without Borders Seattle Charitable Organization Social Service Agency
-
Coffman Engineers Inc Electrical Engineer Fire Protection Consultant
-
First Light Condominiums By Westbank Construction Company General Contractor
-
Cryptrade Options Financial Advisor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$42.55M
Comparable Approach
Comparable
$38.20M
Blend (final)
Blend
$45.37M
Owner & transaction history
Us Vi Seneca Office LLC · 4 yrs held
Us Vi Seneca Office LLC
since 2022
Last sale
$61.8M
7 recorded transactions
Zoning & alternative use
DMC 240/290-440 · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$74.7M
+43.2%
Auto repair, garage
$60.8M
+16.4%
Retail stores
$59.2M
+13.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Seattle submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Seattle submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$59,720,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$46,090,000
6.5%
$42,545,000
7%
$39,505,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$52,185,000
Current use
COMMERCIAL (GENERAL)
$74,725,000
Change: +43% · Conversion: Easy
AUTO REPAIR, GARAGE
$60,755,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$59,215,000
Change: +13% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$52,375,000
Change: +0% · Conversion: Easy
MEDICAL BUILDING
$50,775,000
Change: -3% · Conversion: Easy
WAREHOUSE, STORAGE
$43,620,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$45.37M
Range $40.83M – $49.90M · ±10% · vs last sale $61.80M (Jan 27 2022)
Last sale anchor
$61.80M
Jan 27 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$307 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$296,787
Tax year 2022
Assessed value
$36,050,200
Assessed 2022
Previous assessed
$36,050,200
+0.0% YoY
Effective rate
0.82%
On assessed value
Assessed land
$22,761,900
Assessed improvement
$13,288,300
Land market value
$22,761,900
Improvement market value
$13,288,300
Total market value
$36,050,200
Applied tax rate
11.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1968
Construction
CONCRETE
Heating
HEAT PUMP
Stories
4
Total area
147,672 SF
Lot
0.5 ac (21,678 SF)
Zoning code
DMC 240/290-440
APN
094200-0025
UPID
US90-3250952
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
DMC 240/290-440 · Seattle, WA
Zoning DMC 240/290-440 · permitted uses
DMC 240/290-440 · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Seattle. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$52.2M
COMMERCIAL (GENERAL)
Est. value
$74.7M
AUTO REPAIR, GARAGE
Est. value
$60.8M
RETAIL STORES
Est. value
$59.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$52.4M
MEDICAL BUILDING
Est. value
$50.8M
WAREHOUSE, STORAGE
Est. value
$43.6M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1968
Construction
CONCRETE
Heating
HEAT PUMP
Stories
4
Lot
0.5 ac
Current owner
From public records · entity-resolved
Us Vi Seneca Office LLC
Entity
Mailing address
1425 4TH AVE STE #200, SEATTLE, WA 98101-2274
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
13 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 10, 2022
—
Us Vi Seneca Office LLC
—
Deed
related
$500,000 · New York Life Insurance Company
Jan 27, 2022
$61,800,000
Us Vi Seneca Office LLC
Second And Seneca Office LLC
Special Warranty Deed
—
Jan 27, 2022
—
Us Vi Seneca Office LLC
Second And Seneca Office LLC
Quit Claim Deed
related
—
Jun 6, 2019
—
Second & Seneca Office LLC
—
Deed
related
$25,000,000 · Umpqua Bk
Feb 28, 2017
—
Second & Seneca Office LLC
—
Deed
related
—
Apr 26, 2013
—
Second & Seneca Tower LLC
Second & Seneca Office LLC
Quit Claim Deed
related
$100,000,000 · New York Life Insurance
Feb 24, 2012
$185,970,908
Second & Seneca Office LLC
Second & Seneca Seattle LP
Grant Deed
—
Apr 24, 2007
$230,000,000
W2007 Seattle Office Second
Wa-second & Seneca LLC
Grant Deed
—
Apr 24, 2007
—
Second
W2007 Seattle Office Second
Quit Claim Deed
$175,000,000 · Bank Of America
Mar 20, 2006
—
Wa-second & Seneca LLC
Eop-northwest Properties LLC
Warranty Deed
—
Dec 19, 1997
—
Eop Northwest Properties II
Wright Runstad Properties LP
Quit Claim Deed
related
—
Sep 6, 1988
$30,200,000
Second Ave Ltd Partner
Wa
Grant Deed
—
—
—
Second & Seneca Office LLC
—
Loan Modification
related
$25,000,000 · Umpqua Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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