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    115 15Th Ave E Seattle, WA 98112
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    115 15Th Ave E Seattle, WA 98112

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    • Office buildings
    • 9,785 SF
    • 0.16 lot acres
    For Sale
    $3,995,000
    View Listing →
    115 15th Ave E, Seattle, WA 98112 For Sale
    $3,995,000
    9,397 SF

    115 15th Ave E, Seattle, WA 98112

    9,785 SF mixed-use building in Seattle's Capitol Hill.

    115 15Th Ave E, Seattle, WA 98112
    View Listing
    Property ID
    US90-1211480
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dreamclinic Massage at Board & Vellum / Alternative Medicine Practice / Spa & Massage Center
    • Board & Vellum / Architect / Interior Designer
    • Tami Pickering - Seattle Counselor / Counselor

    Property Details for 115 15Th Ave E

    Year built
    1956
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.16 lot acres
    Property size
    9,785 SF
    Zone code
    NC2P-55 (M)
    Property type
    Office buildings
    APN
    942140-0040
    APU
    9421400040

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $2,890,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.313
    Latitude
    47.619
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $27,306
    $2,758,800
    $442,300
    $3,201,100
    -
    $2,758,800
    $442,300
    $3,201,100

    Comparable in this City

    • Value Estimation
      $1,790,000
      11,700 SF

      4105 Madison St

      OFFICE BUILDING • 11,700 SF
      4105 Madison St, Seattle, WA 98112-3291
      View Details
    • Value Estimation
      $5,310,000
      20,592 SF

      607 19th E Ave

      OFFICE BUILDING • 20,592 SF
      607 19th E Ave, Seattle, WA 98112
      View Details
    • Value Estimation by Request
      1,684 SF

      101 14th E Ave

      OFFICE BUILDING • 1,684 SF
      101 14th E Ave, Seattle, WA 98112-5207
      View Details
    • Value Estimation
      $1,380,000
      5,040 SF

      324 15th E Ave

      OFFICE BUILDING • 5,040 SF
      324 15th E Ave, Seattle, WA 98112-5802
      View Details
    • Value Estimation
      $645,000
      3,000 SF

      3400 Harrison St

      OFFICE BUILDING • 3,000 SF
      3400 Harrison St, Seattle, WA 98112-4268
      View Details
    • Value Estimation by Request
      770 SF

      2912 Madison St

      OFFICE BUILDING • 770 SF
      2912 Madison St, Seattle, WA 98112-4214
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,850 SF

      Restored Capitol Hill Mixed-Use Building

      Restored mixed-use building in Capitol Hill with office and residential.
      211 14Th Ave E, Seattle, WA 98112
      View Details
    • $3,995,000
      9,397 SF

      Capitol Hill Mixed-Use Building

      9,785 SF mixed-use building in Seattle's Capitol Hill.
      115 15Th Ave E, Seattle, WA 98112
      View Details
    • Contact for pricing

      Capitol Hill Mixed-Use Property

      Unique Capitol Hill property with office, residence, studio, and store.
      211 14Th Ave E, Seattle, WA 98112
      View Details
    • $3,600,000
      4,850 SF

      Capitol Hill Mixed-Use Building

      Restored mixed-use building in Capitol Hill with multiple units.
      211 14Th Ave E, Seattle, WA 98112
      View Details
    • $999,950

      Versatile Commercial Building in Seattle

      Three-level building suitable for office, retail, or community amenities.
      324 25Th Ave S, Seattle, WA 98112
      View Details
    • $6,650,000

      Capitol Hill Multifamily Investment Opportunity

      30-unit apartment building in Seattle's Capitol Hill neighborhood.
      202 19Th Ave E, Seattle, WA 98112
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Magnolia Office Building Near Discovery

      Modern, renovated office building in Seattle's Magnolia neighborhood.
      4300 36Th Ave W, Seattle, WA 98112
      View Details
    • $6,527 /Mo
      2,701 SF

      Madison Valley Office Space Available

      Office space in walkable Madison Valley location for lease.
      2717 Madison St, Seattle, WA 98112
      View Details
    • Contact for pricing

      Madison Valley Office Suites Available

      Second floor office suites in the heart of Madison Valley.
      Seattle, WA 98112
      View Details
    • Contact for pricing

      Office Space For Rent

      Office space available for rent in Seattle, WA.
      4033 East Madison St, Seattle, WA 98112
      View Details
    • $40 SF/Yr

      Madison Park Office Space Available

      Prime office space in Madison Park, available February 2026.
      4126 E Madison St, Seattle, WA 98112
      View Details
    • $1,100 /Mo
      271 SF

      Office Suite with Shared Amenities

      Office suite for rent with flexible terms and shared common area.
      4020 Madison St, Seattle, WA 98112
      View Details
    View Listing
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    115 15Th Ave E
    Seattle, WA 98112
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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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