Back to Search
Property profile & analytics
FOR LEASE
Office buildings
1191 2Nd Ave Seattle, WA 98101
Entity Owned
4-yr Hold
Free & Clear
Property ID
US90-0088298
For Lease
$30 SF/Yr
1191 2Nd Ave, Seattle, WA 98101
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1991
Construction
STEEL FRAME
Total area
635,303 SF
Lot
0.8 ac (34,690 SF)
Zoning code
DOC1 U/450/U
APN
094200-0030
UPID
US90-0088298
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
-
Johnson Dan Law Firm
-
Airbiquity Inc (Bike/Boat/Book/etc) Store Corporate Office
-
Cutler Nylander & Hayton Law Firm
-
SAGlobal USA (Bike/Boat/Book/etc) Store Corporate Office
-
Ms. Mary C Sacco Counselor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$183.03M
Comparable Approach
Comparable
$272.23M
Blend (final)
Blend
$281.02M
Owner & transaction history
Us Vi Seneca Tower LLC · 4 yrs held
Us Vi Seneca Tower LLC
since 2022
Last sale
$320.2M
7 recorded transactions
Zoning & alternative use
DOC1 U/450/U · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$333.4M
+48.5%
Commercial (general)
$321.5M
+43.2%
Auto repair, garage
$261.4M
+16.4%
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
$309,420,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$198,280,000
6.5%
$183,025,000
7%
$169,955,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$224,505,000
Current use
RESTAURANT
$333,390,000
Change: +49% · Conversion: Moderate
COMMERCIAL (GENERAL)
$321,470,000
Change: +43% · Conversion: Easy
AUTO REPAIR, GARAGE
$261,370,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$254,750,000
Change: +13% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$225,315,000
Change: +0% · Conversion: Easy
MEDICAL BUILDING
$218,450,000
Change: -3% · Conversion: Easy
WAREHOUSE, STORAGE
$187,670,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$281.02M
Range $252.91M – $309.12M · ±10% · vs last sale $320.20M (Jan 27 2022)
Last sale anchor
$320.20M
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
$442 / 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
$2,092,595
Tax year 2022
Assessed value
$256,937,000
Assessed 2022
Previous assessed
$256,937,000
+0.0% YoY
Effective rate
0.81%
On assessed value
Assessed land
$53,769,500
Assessed improvement
$203,167,500
Land market value
$53,769,500
Improvement market value
$203,167,500
Total market value
$256,937,000
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
For Lease
Year built
1991
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
CENTRAL
Stories
29
Total area
635,303 SF
Lot
0.8 ac (34,690 SF)
Zoning code
DOC1 U/450/U
APN
094200-0030
UPID
US90-0088298
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
DOC1 U/450/U · Seattle, WA
Zoning DOC1 U/450/U · permitted uses
DOC1 U/450/U · 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
$224.5M
RESTAURANT
Est. value
$333.4M
COMMERCIAL (GENERAL)
Est. value
$321.5M
AUTO REPAIR, GARAGE
Est. value
$261.4M
RETAIL STORES
Est. value
$254.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$225.3M
MEDICAL BUILDING
Est. value
$218.5M
WAREHOUSE, STORAGE
Est. value
$187.7M
OFFICE BUILDING Current
RESTAURANT
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
1991
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
29
Lot
0.8 ac
Current owner
From public records · entity-resolved
Us Vi Seneca Tower LLC
Entity
Free & Clear · 4 yrs held
Mailing address
1425 4TH AVE STE #500, SEATTLE, WA 98101-2264
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
12 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
$320,200,000
Us Vi Seneca Tower LLC
Second And Seneca Tower LLC
Special Warranty Deed
—
Jan 27, 2022
—
Us Vi Seneca Tower LLC
Second And Seneca Tower LLC
Intrafamily Transfer
related
—
Apr 26, 2013
—
Second & Seneca Office LLC
Second & Seneca Tower LLC
Quit Claim Deed
related
$100,000,000 · New York Life Insurance
Apr 24, 2012
—
Second & Seneca Tower LLC
—
Deed Of Trust
related
$100,000,000 · New York Life Insurance
Mar 1, 2012
—
Second & Seneca Tower LLC
Second & Seneca Office LLC
Quit Claim Deed
—
Feb 24, 2012
$185,970,908
Second & Seneca Office LLC
Second & Seneca Seattle LP
Grant Deed
—
Apr 24, 2007
—
Second
W2007 Seattle Office Second
Quit Claim Deed
$175,000,000 · Bank Of America
Apr 24, 2007
$230,000,000
W2007 Seattle Office Second
Wa-second & Seneca LLC
Grant Deed
—
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
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
