Individually Owned 
For Lease
Contact for pricing
1201 3Rd Ave, Seattle, WA 98101
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Property summary
AI-generated overview
Tower 1201 is a mixed-use office building in Seattle’s central business district that occupies an entire city block. The building includes renovated lobby finishes and an upgraded outdoor plaza with indoor-outdoor connections between 2nd and 3rd Avenues, and it provides direct access to the Symphony light rail station. Suite #300 is a second-generation space previously used by Chase Bank, with its entrance positioned on the corner of 3rd Avenue and University Street for prominent pedestrian access at that intersection. The suite is configured for an office use with a bank-to-office style layout suited to front-of-house operations within a transit-accessible mixed-use setting.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1988
Construction
STEEL FRAME
Total area
1,128,575 SF
Lot
1.29 ac (56,400 SF)
Zoning code
DOC1 U/450/U
APN
197470-0120
UPID
US90-1414729
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Logistics Company
-
Loan Service Bank
-
Law Firm
-
Law Firm
-
Law Firm
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$325.14M
Comparable Approach
Comparable
$653.04M
Blend (final)
Blend
$517.02M
Owner & transaction history
since 2023
Last sale
$548.8M
5 recorded transactions
Zoning & alternative use
DOC1 U/450/U · Seattle, WA
Top alternative use upside
Restaurant
$592.2M
+48.5%
Commercial (general)
$571.1M
+43.2%
Auto repair, garage
$464.3M
+16.4%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
8 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$517.02M
Value range
$465.32M – $568.72M
±10% around blend
Estimated value / SF
$458 / SF
Confidence
Property data
100
Market benchmarks
67
Comparable evidence
60
$465.32M
blend $517.02M
$568.72M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
1,128,575 SF
Lot area
1.29 ac
Year built
1988
Stories
55
APN
197470-0120
Zoning
DOC1 U/450/U
Assessed value
$632,011,000
Annual tax
$5,141,870
3
Income approach: direct capitalization
Partial preview
Income approach indication
$325.14M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$352.23M
@ 6.5% CAP return
$325.14M
@ 7% CAP return
$301.91M
4
Sales comparison
Partial preview
Sales approach indication
$653.04M
Range $231.90M – $653.04M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$517.02M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 337 sales
$353
+30%
County 676 sales
$377
+22%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $458/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Restaurant
Gross theoretical uplift
+49%
vs current-use indication
Commercial (general)
Auto Repair, Garage
Retail Stores
Apartment House (5+ Units)
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
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Overview
Implied cap rate
4.10%
Implied, in-place cap rate for this office buildings
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 4.10%
9.0%
NOI (est.)
$38.41M *
Last sale · Apr 2023
$548.78M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$936.95M
Move the market yield to see immediate price impact.
Value / SF
$830
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
3.60%4.10%4.60%
$34.57M
$960.37M
$843.25M
$751.60M
$38.41M
$1.07B
$936.95M
$835.11M
$42.26M
$1.17B
$1.03B
$918.62M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$5,141,870
Tax year 2022
Assessed value
$632,011,000
Assessed 2022
Previous assessed
$632,011,000
+0.0% YoY
Effective rate
0.81%
On assessed value
Assessed land
$87,420,000
Assessed improvement
$544,591,000
Land market value
$87,420,000
Improvement market value
$544,591,000
Total market value
$632,011,000
Applied tax rate
11.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1988
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
CENTRAL
Stories
55
Total area
1,128,575 SF
Lot
1.29 ac (56,400 SF)
Zoning code
DOC1 U/450/U
APN
197470-0120
UPID
US90-1414729
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
DOC1 U/450/U · Seattle, WAZoning DOC1 U/450/U · permitted uses
DOC1 U/450/U · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
55
Lot
1.29 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
DOC1 U/450/U
Jurisdiction
Seattle, WA
Recorded code
DOC1 U/450/U
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for DOC1 U/450/U in Seattle, WA.
What opens after registration
Zoning profile
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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