Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1231 Westlake N Ave Seattle, WA 98109-3531

    • Commercial land
    • 0.16 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1976650
    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.

    Current Use by Public Records

    • Commercial land

    Property Details for 1231 Westlake N Ave

    Lot size
    0.16 lot acres
    Zone code
    SM-SLU 100/65-145
    Property type
    Commercial land
    APN
    408880-3720
    APU
    4088803720

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.341
    Latitude
    47.6309
    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
    2024
    $36,776
    $3,740,000
    $0.00
    $3,740,000
    -
    $3,740,000
    $0.00
    $3,740,000

    Comparable in this City

    • Value Estimation by Request
      0.09 Acres

      Crockett St

      VACANT COMMERCIAL LAND • 0.09 Acres
      Crockett St, Seattle, WA 98109
      View Details
    • Value Estimation by Request
      0.04 Acres

      2129 Dexter N Ave

      VACANT COMMERCIAL LAND • 0.04 Acres
      2129 Dexter N Ave, Seattle, WA 98109-2415
      View Details
    • Value Estimation by Request
      0.00 Acres

      2137 Dexter N Ave

      VACANT COMMERCIAL LAND • 0.00 Acres
      2137 Dexter N Ave, Seattle, WA 98109-2415
      View Details
    • Value Estimation by Request
      0.04 Acres

      2121 Dexter N Ave

      VACANT COMMERCIAL LAND • 0.04 Acres
      2121 Dexter N Ave, Seattle, WA 98109-2415
      View Details
    • Value Estimation by Request
      0.12 Acres

      Westlake N Ave

      VACANT COMMERCIAL LAND • 0.12 Acres
      Westlake N Ave, Seattle, WA 98109
      View Details
    • Value Estimation by Request
      0.62 Acres

      2031 Westlake N Ave

      VACANT COMMERCIAL LAND • 0.62 Acres
      2031 Westlake N Ave, Seattle, WA 98109-2710
      View Details

    Similar Nearby for Sale

    • $1,600,000
      3,600 SF

      South Lake Union Development Site

      Multifamily development site in South Lake Union area.
      413 Minor Ave N, Seattle, WA 98109
      View Details
    • $7,995,000
      12,960 SF

      Prime Redevelopment Land in Seattle

      Highly visible 12,960 SF property ideal for redevelopment.
      2729 2Nd Ave, Seattle, WA 98109
      View Details
    • $1,600,000
      3,600 SF

      Multifamily Development Site in Seattle

      3,600 SF vacant land in South Lake Union area.
      413 Minor Ave North, Seattle, WA 98109
      View Details
    • $1,000,000
      9,391 SF

      Seattle Land Parcel For Sale

      9,391 SF land parcel in Seattle, C1-75 zoning.
      1945 Aurora Ave N, Seattle, WA 98109
      View Details
    • $4,995,000

      South Lake Union Land Opportunity

      Land in prime Seattle location near Apple headquarters.
      232 7Th Ave N Seattle, Seattle, WA 98109
      View Details
    • Contact for pricing

      Queen Anne Development Opportunity

      Four adjacent parcels in Seattle's Queen Anne neighborhood.
      356-372 Roy St, Seattle, WA 98109
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Secured Yard in SoDo Location

      1.30 acre secured yard for sublease in Seattle's SoDo.
      2958 6Th Ave S, Seattle, WA 98109
      View Details
    • Contact for pricing
      81,053 SF

      Queen Anne Marketplace Retail Space

      Seattle retail space, prime location, ample parking.
      0 1St Ave, Seattle, WA 98109
      View Details
    • $35 SF/Yr
      4,767 SF

      Queen Anne Ave Retail Space

      Seattle Retail, Multiple Units Available
      400 Queen Anne Ave, Seattle, WA 98109
      View Details
    • $48 SF/Yr
      2,956 SF

      500 Mercer St

      Restaurants
      500 Mercer St, Seattle, WA 98109
      View Details
    • $32 SF/Yr
      33,978 SF

      Lake Union Creative Office Tower

      Stunning Seattle office space with lake views.
      766 Garfield St, Seattle, WA 98109
      View Details
    • $25 SF/Yr
      294,000 SF

      Komo Plaza Executive Office Space

      Seattle Office Space: 3,037 sq ft Available
      100 4Th Ave, Seattle, WA 98109
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1231 Westlake N Ave
    Seattle, WA 98109-3531
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.