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    Property profile & analytics

    1247 Westlake N Ave Seattle, WA 98109-3531

    • Industrial properties
    • 6,840 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Aug 05, 2021
    $4,600,000
    Value Estimations
    $4,590,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0763134
    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

    • Industrial properties

    Property Details for 1247 Westlake N Ave

    Year built
    1922
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.19 lot acres
    Property size
    6,840 SF
    Zone code
    SM-SLU 100/65-145
    Property type
    Industrial properties
    APN
    302504-9003
    APU
    3025049003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,585,000
      ML approach
      $4,580,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,590,000
      COMMERCIAL (GENERAL)
      $3,460,000
      AUTO REPAIR, GARAGE
      $2,815,000
      OFFICE BUILDING
      $2,800,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.341
    Latitude
    47.6311
    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
    $39,258
    $4,637,600
    $0.00
    $4,637,600
    -
    $4,637,600
    $0.00
    $4,637,600

    Comparable in this City

    • Value Estimation
      $2,830,000
      23,600 SF

      60 Etruria St

      INDUSTRIAL LOFT BUILDING • 23,600 SF
      60 Etruria St, Seattle, WA 98109
      View Details
    • Value Estimation by Request
      960 SF

      1114 Aurora N Ave

      INDUSTRIAL (GENERAL) • 960 SF
      1114 Aurora N Ave, Seattle, WA 98109
      View Details
    • Value Estimation
      $1,985,000
      19,647 SF

      1001 Westlake N Ave

      WAREHOUSE, STORAGE • 19,647 SF
      1001 Westlake N Ave, Seattle, WA 98109-3525
      View Details
    • Value Estimation
      $2,605,000
      436,497 SF

      850 Republican St

      R&D FACILITY, LABS, PHARMA • 436,497 SF
      850 Republican St, Seattle, WA 98109-4725
      View Details
    • Value Estimation
      $15,045,000
      127,800 SF

      700 Fairview N Ave

      MINI-WAREHOUSE, STORAGE • 127,800 SF
      700 Fairview N Ave, Seattle, WA 98109-4467
      View Details
    • Value Estimation
      $1,500,000
      9,780 SF

      235 9th N Ave

      WAREHOUSE, STORAGE • 9,780 SF
      235 9th N Ave, Seattle, WA 98109-5119
      View Details

    Similar Nearby for Sale

    • $2,350,000
      3,430 SF

      Seattle Industrial Redevelopment Opportunity

      Industrial property available for sale in Seattle, Washington.
      1508 Queen Anne Ave N, Seattle, WA 98109
      View Details
    • $2,500,000

      Lake Union Office/Flex Opportunity

      Standalone office/flex space with gym, storage, and secure parking.
      921 Aurora Ave N, Seattle, WA 98109
      View Details
    • $3,800,000

      Belltown Multifamily/Hotel Redevelopment Opportunity

      Value-add investment near Pike Place Market with high-rise redevelopment potential.
      2200-2204 1St Ave, Seattle, WA 98109
      View Details
    • $3,650,000

      Queen Anne Apartments with Views

      Well-maintained 11-unit building with views of Seattle landmarks.
      501 Highland Dr, Seattle, WA 98109
      View Details
    • $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
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    • $2,650,000
      4,150 SF

      Permitted Development Site in Seattle

      Shovel-ready development site in East Queen Anne/Westlake neighborhood.
      1809 5Th Ave N, Seattle, WA 98109
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    Similar Nearby for Lease

    • $12 SF/Yr
      27,155 SF

      Industrial Space with Yard

      Industrial property for rent with yard space in Seattle.
      1255 Westlake Ave N, Seattle, WA 98109
      View Details
    • $1.40 SF/Yr
      13,300 SF

      SoDo Industrial Space Available

      Industrial space for rent in the heart of SoDo.
      2760 4Th Ave S, Seattle, WA 98109
      View Details
    • $1.60 SF/Yr
      36,407 SF

      Industrial Space Available For Lease

      Industrial property with 36407 square feet available for rent.
      1555 4Th Ave S, Seattle, WA 98109
      View Details
    • $1.15 SF/Yr
      9,435 SF

      Industrial Building with Updated Features

      Single tenant industrial building with office and warehouse space for rent.
      3314 4Th Ave S, Seattle, WA 98109
      View Details
    • $1.67 SF/Yr
      3,771 SF

      Industrial Space with Finished Office

      Light industrial space with finished office in North Queen Anne.
      151 Nickerson St, Seattle, WA 98109
      View Details
    • $1.15 SF/Yr
      6,364 SF

      Seattle Warehouse Space Available

      6,364 SF warehouse space for rent in Seattle.
      1550 4Th Ave S, Seattle, WA 98109
      View Details
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    1247 Westlake N Ave
    Seattle, WA 98109-3531
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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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