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Property profile & analytics
OFF-MARKET
Estimated value
$9,465,000
Office buildings
1516 2nd Ave Seattle, WA 98101-1543
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US90-1277013
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1906
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
63,540 SF
Lot
0.3 ac (12,960 SF)
Zoning code
DMC 240/290-440
APN
197570-0440
UPID
US90-1277013
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
-
Colombia Building Associates Construction Company
-
Dietz Benjamin W Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$9.47M
Owner & transaction history
1516 2nd Condos LLC · 8 yrs held
1516 2nd Condos LLC
since 2018
6 recorded transactions
Zoning & alternative use
DMC 240/290-440 · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$149 / 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
$480,287
Tax year 2022
Assessed value
$17,334,300
Assessed 2022
Previous assessed
$17,334,300
+0.0% YoY
Effective rate
2.77%
On assessed value
Assessed land
$13,608,000
Assessed improvement
$3,726,300
Land market value
$13,608,000
Improvement market value
$3,726,300
Total market value
$17,334,300
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
Off-Market
Year built
1906
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
4
Total area
63,540 SF
Lot
0.3 ac (12,960 SF)
Zoning code
DMC 240/290-440
APN
197570-0440
UPID
US90-1277013
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
DMC 240/290-440 · Seattle, WA
Zoning DMC 240/290-440 · permitted uses
DMC 240/290-440 · 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.
Building & site characteristics
From public records
Year built
1906
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
4
Lot
0.3 ac
Current owner
From public records · entity-resolved
1516 2nd Condos LLC
Entity
Mailing address
752 108TH AVE NE, BELLEVUE, WA 98004-5108
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 6, 2018
$32,500,000
1516 2nd Condos LLC
Chromer Building LLC
Warranty Deed
—
Jan 31, 2018
—
Chromer Building LLC
—
Loan Modification
related
$3,250,000 · Washington Fed'l Svgs
Jul 9, 2013
$11,750,000
Chromer Building LLC
Columbia Building Associates
Warranty Deed
$8,000,000 · Commerce Bank Of Washington
Jan 26, 2000
$7,900,000
Columbia Building Associates
Trident Investment INC
Grant Deed
$6,802,500 · Key Bank NA
Dec 24, 1998
—
Trident Investments INC
—
Deed Of Trust
related
$4,000,000 · Western Fsb
—
—
Columbia Building Assoc
—
Deed Of Trust
related
$9,262,500 · Banner Bank
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.
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