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

    1518 23rd Ave Seattle, WA 98122-2919

    • Residential income homes
    • 1,780 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    Mar 01, 2022
    $900,000
    Value Estimations
    $630,000
    Show details
    Cap Rate Potential
    4.1%
    Residential income homes
    Location Intelligence
    Property ID
    US90-2671380
    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

    • Residential income homes

    Property Details for 1518 23rd Ave

    Year built
    1943
    Construction
    WOOD
    Lot size
    0.14 lot acres
    Property size
    1,780 SF
    Zone code
    RSL (M)
    Property type
    Residential income homes
    Property subtype
    Serviced apartments
    APN
    722850-0085
    APU
    7228500085

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $730,000
      ML approach
      $800,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $500,000
      6.5%
      $460,000
      7%
      $430,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $564,000
      Market price range: $395k - $833k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $630,000
      Current use
      COMMERCIAL (GENERAL)
      $990,000
      Change: +57% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $730,000
      Change: +16% Conversion: Difficult
      RETAIL STORES
      $715,000
      Change: +13% Conversion: Difficult
      OFFICE BUILDING
      $630,000
      Change: -0% Conversion: Moderate
      MEDICAL BUILDING
      $610,000
      Change: -3% Conversion: Moderate
      WAREHOUSE, STORAGE
      $525,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.302
    Latitude
    47.6148
    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
    $5,714
    $610,600
    $1,000
    $611,600
    -
    $610,600
    $1,000
    $611,600

    Comparable in this City

    • Value Estimation by Request
      5,644 SF

      110 14th Ave

      BOARDING/ROOMING HOUSE • 5,644 SF
      110 14th Ave, Seattle, WA 98122-5518
      View Details
    • Value Estimation
      $390,000
      16,000 SF

      924 Cherry St

      BOARDING/ROOMING HOUSE • 16,000 SF
      924 Cherry St, Seattle, WA 98122-4341
      View Details
    • Value Estimation by Request
      4,360 SF

      1713 Belmont Ave

      BOARDING/ROOMING HOUSE • 4,360 SF
      1713 Belmont Ave, Seattle, WA 98122-2135
      View Details
    • Value Estimation
      $355,000
      8,820 SF

      1731 13th Ave

      BOARDING/ROOMING HOUSE • 8,820 SF
      1731 13th Ave, Seattle, WA 98122-2511
      View Details
    • Value Estimation
      $265,000
      4,100 SF

      1303 Spg St

      BOARDING/ROOMING HOUSE • 4,100 SF
      1303 Spg St, Seattle, WA 98122
      View Details
    • Value Estimation
      $315,000
      4,000 SF

      1633 17th Ave

      BOARDING/ROOMING HOUSE • 4,000 SF
      1633 17th Ave, Seattle, WA 98122-2716
      View Details

    Similar Nearby for Sale

    • $388,000
      548 SF

      Capitol Hill Hybrid Condo

      Stylish condo with flexible layout, ideal for urban living.
      1420 E Pine St, Seattle, WA 98122
      View Details
    • $2,195,000
      5,835 SF

      Central District 6-Unit Investment Opportunity

      Well-located 6-unit in Seattle with redevelopment potential and solid income.
      711 21St Ave, Seattle, WA 98122
      View Details
    • $14,200,000

      Capitol Hill Apartment Building Investment

      52-unit apartment building in Seattle's Capitol Hill neighborhood.
      1718 Melrose Ave, Seattle, WA 98122
      View Details
    • $365,000
      630 SF

      Capitol Hill Condo with Upgrades

      One-bedroom condo in vibrant Capitol Hill with parking and storage.
      1610 Belmont Ave, Seattle, WA 98122
      View Details
    • $1,998,000

      Capitol Hill Multifamily Redevelopment Opportunity

      9-unit apartment building on LR3-zoned lot, ideal for redevelopment.
      1111 Seattle St, Seattle, WA 98122
      View Details
    • $639,800
      1,080 SF

      Spacious City Living on Pike/Pine

      Modern apartment with open design, storage, and unbeatable location.
      1420 E Pine St, Seattle, WA 98122
      View Details

    Similar Nearby for Lease

    • $2,100 /Mo
      470 SF

      Charming Updated Apartment in Madrona

      Updated 1-bedroom apartment in a prime Madrona location.
      3109 E Marion St, Seattle, WA 98122
      View Details
    • Contact for pricing
      3,288 SF

      Capitol Hill Creative Office Sublease

      Bright, spacious Capitol Hill office space.
      1620 12Th Ave, Seattle, WA 98122
      View Details
    • $29 SF/Yr
      46,000 SF

      Jefferson Building Office Suites

      Seattle Executive Office Space Available
      1401 Jefferson St, Seattle, WA 98122
      View Details
    • $22 SF/Yr
      42,000 SF

      Capitol Hill Creative Office Space

      Seattle's vibrant Capitol Hill: Prime office & retail.
      911 Pike St, Seattle, WA 98122
      View Details
    • $24 SF/Yr
      14,972 SF

      Capitol Hill Retail Opportunity

      Seattle Retail Space - 14,972 SF
      1425 Broadway, Seattle, WA 98122
      View Details
    • $27 SF/Yr
      1,226 SF

      Georgetown Retail Space Available

      Second-generation retail space in historic Georgetown neighborhood for lease.
      6111-6113 13Th Ave S, Seattle, WA 98122
      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.
    1518 23rd Ave
    Seattle, WA 98122-2919
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.