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Property profile & analytics
FOR LEASE
Medical Office Space
1551 NW 54Th St, Seattle, WA 98107
Entity Owned
14-yr Hold
~
Est. High Equity
Property ID
US90-1025112
For Lease
$20 SF/Yr
1551 NW 54Th St, Seattle, WA 98107
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1960
Construction
WOOD
Total area
16,015 SF
Lot
0.47 ac (20,500 SF)
Zoning code
NC3-75 (M)
APN
276770-1341
UPID
US90-1025112
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
-
Boyce Betsy Physician
-
Eat Well, Be Fit! - contact us about nutrition counseling and/or personal training services Consultant
-
Balogun Anifat S MD Physician
-
Jason C. Shaffer, RN Registered General Nurse
-
Ballard Central Massage Clinic Alternative Medicine Practice Spa & Massage Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.54M
Comparable Approach
Comparable
$2.03M
Blend (final)
Blend
$3.36M
Owner & transaction history
Ballard Investments INC · 14 yrs held
Ballard Investments INC
since 2012
7 recorded transactions
Zoning & alternative use
NC3-75 (M) · 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
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$3,835,000
6.5%
$3,540,000
7%
$3,290,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$5,505,000
Current use
WAREHOUSE, STORAGE
$4,730,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$3.36M
Range $3.02M – $3.70M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$210 / 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
$68,796
Tax year 2022
Assessed value
$7,996,000
Assessed 2022
Previous assessed
$7,996,000
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed land
$7,995,000
Assessed improvement
$1,000
Land market value
$7,995,000
Improvement market value
$1,000
Total market value
$7,996,000
Applied tax rate
10.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
1960
Construction
WOOD
Heating
FORCED AIR
Stories
2
Total area
16,015 SF
Lot
0.47 ac (20,500 SF)
Zoning code
NC3-75 (M)
APN
276770-1341
UPID
US90-1025112
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
NC3-75 (M) · Seattle, WA
Zoning NC3-75 (M) · permitted uses
NC3-75 (M) · 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.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$5.5M
WAREHOUSE, STORAGE
Est. value
$4.7M
MEDICAL BUILDING Current
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1960
Construction
WOOD
Heating
FORCED AIR
Stories
2
Lot
0.47 ac
Current owner
From public records · entity-resolved
Ballard Investments INC
Entity
Mailing address
3011 78TH AVE SE APT #113, MERCER ISLAND, WA 98040-2856
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 26, 2012
$3,580,000
Ballard Investments INC
Sports Medicine LLC
Warranty Deed
—
Dec 27, 2005
—
Sports Medicine LLC
Fenpro
Quit Claim Deed
related
—
Apr 1, 2005
$3,195,000
Fenpro
Potin Jean-claude Trust
Warranty Deed
$2,200,000 · Viking Community Bank
Sep 13, 2002
—
Potin,tr
—
Deed Of Trust
related
$1,762,500 · Banner Bank
Dec 1, 2000
$2,228,400
Potin Trust
Sports Medicine Clinic INC
Grant Deed
$1,500,000 · Homestreet Bank
—
—
Sports Medicine LLC
—
Deed Of Trust
related
$245,000 · Viking Bank
—
—
Peterson Family Real Estate Co
—
Deed Of Trust
related
$100,000 · Everett Mutual Savings Bank
—
—
Guillermo Arredondo
—
Deed Of Trust
related
$72,600 · First Union Mortgage
—
—
Sports Medicine LLC
—
Deed Of Trust
related
$2,500,000 · Citibank Fsb
—
—
Peterson Family Real Estate
—
Deed Of Trust
related
$50,774 · Everett Mutual Bank
—
—
Peterson Family Real Estate
—
Deed Of Trust
related
$1,400,000 · Everett Mutual Savings 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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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