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

    1631 15Th Ave W Seattle, WA 98119

    • Office buildings
    • 111,750 SF
    • 0.41 lot acres
    For Lease
    View listing
    $19 SF/Yr
    Last Sale
    Apr 15, 2020
    $7,789,072
    Value Estimations
    $7,695,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0923694
    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

    • Patricia Nugent Design and Textiles / Business To Business Service / Clothing Store
    • Magnet Design + Development / Property Management Company
    • 4UCLEANN / House Cleaning Service
    • TailorWell Holdings, Inc. / Insurance Agency / Business Administration Service
    • Northwest Fitness / Personal Trainer / Fitness Center

    Property Details for 1631 15Th Ave W

    Year built
    2013
    Construction
    CONCRETE
    Lot size
    0.41 lot acres
    Property size
    111,750 SF
    Zone code
    IG2 U/45
    Property type
    Office buildings
    APN
    766620-1617
    APU
    7666201617

    Description

    Located in Seattle's vibrant Interbay neighborhood, Interbay Work Lofts offers a unique blend of executive and creative office spaces. This Class B building, constructed in 2013, boasts a total of 82,679 square feet spread across three stories. The property features one building situated on a 0.82-acre lot (35,719 square feet), offering convenient access to Queen Anne, Magnolia, Fremont, and Ballard. Multiple tenancy options are available, with spaces ranging from a minimum of 1,000 square feet to a maximum contiguous space of 2,061 square feet. Currently, 17,563 square feet of space is vacant and ready for immediate occupancy. The building includes elevators for easy access to all floors. The zoning is designated as IG2 U/45. The property's address is 1631 15th Ave W, Seattle, WA 98119, within King County. Each suite is thoughtfully designed for efficiency, comfort, and flexibility, making it an ideal location for businesses seeking a modern and functional workspace. The property's APN is 7666201610, 7666201617. This prime location offers businesses the opportunity to thrive in a dynamic and accessible area of Seattle.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,840,000
      ML approach
      $7,360,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.377
    Latitude
    47.6348
    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
    $142,487
    $1,602,000
    $15,533,000
    $17,135,000
    -
    $1,602,000
    $15,533,000
    $17,135,000

    Comparable in this City

    • Value Estimation by Request
      0.63 Acres

      1600 Armory Way

      OFFICE BUILDING • 0.63 Acres
      1600 Armory Way, Seattle, WA 98119-2730
      View Details
    • Value Estimation
      $6,000,000
      202,387 SF

      201 Elliott W Ave

      OFFICE BUILDING • 202,387 SF
      201 Elliott W Ave, Seattle, WA 98119-4240
      View Details
    • Value Estimation
      $4,040,000
      275,734 SF

      300 Elliott W Ave

      OFFICE BUILDING • 275,734 SF
      300 Elliott W Ave, Seattle, WA 98119-4198
      View Details
    • Value Estimation
      $625,000
      2,720 SF

      318 Galer St

      OFFICE BUILDING • 2,720 SF
      318 Galer St, Seattle, WA 98119-3370
      View Details
    • Value Estimation
      $4,925,000
      33,290 SF

      115 Mercer St

      OFFICE BUILDING • 33,290 SF
      115 Mercer St, Seattle, WA 98119-3953
      View Details
    • Value Estimation
      $530,000
      3,560 SF

      330 Nickerson St

      OFFICE BUILDING • 3,560 SF
      330 Nickerson St, Seattle, WA 98119-1510
      View Details

    Similar Nearby for Sale

    • $11,000,000

      Ballard Locks Industrial and Office

      1.96 acre property with industrial, office, and apartment components.
      1080 West Ewing St, Seattle, WA 98119
      View Details
    • $2,895,000
      2,741 SF

      Queen Anne Mixed-Use Opportunity

      Mixed-use property in Lower Queen Anne, steps from Climate Pledge Arena.
      166 Roy St, Seattle, WA 98119
      View Details
    • $5,750,000
      23,507 SF

      Fully Leased Mixed-Use Property

      Versatile, income-producing asset with office, retail, and warehouse spaces.
      2201 15Th Ave W, Seattle, WA 98119
      View Details
    • $995,000
      2,340 SF

      Seattle Office Building For Sale

      Office building in Seattle's Fremont neighborhood, suitable for various uses.
      3120 3Rd Ave W Seattle, Seattle, WA 98119
      View Details
    • Contact for pricing
      2,712 SF

      Belltown Retail or Office Space

      Retail or office space in the heart of Belltown.
      2207-2211 3Rd Ave, Seattle, WA 98119
      View Details
    • $11,000,000

      Ballard Locks Industrial/Office Property

      1.96-acre property with industrial, office, and residential income opportunities.
      1080 Ewing St, Seattle, WA 98119
      View Details

    Similar Nearby for Lease

    • $4,650,000
      4,300 SF

      Seattle Office Space Available

      Office space available for rent in Seattle, Washington.
      2131 2Nd Ave, Seattle, WA 98119
      View Details
    • $26 SF/Yr
      1,563 SF

      Historic Office Space in Seattle

      Prestigious office space in Seattle's historic financial district.
      705 2Nd Ave, Seattle, WA 98119
      View Details
    • Contact for pricing
      6,600 SF

      Waterfront Building For Lease

      Full waterfront building for lease near Ship Canal and Fremont.
      36 Cremona St, Seattle, WA 98119
      View Details
    • $32 SF/Yr
      30,172 SF

      Office Space with Bay Views

      7,290 RSF office space with views in Seattle.
      4209 21St Ave West, Seattle, WA 98119
      View Details
    • Contact for pricing
      6,179 SF

      Seattle Office Space Available

      Office space available for rent in Seattle, Washington.
      2118 3Rd Ave, Seattle, WA 98119
      View Details
    • $19 SF/Yr
      1,000 SF

      Seattle Office Space Available

      Office space for rent in Seattle, Washington.
      1631 15Th Ave W, Seattle, WA 98119
      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.
    1631 15Th Ave W
    Seattle, WA 98119
    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.