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Property profile & analytics
FOR LEASE
Warehouses
18435 Olympic Ave South Seattle, WA 98188
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US90-1644427
For Lease
$15,620,000
18435 Olympic Ave South, Seattle, WA 98188
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
71,900 SF
Lot
2.72 ac (118,306 SF)
Zoning code
C/LI
APN
788890-0121
UPID
US90-1644427
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$12.16M
Comparable Approach
Comparable
$21.14M
Blend (final)
Blend
$15.62M
Owner & transaction history
Olympic Ave Holding LLC · 2 yrs held
Olympic Ave Holding LLC
since 2024
Last sale
$14.6M
7 recorded transactions
Zoning & alternative use
C/LI · Tukwila, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$25.5M
+20.1%
Office building
$25.4M
+19.6%
Medical building
$24.7M
+16.4%
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%
$13,170,000
6.5%
$12,160,000
7%
$11,290,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$21,240,000
Current use
APARTMENT HOUSE (5+ UNITS)
$25,500,000
Change: +20% · Conversion: Difficult
OFFICE BUILDING
$25,410,000
Change: +20% · Conversion: Difficult
MEDICAL BUILDING
$24,725,000
Change: +16% · Conversion: Difficult
Blend value · Realmo final
$15.62M
Range $14.06M – $17.18M · ±10% · vs last sale $14.60M (Mar 12 2024)
Last sale anchor
$14.60M
Mar 12 2024
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
$217 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$140,913
Tax year 2024
Assessed value
$12,110,400
Assessed 2023
Previous assessed
$12,110,400
+0.0% YoY
Effective rate
1.16%
On assessed value
Assessed land
$1,952,000
Assessed improvement
$10,158,400
Land market value
$1,952,000
Improvement market value
$10,158,400
Total market value
$12,110,400
Applied tax rate
2,426.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Year built
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Total area
71,900 SF
Lot
2.72 ac (118,306 SF)
Zoning code
C/LI
APN
788890-0121
UPID
US90-1644427
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
C/LI · Tukwila, WA
Zoning C/LI · permitted uses
C/LI · Tukwila, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Tukwila. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$21.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$25.5M
OFFICE BUILDING
Est. value
$25.4M
MEDICAL BUILDING
Est. value
$24.7M
WAREHOUSE, STORAGE Current
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
MEDICAL BUILDING
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
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Lot
2.72 ac
Current owner
From public records · entity-resolved
Olympic Ave Holding LLC
Entity
Mailing address
18435 S OLYMPIC AVE S, TUKWILA, WA 98188-4726
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 12, 2024
$14,595,000
Olympic Ave Holding LLC
Access Road Partners LLC
Warranty Deed
$12,537,500 · First Citizens Bank & Trust Co
Jun 30, 2008
$5,573,100
Access Road Partners LLC
Campbell Real Estate LLC
Warranty Deed
—
Feb 7, 2008
—
Campbell Real Estate LLC
—
Trustees Deed
related
$1,000,000 · Tukwila Industrial LLC
Feb 6, 2008
—
Campbell Real Estate LLC
—
Trustees Deed
related
$800,000 · Rainier Industries Ltd
Dec 26, 2000
$3,010,500
Campbell Real Estate LLC
Hill Investment Co LP
Grant Deed
$1,890,000 · Evergreenbank
—
—
Access Road Partners LLC
—
Deed Of Trust
related
$4,048,640 · Wells Fargo Bank
—
—
Campbell Real Estate LLC
—
Deed Of Trust
related
$1,289,000 · Evergreen Community Dev Assn
—
—
Campbell Real Estate LLC
—
Deed Of Trust
related
$1,900,000 · Washington Mutual Fsb
—
—
Campbell Real Estate LLC
—
Deed Of Trust
related
$1,200,000 · Washington Mutual Fsb
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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