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Property profile & analytics
OFF-MARKET
Estimated value
$55,640,000
Office buildings
2001 Western Ave, Seattle, WA 98121-2163
Entity Owned
~
Est. High Equity
Property ID
US90-0066878
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1981
Construction
CONCRETE
Total area
170,575 SF
Lot
1.41 ac (61,212 SF)
Zoning code
PMM-85
APN
197720-0280
UPID
US90-0066878
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
-
Ophrys LLC Loan Service
-
Tetra AI (Bike/Boat/Book/etc) Store Corporate Office
-
SHIO by sugo Restaurant
-
Private Industry Council City Government Office
-
Park Warehouse & Storage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$49.14M
Comparable Approach
Comparable
$53.32M
Blend (final)
Blend
$55.64M
Owner & transaction history
Mp I & II Owner LLC
Mp I & II Owner LLC
since 2025
Last sale
$60.1M
7 recorded transactions
Zoning & alternative use
PMM-85 · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$89.5M
+48.5%
Commercial (general)
$86.3M
+43.2%
Auto repair, garage
$70.2M
+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%
$53,235,000
6.5%
$49,140,000
7%
$45,630,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$60,280,000
Current use
RESTAURANT
$89,515,000
Change: +49% · Conversion: Moderate
COMMERCIAL (GENERAL)
$86,315,000
Change: +43% · Conversion: Easy
AUTO REPAIR, GARAGE
$70,175,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$68,400,000
Change: +13% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$60,495,000
Change: +0% · Conversion: Easy
MEDICAL BUILDING
$58,650,000
Change: -3% · Conversion: Easy
WAREHOUSE, STORAGE
$50,390,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$55.64M
Range $50.08M – $61.20M · ±10% · vs last sale $60.05M (May 26 2025)
Last sale anchor
$60.05M
May 26 2025
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
$326 / 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
$590,135
Tax year 2022
Assessed value
$71,265,000
Assessed 2022
Previous assessed
$71,265,000
+0.0% YoY
Effective rate
0.83%
On assessed value
Assessed land
$26,015,100
Assessed improvement
$45,249,900
Land market value
$26,015,100
Improvement market value
$45,249,900
Total market value
$71,265,000
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
1981
Construction
CONCRETE
Heating
CENTRAL
Buildings
3
Stories
7
Total area
170,575 SF
Lot
1.41 ac (61,212 SF)
Zoning code
PMM-85
APN
197720-0280
UPID
US90-0066878
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
PMM-85 · Seattle, WA
Zoning PMM-85 · permitted uses
PMM-85 · 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
OFFICE BUILDING Current
Est. value
$60.3M
RESTAURANT
Est. value
$89.5M
COMMERCIAL (GENERAL)
Est. value
$86.3M
AUTO REPAIR, GARAGE
Est. value
$70.2M
RETAIL STORES
Est. value
$68.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$60.5M
MEDICAL BUILDING
Est. value
$58.7M
WAREHOUSE, STORAGE
Est. value
$50.4M
OFFICE BUILDING Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
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
1981
Construction
CONCRETE
Heating
CENTRAL
Stories
7
Buildings
3
Lot
1.41 ac
Current owner
From public records · entity-resolved
Mp I & II Owner LLC
Entity
Mailing address
555 CALIFORNIA ST #21, SAN FRANCISCO, CA 94104-1503
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
15 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 21, 2025
—
Mp I & II Owner LLC
—
Deed
related
$42,500,000 · Ref V D Direct Lending Investments LLC
Aug 26, 2025
$60,050,000
Mp I & II Owner LLC
Ppf Off 2001 Western Avenue LLC
Special Warranty Deed
—
Jul 12, 2013
—
Ppf Off 2001 Wstn Avenue LLC
Granite Market Place LLC
Quit Claim Deed
related
—
Jul 12, 2013
$71,200,000
Ppf Off 2001 Wstn Avenue LLC
Granite Market Place LLC
Grant Deed
—
Jul 31, 2007
$83,140,748
Market Place LLC
Market Place I & II
Grant Deed
—
May 31, 2006
$55,994,400
Market Place I & II LP
2003 Western INC
Special Warranty Deed
$46,000,000 · Wachovia Bank NA
Nov 1, 2002
—
2003 Western INC
Mpn Office
Grant Deed
related
—
Sep 26, 1988
$127,500
Wayne C Booth JR
Mpn Housing
Grant Deed
$95,625 · Rainier National Bank
Aug 26, 1988
$92,000
Londi K Lindell
Mpn Housing
Grant Deed
$73,600 · Ica Mortgage Corp
—
—
Mpn Office
—
Deed Of Trust
related
$11,000,000 · Zions First National Bank
—
—
2003 Western INC
—
Deed Of Trust
related
$2,500,000 · Sunamerica Life Insurance Co
—
—
Guy C Alloway
—
Deed Of Trust
related
$90,254 · Parsons Merle O
—
—
Granite Market Place LLC
—
Deed Of Trust
related
$42,000,000 · Bank Of America
—
—
Granite Market Place LLC
—
Deed Of Trust
related
$42,000,000 · Bank Of America
—
—
Granite Market Place LLC
—
Deed Of Trust
related
$42,000,000 · Bank Of America
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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