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    Property profile & analytics

    2116 22nd S Ave Seattle, WA 98144-4521

    • Auto shops
    • 4,026 SF
    • 0.28 lot acres
    OFF-MARKET
    Last Sale
    Feb 13, 2020
    $1,275,000
    Value Estimations
    $1,255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1302460
    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

    • Seattle Rice Noodle Co / Grocery Store
    • M & M Auto Repair / Auto Repair Shop

    Property Details for 2116 22nd S Ave

    Year built
    1980
    Construction
    STEEL FRAME
    Lot size
    0.28 lot acres
    Property size
    4,026 SF
    Zone code
    NC3-75 (M)
    Property type
    Auto shops
    APN
    149830-2560
    APU
    1498302560

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,240,000
      ML approach
      $1,210,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,449,000
      Market price range: $874k - $2.98M

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.304
    Latitude
    47.5839
    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
    $17,519
    $1,921,100
    $1,000
    $1,922,100
    -
    $1,921,100
    $1,000
    $1,922,100

    Comparable in this City

    • Value Estimation
      $300,000
      905 SF

      520 12th S Ave

      AUTO REPAIR, GARAGE • 905 SF
      520 12th S Ave, Seattle, WA 98144-2006
      View Details
    • Value Estimation
      $2,925,000
      1,394 SF

      2801 Martin Luther King Jr S Way

      AUTO REPAIR, GARAGE • 1,394 SF
      2801 Martin Luther King Jr S Way, Seattle, WA 98144-6003
      View Details
    • Value Estimation
      $930,000
      1,231 SF

      1110 Martin Luther King Jr S Way

      AUTO REPAIR, GARAGE • 1,231 SF
      1110 Martin Luther King Jr S Way, Seattle, WA 98144-3137
      View Details
    • Value Estimation
      $265,000
      1,140 SF

      2705 Winthrop St

      AUTO REPAIR, GARAGE • 1,140 SF
      2705 Winthrop St, Seattle, WA 98144-6510
      View Details
    • Value Estimation
      $235,000
      880 SF

      2006 Rainier S Ave

      AUTO REPAIR, GARAGE • 880 SF
      2006 Rainier S Ave, Seattle, WA 98144-4647
      View Details
    • Value Estimation
      $290,000
      5,535 SF

      800 Rainier S Ave

      AUTO REPAIR, GARAGE • 5,535 SF
      800 Rainier S Ave, Seattle, WA 98144-2838
      View Details

    Similar Nearby for Sale

    • $800,000

      Auto Shop Near Light Rail

      Auto shop on corner lot near Mt Baker Light Rail.
      2705 S Winthrop St, Seattle, WA 98144
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    • $5,695,000
      7,394 SF

      Historic Mixed-Use Building in Seattle

      Iconic Seattle building with retail, office, and parking.
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      Mixed-Use Building in Growing Neighborhood

      Five-unit building with retail and residential spaces in Seattle, WA.
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    • $3,495,000
      15,117 SF

      Mixed-Use Building Near Light Rail

      Mixed-use building with value-add potential near Mt. Baker.
      3208 Rainier Ave S, Seattle, WA 98144
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    • $739,800
      1,560 SF

      Central District Home with RC Zoning

      Live-work potential in a convenient location with a high walk score.
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      Rainier Avenue Office Building For Sale

      34,929 SF owner-user investment opportunity in Seattle, WA.
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    Similar Nearby for Lease

    • $22 SF/Yr
      8,826 SF

      Rainier Ave S Executive Office Suites

      Seattle Office/Retail Space: 3 Suites Available
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    • $22 SF/Yr
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      Seattle Retail Space with Storage

      700 SF retail space with 1400 SF basement storage.
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    • Contact for pricing
      6,004 SF

      Retail Space Available For Rent

      Retail space available for lease in Seattle, Washington.
      5600-5680 24Th Ave NW, Seattle, WA 98144
      View Details
    • $21 SF/Yr
      2,200 SF

      Retail Space in Seattle Available

      Retail space available for lease in Seattle, Washington.
      2607 S Mcclellan St, Seattle, WA 98144
      View Details
    • $33 SF/Yr
      22,345 SF

      Mount Baker Ridge Office Building

      Class A Office Space, Multiple Suites Available
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    • $35 SF/Yr
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      Grand Street Commons Retail Spaces

      Seattle Retail & Restaurant Opportunity
      1765 22Nd Ave, Seattle, WA 98144
      View Details
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    2116 22nd S Ave
    Seattle, WA 98144-4521
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    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
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