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

    2216 2nd Ave Seattle, WA 98121

    • Commercial real estate
    • 17,000 SF
    • 0.22 lot acres
    OFF-MARKET
    Last Sale
    Aug 11, 2023
    Value Estimations
    $3,105,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0983544
    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

    • Commercial real estate

    Property Details for 2216 2nd Ave

    Year built
    1923
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.22 lot acres
    Property size
    17,000 SF
    Zone code
    DMR/C 95/65
    Property type
    Commercial real estate
    APN
    069400-0020
    APU
    694000020

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,740,000
      6.5%
      $3,450,000
      7%
      $3,205,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.345
    Latitude
    47.6139
    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
    $43,287
    $5,103,000
    $1,000
    $5,104,000
    -
    $5,103,000
    $1,000
    $5,104,000

    Comparable in this City

    • Value Estimation by Request

      2020 2Nd Ave

      Restaurants
      2020 2Nd Ave, Seattle, WA 98121
      View Details
    • Value Estimation
      $4,380,000
      23,000 SF

      2601 1st Ave

      COMMERCIAL (GENERAL) • 23,000 SF
      2601 1st Ave, Seattle, WA 98121-1304
      View Details
    • Value Estimation
      $8,925,000
      33,600 SF

      2004 Westlake Ave

      COMMERCIAL (GENERAL) • 33,600 SF
      2004 Westlake Ave, Seattle, WA 98121-2606
      View Details
    • Value Estimation
      $2,275,000
      25,920 SF

      2001 3rd Ave

      COMMERCIAL (GENERAL) • 25,920 SF
      2001 3rd Ave, Seattle, WA 98121-2412
      View Details
    • Value Estimation
      $2,230,000
      12,960 SF

      2107 3rd Ave

      COMMERCIAL (GENERAL) • 12,960 SF
      2107 3rd Ave, Seattle, WA 98121-2321
      View Details
    • Value Estimation by Request

      2429 2Nd Ave

      Investment properties
      2429 2Nd Ave, Seattle, WA 98121
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      36,271 SF

      Belltown Office Building with Parking

      Six-story office building with parking in Seattle's Belltown neighborhood.
      2112 3Rd Ave, Seattle, WA 98121
      View Details
    • Contact for pricing
      513 SF

      South Lake Union Studio Apartment

      West-facing studio with city views, hardwood floors, and modern amenities.
      900 Lenora St, Seattle, WA 98121
      View Details
    • $610,000

      Spire Condominium with Sound Views

      Condominium in Seattle with water views and modern amenities.
      2510 6Th Ave, Seattle, WA 98121
      View Details
    • Contact for pricing
      2 SF

      Belltown Retail or Office Space

      Retail or office space for lease or sale in Belltown.
      2211 Seattle St, Seattle, WA 98121
      View Details
    • $795,000
      1,680 SF

      Turn-Key Belltown Commercial Condo

      Well-maintained commercial condo with modern design and Elliott Bay views.
      80 Vine St, Seattle, WA 98121
      View Details
    • $3,900,000

      Event Venue with Rooftop Patio

      Urban venue suitable for restaurant, bar, or events.
      2218 1St Ave, Seattle, WA 98121
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      13,467 SF

      Seattle Retail Space For Lease

      Prime Seattle location, multiple units available.
      2315 4Th Ave, Seattle, WA 98121
      View Details
    • Contact for pricing
      662 SF

      Open Office Space with Light

      Second-floor office space featuring natural light and shared amenities.
      2124 3Rd Ave, Seattle, WA 98121
      View Details
    • Contact for pricing
      5,020 SF

      Office and Lab Space Available

      Office and former lab space in central Seattle location.
      2505-2523 3Rd Ave, Seattle, WA 98121
      View Details
    • Contact for pricing
      640 SF

      Retail Space in Seattle

      Retail space available for rent in Seattle, Washington.
      2200 Westlake Ave, Seattle, WA 98121
      View Details
    • Contact for pricing
      87,014 SF

      Westlake Retail Center Opportunity

      Prime Seattle retail space, Whole Foods anchored.
      0 Westlake Ave. & Denny Way, Seattle, WA 98121
      View Details
    • $22 SF/Yr
      29,922 SF

      Seattle Creative Office Space

      28,000 SF Elliott Bay Views
      2501 Elliott Ave, Seattle, WA 98121
      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.
    2216 2nd Ave
    Seattle, WA 98121
    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.