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

    2219 56th St Seattle, WA 98103-6203

    • Turn key restaurants
    • 2,090 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Mar 16, 2020
    $705,000
    Value Estimations
    $755,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0982764
    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

    • Leny's Place / Bar / Bar & Grill

    Property Details for 2219 56th St

    Year built
    1928
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.09 lot acres
    Property size
    2,090 SF
    Zone code
    NC1-40 (M)
    Property type
    Turn key restaurants
    APN
    385690-5714
    APU
    3856905714

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $685,000
      ML approach
      $750,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $974,000
      Market price range: $512k - $1.86M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,095,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.332
    Latitude
    47.6687
    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
    $8,518
    $955,500
    $1,000
    $956,500
    -
    $955,500
    $1,000
    $956,500

    Comparable in this City

    • Value Estimation
      $415,000
      5,603 SF

      4401 Wallingford N Ave

      RESTAURANT • 5,603 SF
      4401 Wallingford N Ave, Seattle, WA 98103-7550
      View Details
    • Value Estimation
      $315,000
      6,387 SF

      3617 Stone N Way

      RESTAURANT • 6,387 SF
      3617 Stone N Way, Seattle, WA 98103-5683
      View Details
    • Value Estimation
      $330,000
      1,637 SF

      8301 Aurora N Ave

      RESTAURANT • 1,637 SF
      8301 Aurora N Ave, Seattle, WA 98103-4355
      View Details
    • Value Estimation
      $315,000
      2,845 SF

      1319 49th St

      RESTAURANT • 2,845 SF
      1319 49th St, Seattle, WA 98103-6725
      View Details
    • Value Estimation
      $280,000
      1,176 SF

      6501 Aurora N Ave

      RESTAURANT • 1,176 SF
      6501 Aurora N Ave, Seattle, WA 98103-5323
      View Details
    • Value Estimation
      $1,380,000
      1,879 SF

      4003 Stone N Way

      RESTAURANT • 1,879 SF
      4003 Stone N Way, Seattle, WA 98103-8011
      View Details

    Similar Nearby for Sale

    • $1,950,000

      Mixed-Use Property with Existing Pub

      Mixed-use property featuring a pub and multifamily residence.
      7301 Aurora Ave N, Seattle, WA 98103
      View Details
    • $1,950,000
      2,060 SF

      Multifamily Property with Retail Frontage

      Two-story, three-unit multifamily residence with retail frontage.
      7301-7305 Aurora Ave N, Seattle, WA 98103
      View Details
    • $5,500,000

      Greenwood Mixed-Use Investment Opportunity

      Stabilized mixed-use property in Seattle's Greenwood neighborhood with income potential.
      8212-8218 Greenwood Ave N, Seattle, WA 98103
      View Details
    • $2,750,000
      8,229 SF

      Ballard Mixed-Use Investment Opportunity

      Mixed-use building in Ballard with high exposure and foot-traffic.
      1471-1481 NW 85Th St, Seattle, WA 98103
      View Details
    • $5,500,000

      Mixed-Use Property in Greenwood

      Stabilized, cash-flowing mixed-use property in Seattle's Greenwood district.
      8212 Greenwood Ave N, Seattle, WA 98103
      View Details
    • $1,740,000
      8,113 SF

      Greenwood Mixed-Use Investment Opportunity

      Mixed-use property with commercial and residential units in Greenwood.
      9716-9728 Greenwood Ave N, Seattle, WA 98103
      View Details

    Similar Nearby for Lease

    • $36 SF/Yr
      3,500 SF

      Greenwood Restaurant/Bar Opportunity

      Restaurant or bar space in Greenwood's commercial district.
      8556 Greenwood Ave N, Seattle, WA 98103
      View Details
    • $28 SF/Yr
      5,924 SF

      Retail Showroom and Garage Space

      Former Car Toys location with showroom and garage.
      12813 Aurora Ave N, Seattle, WA 98103
      View Details
    • $45 SF/Yr
      3,723 SF

      Retail Space Available For Rent

      Retail space for rent with ample parking and signage.
      3401 Fremont Ave N, Seattle, WA 98103
      View Details
    • $52 SF/Yr
      1,200 SF

      Retail Space on Aurora Avenue

      Retail space available for lease on Aurora Avenue, Shoreline.
      15202-15238 Aurora Ave N, Shoreline, WA 98103
      View Details
    • $18 SF/Yr
      1,093 SF

      Retail Space in Funky Fremont

      Unique retail space with excellent visibility in the heart of Fremont.
      3516 Fremont Pl N, Seattle, WA 98103
      View Details
    • Contact for pricing
      1,457 SF

      Retail Space in Piper Village

      Retail space available in a dynamic North Seattle neighborhood.
      8616 Palatine Ave N, Seattle, WA 98103
      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.
    2219 56th St
    Seattle, WA 98103-6203
    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.