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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2220 NW Market St Seattle, WA 98107

    • Retail space
    • 21,951 SF
    • 0.23 lot acres
    For Lease
    View listing
    $37 SF/Yr
    Value Estimations
    $570,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0189535
    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

    • Trip Six Records / Recording Studio
    • Coopers Optique / Optometrist / Optician
    • Ballard Stop / Tobacco Shop / Beer Store
    • Solo Guitar Studio / Guitar Instructor / Musician
    • Ballard Stop Pool Hall / Pool Hall

    Property Details for 2220 NW Market St

    Year built
    1927
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.23 lot acres
    Property size
    21,951 SF
    Zone code
    NC3P-75 (M)
    Property type
    Retail space
    APN
    276770-1030
    APU
    2767701030

    Description

    This iconic 2-story, 20,067 square foot Kress Building, located at 2220 NW Market St, Seattle, WA 98107, presents a unique investment opportunity in Ballard's vibrant Market Street submarket. Built in 1927 and extensively renovated in 2023, this mixed-use property sits on a generous 23-acre lot and offers a variety of spaces ideal for creative office and retail tenants. The building features multiple tenancy options, ranging from cozy 165 square foot micro-lofts to larger spaces exceeding 500 square feet, many including mezzanine levels. Specific suite sizes include 192 sq ft (x6 units), 210 sq ft, 228 sq ft, 423 sq ft, 484 sq ft, 491 sq ft, 500 sq ft, and an 828 sq ft retail space with a mezzanine. The property is zoned NC3 and boasts a King County APN of 2767701030. Its prime location on Market Street, near the cross street of NW 56th St, provides excellent visibility and accessibility. This meticulously renovated building offers a blend of historic charm and modern amenities, making it an exceptional choice for businesses seeking a unique and inspiring workspace in the heart of Ballard. The building's rich history and strategic location combine to create a truly exceptional commercial property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $570,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.386
    Latitude
    47.6691
    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
    $38,408
    $3,900,000
    $596,600
    $4,496,600
    -
    $3,900,000
    $596,600
    $4,496,600

    Comparable in this City

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      122 36th St

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      122 36th St, Seattle, WA 98107-4921
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      $370,000
      9,000 SF

      5415 22nd NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 9,000 SF
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    • Value Estimation
      $400,000
      3,825 SF

      5459 Leary NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,825 SF
      5459 Leary NW Ave, Seattle, WA 98107-4011
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    • Value Estimation
      $455,000
      7,628 SF

      5455 Leary NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,628 SF
      5455 Leary NW Ave, Seattle, WA 98107-4011
      View Details
    • Value Estimation
      $720,000
      30,000 SF

      2228 Market St

      RETAIL STORES (PERSONAL SERVICES) • 30,000 SF
      2228 Market St, Seattle, WA 98107
      View Details

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    Similar Nearby for Lease

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      Ballard Retail Space For Rent

      Retail space in prime Ballard area with excellent visibility.
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      Restaurant Space in Ballard Yards

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      Downtown Ballard Retail Sublease Opportunity

      Prime retail space in downtown Ballard, available for sublease.
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      Ballard Retail Build to Suit

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      Retail Space Available For Lease

      Retail space available for lease in Seattle, Washington.
      2233 NW 58Th St, Seattle, WA 98107
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    2220 NW Market St
    Seattle, WA 98107
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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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