Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    2221 56th St Seattle, WA 98103
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2221 56th St Seattle, WA 98103

    View on Map
    • Office buildings
    • 6,400 SF
    • 0.08 lot acres
    Off-Market
    Property ID
    US90-0829584
    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.
    Value Estimations
    $1,395,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • New Canvassing Experience / Advertising Agency / Marketing & Advertising
    • Ballard Film & Foto / (Bike/Boat/Book/etc) Store
    • Sung Park Photography / Photography Service / (Bike/Boat/Book/etc) Store
    • Typeoneerror Studios / Marketing & Advertising / (Bike/Boat/Book/etc) Store
    • Partly Sunny / Advertising Agency / Marketing & Advertising

    Property Details for 2221 56th St

    Year built
    1928
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.08 lot acres
    Property size
    6,400 SF
    Zone code
    NC1-40 (M)
    Property type
    Office buildings
    APN
    385690-5710
    APU
    3856905710

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,270,000
      MEDICAL BUILDING
      $2,200,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.332
    Latitude
    47.6688
    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
    $18,046
    $882,000
    $1,255,000
    $2,137,000
    -
    $882,000
    $1,255,000
    $2,137,000

    Comparable in this City

    • Value Estimation
      $1,355,000
      4,756 SF

      3625 Woodland Park N Ave

      OFFICE BUILDING • 4,756 SF
      3625 Woodland Park N Ave, Seattle, WA 98103-7942
      View Details
    • Value Estimation by Request
      1,200 SF

      2401 Northlake Way

      OFFICE BUILDING • 1,200 SF
      2401 Northlake Way, Seattle, WA 98103-9151
      View Details
    • Value Estimation by Request
      665 SF

      1333 Northlake Way

      OFFICE BUILDING • 665 SF
      1333 Northlake Way, Seattle, WA 98103-8900
      View Details
    • Value Estimation
      $3,330,000
      17,860 SF

      3415 Stone N Way

      OFFICE BUILDING • 17,860 SF
      3415 Stone N Way, Seattle, WA 98103-8921
      View Details
    • Value Estimation
      $3,355,000
      15,930 SF

      744 34th St

      OFFICE BUILDING • 15,930 SF
      744 34th St, Seattle, WA 98103-8801
      View Details
    • Value Estimation
      $1,800,000
      9,384 SF

      3508 Fremont N Ave

      OFFICE BUILDING • 9,384 SF
      3508 Fremont N Ave, Seattle, WA 98103
      View Details

    Similar Nearby for Sale

    • $2,980,000

      Aurora Avenue Commercial Building

      Commercial building with high visibility and redevelopment potential.
      9550 Aurora Ave N, Seattle, WA 98103
      View Details
    • Contact for pricing
      4,459 SF

      Fremont Office Building Investment

      4,459 SF office building in walkable Seattle location.
      3625 Woodland Park Ave N, Seattle, WA 98103
      View Details
    • Contact for pricing
      7,970 SF

      Office/Warehouse Building with Fenced Yard

      7,970 SF office/warehouse on 16,653 SF lot for sale.
      4301 Aurora Ave N, Seattle, WA 98103
      View Details
    • Contact for pricing

      Seattle Office/Warehouse in Greenwood District

      Office/warehouse property in Seattle's Greenwood District, formerly a distribution center.
      9241 Greenwood Ave N, Seattle, WA 98103
      View Details
    • $875,000
      1,492 SF

      Street-Front Commercial Condo For Sale

      Move-in ready commercial condo with versatile layout and desirable location.
      9057 Greenwood Ave N, Seattle, WA 98103
      View Details
    • $749,000
      3,435 SF

      Wallingford Office/Retail Condo For Sale

      3,435 SF office/retail condo in Wallingford neighborhood.
      4014 Aurora Ave N, Seattle, WA 98103
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      182,000 SF

      Renton Office Space Available

      Available office building in Renton, Washington, totaling 182,000 square feet.
      305 S 43Rd St, Renton, WA 98103
      View Details
    • Contact for pricing
      2,342 SF

      Modern Office Building in Fremont

      High-visibility office space with abundant light and modern amenities.
      701 N 36Th St, Seattle, WA 98103
      View Details
    • Contact for pricing

      Seattle Office Building For Rent

      Office building with rooftop terrace, lake and city views.
      1621 North 34Th St, Seattle, WA 98103
      View Details
    • Contact for pricing

      Aurora Avenue Retail/Office Flex Space

      Prime street-level commercial space suitable for retail or office use.
      4212 Aurora Ave N, Seattle, WA 98103
      View Details
    • Contact for pricing
      3,034 SF

      Seattle Office Space Available

      Office space for rent in Seattle, Washington.
      1121 NE 45Th St, Seattle, WA 98103
      View Details
    • Contact for pricing
      2,112 SF

      Seattle Office Space Available

      Existing office space for rent in a great location.
      8750-8760 Greenwood 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.
    2221 56th St
    Seattle, WA 98103
    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.
    Sign Up Successful!
    You now have access to more from Realmo!