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

    2240 Eastlake E Ave Seattle, WA 98102-3419

    • Commercial real estate
    • 5,950 SF
    • 0.28 lot acres
    OFF-MARKET
    Last Sale
    Oct 28, 2021
    $1,000,000
    Value Estimations
    $985,000
    Show details
    Cap Rate Potential
    7.9%
    Commercial real estate
    Location Intelligence
    Property ID
    US90-1608590
    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

    • Corbin pick up / Restaurant
    • Subway / Take-out & Catering

    Property Details for 2240 Eastlake E Ave

    Year built
    1988
    Construction
    CONCRETE
    Lot size
    0.28 lot acres
    Property size
    5,950 SF
    Zone code
    NC2P-65 (M1)
    Property type
    Commercial real estate
    APN
    290220-0610
    APU
    2902200610

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $995,000
      ML approach
      $950,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,310,000
      6.5%
      $1,210,000
      7%
      $1,120,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $622,000
      Market price range: $154k - $672k

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.326
    Latitude
    47.6395
    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
    $39,968
    $3,997,500
    $637,800
    $4,635,300
    -
    $3,997,500
    $637,800
    $4,635,300

    Comparable in this City

    • Value Estimation
      $3,730,000
      20,779 SF

      206 Broadway E

      COMMERCIAL (GENERAL) • 20,779 SF
      206 Broadway E, Seattle, WA 98102-6409
      View Details
    • Value Estimation by Request
      2,280 SF

      529 Federal E Ave

      COMMERCIAL (GENERAL) • 2,280 SF
      529 Federal E Ave, Seattle, WA 98102-5013
      View Details
    • Value Estimation
      $755,000
      4,810 SF

      2917 Fuhrman E Ave

      COMMERCIAL (GENERAL) • 4,810 SF
      2917 Fuhrman E Ave, Seattle, WA 98102-3807
      View Details
    • Value Estimation
      $905,000
      7,952 SF

      420 Broadway E

      COMMERCIAL (GENERAL) • 7,952 SF
      420 Broadway E, Seattle, WA 98102-5010
      View Details
    • Value Estimation
      $1,655,000
      14,228 SF

      1305 Mercer St

      COMMERCIAL (GENERAL) • 14,228 SF
      1305 Mercer St, Seattle, WA 98102-0700
      View Details
    • Value Estimation
      $2,375,000
      14,400 SF

      219 Broadway E

      COMMERCIAL (GENERAL) • 14,400 SF
      219 Broadway E, Seattle, WA 98102-5733
      View Details

    Similar Nearby for Sale

    • $1,800,000
      0.13 Acres

      Eastlake Office Building - Development Potential

      Prime Eastlake location, stunning views, vacant.
      207 Edgar St, Seattle, WA 98102
      View Details
    • $2,700,000

      Capitol Hill Apartments: 11 Units

      11-unit apartment building in Seattle's Capitol Hill neighborhood.
      219 Belmont Ave E, Seattle, WA 98102
      View Details
    • $2,000,000

      Seattle Investment Property For Sale

      Investment property available for purchase in Seattle, Washington.
      1800 Olive Way, Seattle, WA 98102
      View Details
    • $2,000,000

      Prime Montlake Townhome Development Site

      Townhome development site in Montlake, near Roanoke Lid project.
      2415 10Th Ave E | Seattle, Seattle, WA 98102
      View Details
    • $1,600,000

      Eastlake Office Building Development Potential

      Eastlake office building with development potential, delivered vacant.
      207 Edgar St, Seattle, WA 98102
      View Details
    • $535,000
      928 SF

      Eastlake Condo with Lake Union Views

      Updated condo in Eastlake with lake views and private decks.
      2017 Eastlake Ave E, Seattle, WA 98102
      View Details

    Similar Nearby for Lease

    • $36 SF/Yr
      5,634 SF

      Broadway Retail Space for Lease

      Remodeled basement-level retail space near Capitol Hill Sound Transit Station.
      206 Broadway East, Seattle, WA 98102
      View Details
    • $27 SF/Yr
      11,619 SF

      Eastlake Avenue Office Space Available

      Office space available for rent on Eastlake Avenue, Seattle.
      2345 Eastlake Ave E, Seattle, WA 98102
      View Details
    • $25 SF/Yr
      2,096 SF

      Office Space with Lake Views

      Office space for rent with views of Lake Union.
      1500 Fairview Ave E, Seattle, WA 98102
      View Details
    • Contact for pricing
      6,500 SF

      Eastlake Avenue Office Space Available

      Serviced office space with shared amenities for rent.
      2815 Eastlake Ave East, Seattle, WA 98102
      View Details
    • $18 SF/Yr
      2,200 SF

      Office Space Available For Lease

      Office space for lease with redevelopment clause.
      1661 E Olive Way, Seattle, WA 98102
      View Details
    • $38 SF/Yr
      10,453 SF

      Eastlake Avenue Office Space Available

      Office space available for lease in Seattle, Washington.
      2324 Eastlake Ave E, Seattle, WA 98102
      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.
    2240 Eastlake E Ave
    Seattle, WA 98102-3419
    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.