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Property profile & analytics
OFF-MARKET
Estimated value
$1,830,000
Office buildings
228 9th N Ave, Seattle, WA 98109-5120
Entity Owned
10-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-1147069
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1940
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
7,133 SF
Lot
0.16 ac (7,080 SF)
Zoning code
SM-SLU 175/85-280
APN
198620-0115
UPID
US90-1147069
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Jack's BBQ - South Lake Union (SLU) Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.06M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.83M
Owner & transaction history
234 9th LLC · 10 yrs held
234 9th LLC
since 2016
7 recorded transactions
Zoning & alternative use
SM-SLU 175/85-280 · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.9M
+0.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Seattle submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Seattle submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,225,000
6.5%
$2,055,000
7%
$1,910,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$2,920,000
Current use
AUTO REPAIR, GARAGE
$2,935,000
Change: +1% · Conversion: Difficult
RETAIL STORES
$2,860,000
Change: -2% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$2,530,000
Change: -13% · Conversion: Easy
MEDICAL BUILDING
$2,455,000
Change: -16% · Conversion: Easy
Blend value · Realmo final
$1.83M
Range $1.65M – $2.01M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$257 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$62,325
Tax year 2024
Assessed value
$5,487,000
Assessed 2023
Previous assessed
$5,487,000
+0.0% YoY
Effective rate
1.14%
On assessed value
Assessed land
$5,487,000
Land market value
$5,487,000
Total market value
$5,487,000
Applied tax rate
11.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1940
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
2
Total area
7,133 SF
Lot
0.16 ac (7,080 SF)
Zoning code
SM-SLU 175/85-280
APN
198620-0115
UPID
US90-1147069
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
SM-SLU 175/85-280 · Seattle, WA
Zoning SM-SLU 175/85-280 · permitted uses
SM-SLU 175/85-280 · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Seattle. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$2.9M
AUTO REPAIR, GARAGE
Est. value
$2.9M
RETAIL STORES
Est. value
$2.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.5M
MEDICAL BUILDING
Est. value
$2.5M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1940
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
2
Lot
0.16 ac
Current owner
From public records · entity-resolved
234 9th LLC
Entity
Mailing address
159 S JACKSON ST STE #320, SEATTLE, WA 98104-3097
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 4, 2020
—
234 9th LLC
—
Deed
related
$96,000,000 · Bank Of America
Feb 17, 2016
—
234 9th LLC
9th & Thomas Partners LLC
Quit Claim Deed
$77,000,000 · Private Individual
Nov 7, 2014
—
9th & Thomas Partners LLC
Sellen-redman LP
Grant Deed
—
Sep 14, 1993
$317,500
Sellen Agency Mary R
Sellen
Grant Deed
related
—
Dec 31, 1991
—
Sellen Redman Ltd Partnersh
Sellen Mary R
Quit Claim Deed
related
—
—
—
9th & Thomas Partners LLC
—
Loan Modification
related
$2,600,000 · Washington Tr Bk
—
—
9th & Thomas Partners LLC
—
Loan Modification
related
$4,000,000 · Washington Tr Bk
—
—
234 9th LLC
—
Deed Of Trust
related
$96,000,000 · Bank Of America
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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