No photos on file
For Sale
$2,195,000
231 Summit Ave E, Seattle, WA 98102
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Estimated value (blended)
$1.72M
Range $1.55M – $1.89M (±10%)
Implied cap rate
5.90%
In-place · NOI ÷ last sale
Property ID
US90-1193510
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1925
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
5,448 SF
Lot
0.1 ac (4,271 SF)
Zoning code
MR (M)
APN
292504-9092
UPID
US90-1193510
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Freight Service Logistics Company
-
Counselor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.56M
CAP Approach
CAP
$1.57M
Comparable Approach
Comparable
$1.44M
Blend (final)
Blend
$1.72M
Owner & transaction history
since 2026
Last sale
$1.8M
4 recorded transactions
Zoning & alternative use
MR (M) · Seattle, WA
Zoning description
This district promotes multi family uses in mid rise or high rise providing concentrations of housing in desirable, pedestrian oriented urban neighborhoods having convenient access to regional transit stations, where the…
General category
RESIDENTIAL
Top alternative use upside
Auto repair, garage
$2.2M
+16.4%
Retail stores
$2.2M
+13.5%
Apartment house (5+ units)
$1.9M
+0.4%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 5 comparables with addresses
6 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$1.72M
Value range
$1.55M – $1.89M
±10% around blend
Estimated value / SF
$316 / SF
Confidence
High
5 county-verified comps
Property data
88
Market benchmarks
67
Comparable evidence
50
Income certainty
100
$1.55M
blend $1.72M
$1.89M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
5,448 SF
Lot area
0.1 ac
Year built
1925
Stories
2
APN
292504-9092
Assessed value
$1,538,500
Annual tax
$13,184
3
Income approach: direct capitalization
Partial preview
Income approach indication
$1.57M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$1.70M
@ 6.5% CAP return
$1.57M
@ 7% CAP return
$1.46M
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$13,184
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$2.89M
Weighted, 5 comps · high confidence
Evidence
5 found · 5 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
1.5 mi away · 4,660 SF
3.7 mi away · 4,224 SF
6.7 mi away · 4,987 SF
8.1 mi away · 4,100 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$1.72M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 337 sales
$353
-11%
County 676 sales
$377
-16%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $316/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Auto Repair, Garage
Gross theoretical uplift
+16%
vs current-use indication
Retail Stores
Apartment House (5+ Units)
Office Building · current use
Medical Building
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Modeled
Market rent
Market benchmark
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 5 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
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Overview
Selected market yield
5.90%
Selected cap rate for this office buildings
Derived from the Seattle market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 5.90%
9.0%
NOI (est.)
$92k *
Last sale · Oct 2022
$1.78M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.56M
Move the market yield to see immediate price impact.
Value / SF
$286
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.40%5.90%6.40%
$83k
$1.53M
$1.40M
$1.29M
$92k
$1.70M
$1.56M
$1.44M
$101k
$1.87M
$1.71M
$1.58M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
5 found
High confidence · county-verified
Closest comparable
$2.50M
0.5 mi · Nov 2025 · $552/SF
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$13,184
Tax year 2022
Assessed value
$1,538,500
Assessed 2022
Previous assessed
$1,538,500
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed land
$1,537,500
Assessed improvement
$1,000
Land market value
$1,537,500
Improvement market value
$1,000
Total market value
$1,538,500
Applied tax rate
13.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Sale
Year built
1925
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Stories
2
Total area
5,448 SF
Lot
0.1 ac (4,271 SF)
Zoning code
MR (M)
APN
292504-9092
UPID
US90-1193510
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
MR (M) · Seattle, WAZoning MR (M) · permitted uses
MR (M) · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Zoning description
This district promotes multi family uses in mid rise or high rise providing concentrations of housing in desirable, pedestrian oriented urban neighborhoods having convenient access to regional transit stations, where the…
General category
RESIDENTIAL
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1925
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Stories
2
Lot
0.1 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Matched to the official district catalog
MR(M)
RESIDENTIAL
Jurisdiction
Seattle, WA
Recorded code
MR (M)
Official district
MR(M)
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for MR(M) in Seattle, WA.
What opens after registration
Zoning profile
Official descriptionThe district text from the municipal code
District factsZone name, category and district area
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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