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

    2320 1st Ave Seattle, WA 98121-1623

    • Office buildings
    • 15,356 SF
    • 0.10 lot acres
    OFF-MARKET
    Last Sale
    Sep 29, 2023
    $3,200,000
    Value Estimations
    $3,275,000
    Show details
    Cap Rate Potential
    9.7%
    Office buildings
    Location Intelligence
    Property ID
    US90-1716281
    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

    • Belltown Yacht Club / Event Venue / Musical Club
    • Screwdriver Bar / Bar

    Property Details for 2320 1st Ave

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.10 lot acres
    Property size
    15,356 SF
    Zone code
    DMR/C 95/65
    Property type
    Office buildings
    APN
    065500-0020
    APU
    655000020

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,970,000
      ML approach
      $3,200,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,795,000
      6.5%
      $4,425,000
      7%
      $4,110,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,155,000
      Market price range: $3.16M - $8.89M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $4,535,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.347
    Latitude
    47.614
    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
    $19,933
    $1,265,400
    $1,084,500
    $2,349,900
    -
    $1,265,400
    $1,084,500
    $2,349,900

    Comparable in this City

    • Value Estimation
      $385,000
      0.32 Acres

      2033 7th Ave

      OFFICE BUILDING • 0.32 Acres
      2033 7th Ave, Seattle, WA 98121-2601
      View Details
    • Value Estimation
      $450,000
      77,662 SF

      200 Cedar St

      OFFICE BUILDING • 77,662 SF
      200 Cedar St, Seattle, WA 98121-1223
      View Details
    • Value Estimation
      $625,000
      192,630 SF

      521 Wall St

      OFFICE BUILDING • 192,630 SF
      521 Wall St, Seattle, WA 98121-1851
      View Details
    • Value Estimation
      $630,000
      253,103 SF

      3101 Western Ave

      OFFICE BUILDING • 253,103 SF
      3101 Western Ave, Seattle, WA 98121-3017
      View Details
    • Value Estimation
      $340,000
      6,480 SF

      2127 5th Ave

      OFFICE BUILDING • 6,480 SF
      2127 5th Ave, Seattle, WA 98121-2510
      View Details
    • Value Estimation
      $420,000
      7,200 SF

      314 Bell St

      OFFICE BUILDING • 7,200 SF
      314 Bell St, Seattle, WA 98121-1720
      View Details

    Similar Nearby for Sale

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      Belltown Office Building with Parking

      Six-story office building with parking in Seattle's Belltown neighborhood.
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      Belltown Office Building For Sale

      Corner lot office building in the heart of Belltown.
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    • $4,000,000
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      Belltown Office Building Opportunity

      Belltown office building with brick and timber interiors for sale.
      87 Wall St, Seattle, WA 98121
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    • Contact for pricing
      2 SF

      Belltown Retail or Office Space

      Retail or office space for lease or sale in Belltown.
      2211 Seattle St, Seattle, WA 98121
      View Details
    • $795,000
      1,680 SF

      Turn-Key Belltown Commercial Condo

      Well-maintained commercial condo with modern design and Elliott Bay views.
      80 Vine St, Seattle, WA 98121
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    • $1,550,000
      2,712 SF

      Belltown Office/Retail Space

      Prime Belltown location, 2712 sq ft.
      2211 3Rd Ave, Seattle, WA 98121
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    Similar Nearby for Lease

    • $28 SF/Yr
      10,800 SF

      South Lake Union Office Building

      Premier location near Amazon, Whole Foods, and public transit.
      901 Lenora St, Seattle, WA 98121
      View Details
    • $22 SF/Yr
      29,922 SF

      Seattle Creative Office Space

      28,000 SF Elliott Bay Views
      2501 Elliott Ave, Seattle, WA 98121
      View Details
    • Contact for pricing
      3,219 SF

      Seattle Office Space Available

      Office space available for rent in Seattle, Washington.
      2505 2Nd Ave, Seattle, WA 98121
      View Details
    • $36 SF/Yr
      3,565 SF

      Seattle Office Space Available

      Office space available for lease in Seattle, Washington.
      801 Blanchard St, Seattle, WA 98121
      View Details
    • $15 SF/Yr
      5,020 SF

      Office and Lab Space Available

      Office and former lab space in central Seattle location.
      2505-2523 3Rd Ave, Seattle, WA 98121
      View Details
    • $25 SF/Yr
      662 SF

      Open Office Space with Light

      Second-floor office space featuring natural light and shared amenities.
      2124 3Rd Ave, Seattle, WA 98121
      View Details
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    2320 1st Ave
    Seattle, WA 98121-1623
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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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