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Property profile & analytics
FOR LEASE
Distribution centers
2326 Airport Way S Seattle, WA 98134
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US90-1976134
For Lease
1 / 4
Contact for pricing
2326 Airport Way S, Seattle, WA 98134
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Property summary
AI-generated overview
This exceptional warehouse property, located at 2326 Airport Way S in Seattle, Washington, offers a total of 21,580 square feet of space for lease. Situated on a 1.92-acre lot in King County (zip code 98134), this multi-tenant building provides flexible options for businesses seeking warehouse space. Three spaces are currently available, ranging from a minimum of 2,725 square feet to a maximum contiguous space of 13,580 square feet. The building boasts impressive 14-foot high ceilings, providing ample vertical storage capacity. With a significant amount of vacant space (21,349 square feet), this property presents a unique opportunity for businesses of various sizes to establish or expand their operations in a highly desirable Seattle location. The property is classified as both Office and Industrial, offering versatility for a range of potential tenants. The property's convenient location provides easy access to major transportation routes, enhancing logistical efficiency. This is an excellent opportunity to secure warehouse space in a thriving Seattle market.
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1947
Construction
STEEL FRAME
Total area
22,645 SF
Lot
1.87 ac (81,457 SF)
Zoning code
IG2 U/85
APN
766620-2945
UPID
US90-1976134
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
-
Seattle Port Consolidators Freight Service Logistics Company
-
Ponce Ground Service Freight Service Logistics Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$9.76M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$9.40M
Blend (final)
Blend
$10.22M
Owner & transaction history
Crefs 2326 Airport Way Owner LLC · 5 yrs held
Crefs 2326 Airport Way Owner LLC
since 2021
Last sale
$12.8M
7 recorded transactions
Zoning & alternative use
IG2 U/85 · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Municipal Code
Top alternative use upside
Restaurant
$11.9M
+79.9%
Commercial (general)
$11.5M
+73.5%
Auto repair, garage
$9.3M
+41.0%
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
$12,735,000
ML approach
$9,755,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$6,605,000
Current use
RESTAURANT
$11,885,000
Change: +80% · Conversion: Difficult
COMMERCIAL (GENERAL)
$11,460,000
Change: +73% · Conversion: Difficult
AUTO REPAIR, GARAGE
$9,315,000
Change: +41% · Conversion: Easy
RETAIL STORES
$9,080,000
Change: +37% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$8,030,000
Change: +22% · Conversion: Difficult
OFFICE BUILDING
$8,000,000
Change: +21% · Conversion: Difficult
MEDICAL BUILDING
$7,785,000
Change: +18% · Conversion: Difficult
Blend value · Realmo final
$10.22M
Range $9.19M – $11.24M · ±10% · vs last sale $12.78M (Feb 24 2021)
Last sale anchor
$12.78M
Feb 24 2021
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
$451 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$79,701
Tax year 2022
Assessed value
$7,925,700
Assessed 2022
Previous assessed
$7,925,700
+0.0% YoY
Effective rate
1.01%
On assessed value
Assessed land
$6,109,200
Assessed improvement
$1,816,500
Land market value
$6,109,200
Improvement market value
$1,816,500
Total market value
$7,925,700
Applied tax rate
10.0000
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
For Lease
Year built
1947
Construction
STEEL FRAME
Heating
STEAM
Stories
2
Total area
22,645 SF
Lot
1.87 ac (81,457 SF)
Zoning code
IG2 U/85
APN
766620-2945
UPID
US90-1976134
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
IG2 U/85 · Seattle, WAZoning IG2 U/85 · permitted uses
IG2 U/85 · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Municipal Code
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$6.6M
RESTAURANT
Est. value
$11.9M
COMMERCIAL (GENERAL)
Est. value
$11.5M
AUTO REPAIR, GARAGE
Est. value
$9.3M
RETAIL STORES
Est. value
$9.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$8.0M
OFFICE BUILDING
Est. value
$8.0M
MEDICAL BUILDING
Est. value
$7.8M
WAREHOUSE, STORAGE Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
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
1947
Construction
STEEL FRAME
Heating
STEAM
Stories
2
Lot
1.87 ac
Current owner
From public records · entity-resolved
Crefs 2326 Airport Way Owner LLC
Entity
Mailing address
5221 N O CONNOR BLVD STE #700, IRVING, TX 75039-4428
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 12, 2024
—
Cref 2326 Airport Way Owner LLC
—
Deed
related
$493,000,000 · German American Capital Corporation
Jun 1, 2021
—
Cref3 2326 Airport Way Owner LLC
—
Deed
related
$300,000,000 · Deutsche Bank
Feb 24, 2021
$12,782,500
Crefs 2326 Airport Way Owner LLC
United Drayage Company
Warranty Deed
—
Mar 13, 2018
—
United Drayage Company
—
Deed
related
$1,000,000 · Bank Of America NA
Feb 16, 1988
—
United Drayage Co
Honolulu Freight
Quit Claim Deed
related
—
—
—
United Drayage Co
—
Deed Of Trust
related
$2,130,000 · Matson Navigation Co INC
—
—
United Drayage Co
—
Deed Of Trust
related
$1,000,000 · Bank Of America
—
—
United Drayage Co
—
Deed Of Trust
related
$500,000 · Michael H & Harvey L Sherman
—
—
United Drayage Co
—
Deed Of Trust
related
$750,000 · 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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