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

    2326 Airport Way Seattle, WA 98134

    • Distribution centers
    • 22,645 SF
    • 1.87 lot acres
    For Lease
    View listing
    Last Sale
    Feb 24, 2021
    $12,782,500
    Value Estimations
    $10,215,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1976134
    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

    • Seattle Port Consolidators / Freight Forwarding Service
    • Ponce Ground Service / Transportation Service

    Property Details for 2326 Airport Way

    Year built
    1947
    Construction
    STEEL FRAME
    Lot size
    1.87 lot acres
    Property size
    22,645 SF
    Zone code
    IG2 U/85
    Property type
    Distribution centers
    APN
    766620-2945
    APU
    7666202945

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $12,735,000
      ML approach
      $9,755,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,400,000
      Market price range: $3.14M - $9.40M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.321
    Latitude
    47.5824
    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
    $79,701
    $6,109,200
    $1,816,500
    $7,925,700
    -
    $6,109,200
    $1,816,500
    $7,925,700

    Comparable in this City

    • Value Estimation
      $2,010,000
      11,880 SF

      72 Atlantic St

      DISTRIBUTION WAREHOUSE • 11,880 SF
      72 Atlantic St, Seattle, WA 98134-1210
      View Details
    • Value Estimation
      $23,840,000
      213,525 SF

      3847 1st S Ave

      DISTRIBUTION WAREHOUSE • 213,525 SF
      3847 1st S Ave, Seattle, WA 98134-2203
      View Details
    • Value Estimation
      $2,430,000
      19,620 SF

      3223 1st S Ave

      DISTRIBUTION WAREHOUSE • 19,620 SF
      3223 1st S Ave, Seattle, WA 98134-1850
      View Details
    • Value Estimation
      $48,630,000
      326,751 SF

      4401 Marginal S Way

      DISTRIBUTION WAREHOUSE • 326,751 SF
      4401 Marginal S Way, Seattle, WA 98134-1116
      View Details
    • Value Estimation
      $1,525,000
      11,423 SF

      26 Dawson St

      DISTRIBUTION WAREHOUSE • 11,423 SF
      26 Dawson St, Seattle, WA 98134-2406
      View Details
    • Value Estimation
      $1,485,000
      12,000 SF

      8 Idaho St

      DISTRIBUTION WAREHOUSE • 12,000 SF
      8 Idaho St, Seattle, WA 98134-1119
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      99,047 SF

      Stadium Works: Seattle Industrial Gem

      Rare Seattle industrial; 99,047 SF, 3 bldgs
      1964 4Th Ave, Seattle, WA 98134
      View Details
    • Contact for pricing
      99,047 SF

      SODO Warehouse with Secure Yard

      99,047 SF SODO warehouse with high visibility and secure yard.
      1964 4Th Ave S, Seattle, WA 98134
      View Details
    • Contact for pricing
      67,173 SF

      Seattle Secured Yard and Parking

      4.6 acres secured yard/parking with operations shop, excellent location.
      3625 1St Ave S, Seattle, WA 98134
      View Details
    • Contact for pricing

      Seattle Industrial Property For Sale

      Industrial property available for purchase in Seattle, Washington.
      3201 Utah Ave S, Seattle, WA 98134
      View Details
    • $2,329,800

      Adaptable Building Near Downtown Seattle

      Three-story, 23,380 SF building suitable for manufacturing or creative uses.
      111 Lander St, Seattle, WA 98134
      View Details
    • Contact for pricing
      24,000 SF

      Seattle Industrial Building with Yard

      24,000 SF industrial building with secured storage and parking.
      3663 1St Ave South, Seattle, WA 98134
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Modern Logistics Facility Near Downtown

      Two-story warehouse totaling 703,054 SF near Seattle port.
      44 South Nevada St, Seattle, WA 98134
      View Details
    • $13 SF/Yr
      9,435 SF

      Seattle Industrial/Office Gem

      9,435 SF Single-Tenant Building
      420 Hinds St, Seattle, WA 98134
      View Details
    • Contact for pricing
      50,000 SF

      Spokane St Yard: Industrial Property

      50,000 SF Manufacturing/Distribution Space
      3623 6Th Ave, Seattle, WA 98134
      View Details
    • Contact for pricing
      21,580 SF

      Sodo Warehouse: Seattle Cross Dock

      Prime Seattle warehouse space available. Multiple units, flexible sizes.
      2326 Airport Way, Seattle, WA 98134
      View Details
    • $9 SF/Yr
      125,130 SF

      SODO Seattle Office & Warehouse

      Versatile Seattle space, ideal for multiple tenants.
      2450 6Th Ave, Seattle, WA 98134
      View Details
    • Contact for pricing
      47,503 SF

      Retail and Distribution Facility Available

      Former Amazon Fresh retail and distribution facility for lease.
      2401 Utah Ave S, Seattle, WA 98134
      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.
    2326 Airport Way
    Seattle, WA 98134
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.