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Property profile & analytics
OFF-MARKET
Estimated value
$725,000
Hotels
2423 1st Ave, Seattle, WA 98121-1311
Entity Owned
14-yr Hold
~
Est. High Equity
Property ID
US90-1284230
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
1909
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
18,955 SF
Lot
0.15 ac (6,660 SF)
Zoning code
DMR/C 95/65
APN
065300-0100
UPID
US90-1284230
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
-
Ace Hotel Seattle Hotel & Motel
-
Seattle Tours Travel Agency Tour Operator
-
Cardtronics ATM Atm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$725k
Owner & transaction history
Glaser One LLC · 14 yrs held
Glaser One LLC
since 2011
3 recorded transactions
Zoning & alternative use
DMR/C 95/65 · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$38 / 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
$42,963
Tax year 2022
Assessed value
$5,135,000
Assessed 2022
Previous assessed
$5,135,000
+0.0% YoY
Effective rate
0.84%
On assessed value
Assessed land
$3,063,600
Assessed improvement
$2,071,400
Land market value
$3,063,600
Improvement market value
$2,071,400
Total market value
$5,135,000
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
Hotels
Use group
HOTEL/MOTEL
Status
Off-Market
Year built
1909
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Stories
2
Total area
18,955 SF
Lot
0.15 ac (6,660 SF)
Zoning code
DMR/C 95/65
APN
065300-0100
UPID
US90-1284230
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
DMR/C 95/65 · Seattle, WA
Zoning DMR/C 95/65 · permitted uses
DMR/C 95/65 · 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.
Building & site characteristics
From public records
Year built
1909
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Stories
2
Lot
0.15 ac
Current owner
From public records · entity-resolved
Glaser One LLC
Entity
Mailing address
2501 N NORTHLAKE WAY STE #201, SEATTLE, WA 98103-9189
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 12, 2020
—
Glaser One LLC
—
Deed
related
$1,451,000 · Sound Community Bank
Jun 30, 2011
$1,160,000
Glaser One LLC
Rose & Oneil Ptshp
Quit Claim Deed
related
$1,450,000 · Sound Community Bank
May 7, 1998
$1,160,000
Rose & Oneil Partnership
Seattle Peniel Mission
Grant Deed
$870,000 · Us Bank
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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