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Property profile & analytics
FOR LEASE
Distribution centers
2424 8Th Ave S Seattle, WA 98134
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-0599852
For Lease
Contact for pricing
2424 8Th Ave S, Seattle, WA 98134
View Listing →
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
87,933 SF
Lot
2.49 ac (108,464 SF)
Zoning code
IG2 U/85
APN
766620-3538
UPID
US90-0599852
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$30.07M
Blend (final)
Blend
$31.49M
Owner & transaction history
Swind 2424 8th Avenue Point LLC · 4 yrs held
Swind 2424 8th Avenue Point LLC
since 2021
Last sale
$32.0M
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
$46.1M
+79.9%
Commercial (general)
$44.5M
+73.5%
Auto repair, garage
$36.2M
+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
$31,880,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$25,655,000
Current use
RESTAURANT
$46,145,000
Change: +80% · Conversion: Difficult
COMMERCIAL (GENERAL)
$44,495,000
Change: +73% · Conversion: Difficult
AUTO REPAIR, GARAGE
$36,175,000
Change: +41% · Conversion: Easy
RETAIL STORES
$35,260,000
Change: +37% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$31,185,000
Change: +22% · Conversion: Difficult
OFFICE BUILDING
$31,075,000
Change: +21% · Conversion: Difficult
MEDICAL BUILDING
$30,235,000
Change: +18% · Conversion: Difficult
Blend value · Realmo final
$31.49M
Range $28.34M – $34.63M · ±10% · vs last sale $32.00M (Oct 7 2021)
Last sale anchor
$32.00M
Oct 7 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
$358 / 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
$193,339
Tax year 2022
Assessed value
$21,296,300
Assessed 2022
Previous assessed
$21,296,300
+0.0% YoY
Effective rate
0.91%
On assessed value
Assessed land
$9,219,400
Assessed improvement
$12,076,900
Land market value
$9,219,400
Improvement market value
$12,076,900
Total market value
$21,296,300
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
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Total area
87,933 SF
Lot
2.49 ac (108,464 SF)
Zoning code
IG2 U/85
APN
766620-3538
UPID
US90-0599852
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
$25.7M
RESTAURANT
Est. value
$46.1M
COMMERCIAL (GENERAL)
Est. value
$44.5M
AUTO REPAIR, GARAGE
Est. value
$36.2M
RETAIL STORES
Est. value
$35.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$31.2M
OFFICE BUILDING
Est. value
$31.1M
MEDICAL BUILDING
Est. value
$30.2M
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
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Lot
2.49 ac
Current owner
From public records · entity-resolved
Swind 2424 8th Avenue Point LLC
Entity
Mailing address
11150 SANTA MONICA BLVD STE #700, LOS ANGELES, CA 90025-3331
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
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 24, 2025
—
Swind 2424 8nnavenue Point LLC
—
Deed
related
$211,700,000 · Opg Talanton De LLC
Nov 30, 2021
—
Swind 2424 8th Avenue Point LLC
—
Deed
related
$23,915,000 · Mesa West Core Lending Fund LLC
Oct 7, 2021
$32,000,000
Swind 2424 8th Avenue Point LLC
Jon Barwick
Special Warranty Deed
—
Jan 11, 2021
—
Non-exempt,c A C S 2015 Trust
Stock Callie A C 2015 Trust
Quit Claim Deed
related
—
Jan 28, 2020
—
Peter R Lemman
Ncep V LLC
Correction Deed
related
—
Dec 30, 2019
—
Peter R Lemman
Ncep V LLC
Quit Claim Deed
related
—
Sep 21, 2012
—
Coast Electric Props V L North
Lemman,dean
Warranty Deed
—
Jun 22, 2012
—
Barbara J Carver
Carver,john S III
Quit Claim Deed
related
—
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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