New search
Property profile & analytics
OFF-MARKET
Estimated value
$1,120,000
Hotels
2505 1st Ave, Seattle, WA 98121-1302
Entity Owned
23-yr Hold
~
Est. High Equity
Property ID
US90-1568617
Property profile
Verified
Property type
Hotels
Use group
HOTEL/MOTEL
Year built
1955
Construction
WOOD
Total area
31,020 SF
Lot
0.31 ac (13,320 SF)
Zoning code
DMR/R 145/65
APN
065300-0160
UPID
US90-1568617
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
-
Here-After Nightclub Theater & Performing Art Venue
-
Hotel Crocodile Hotel & Motel
-
The Society Restaurant
-
The Crocodile Music Venue Bar & Pub
-
Madame Lous Hotel & Motel Resort
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.12M
Owner & transaction history
Timberlake LLC · 23 yrs held
Timberlake LLC
since 2003
7 recorded transactions
Zoning & alternative use
DMR/R 145/65 · 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
$36 / 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
$73,044
Tax year 2022
Assessed value
$8,685,700
Assessed 2022
Previous assessed
$8,685,700
+0.0% YoY
Effective rate
0.84%
On assessed value
Assessed land
$7,326,000
Assessed improvement
$1,359,700
Land market value
$7,326,000
Improvement market value
$1,359,700
Total market value
$8,685,700
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
1955
Construction
WOOD
Heating
STEAM
Stories
2
Total area
31,020 SF
Lot
0.31 ac (13,320 SF)
Zoning code
DMR/R 145/65
APN
065300-0160
UPID
US90-1568617
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
DMR/R 145/65 · Seattle, WA
Zoning DMR/R 145/65 · permitted uses
DMR/R 145/65 · 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
1955
Construction
WOOD
Heating
STEAM
Stories
2
Lot
0.31 ac
Current owner
From public records · entity-resolved
Timberlake LLC
Entity
Mailing address
1320 E PIKE ST, SEATTLE, WA 98122-4020
Ownership since
2003
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
Apr 10, 2003
$1,700,000
Timberlake LLC
2505 First LLC
Grant Deed
$1,700,000 · Issaquah Bank
Dec 10, 1999
—
2505 First LLC
Wenex INC
Grant Deed
related
$1,370,100 · Us Bank NA
Jun 21, 1996
$140,000
Wenex INC
Sailors Union Pacific Building
Grant Deed
$950,000 · Seller
—
—
Wenex INC
—
Deed Of Trust
related
$61,000 · Individual
—
—
Timberlake LLC
—
Deed Of Trust
related
$1,725,000 · Sound Community Bank
—
—
Wenex INC
—
Deed Of Trust
related
$36,920 · Consolidated Press Printing Co
—
—
Wenex INC
—
Deed Of Trust
related
$125,000 · Individual
—
—
Timberlake LLC
—
Deed Of Trust
related
$270,000 · Cascade 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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