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    Property profile & analytics

    2737 1st S Ave Seattle, WA 98134-1823

    • Warehouses
    • 8,880 SF
    • 0.20 lot acres
    OFF-MARKET
    Last Sale
    Sep 30, 2024
    $3,000,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1088107
    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

    • Warehouses

    Property Details for 2737 1st S Ave

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.20 lot acres
    Property size
    8,880 SF
    Zone code
    IG2 U/85
    Property type
    Warehouses
    APN
    766620-7275
    APU
    7666207275

    Description

    This 8,880-square-foot single-story flex building in Seattle's SODO district offers a unique owner-user opportunity. Located at 2737 1st Ave S, this property boasts a prime location adjacent to Starbucks Global HQ and within a mile of T-Mobile Park and Lumen Field. Built in 1900 and renovated in 1980, the building features a well-maintained showroom and office space in the front, complemented by ample warehouse space in the rear, served by one dock-high door. The high ceilings, measuring 16 feet, provide excellent vertical space. The 8,800-square-foot lot is zoned II U/160 (Industry and Innovation), allowing for a wide array of industrial and office uses, plus other commercial possibilities. This zoning designation promotes new development blending industrial businesses with research, design, offices, and technology. The property's exterior showcases brick veneer frontage, large windows, and new skylights. Currently vacant, this property is available for sale or lease, making it an ideal choice for businesses seeking a versatile and strategically located space in a thriving Seattle neighborhood. The property's address is 2737 1st Ave S, Seattle, WA 98134, King County, with APN 766620-7275. Occupancy is available August 1st, 2024.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.335
    Latitude
    47.5786
    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
    $18,631
    $1,065,600
    $1,021,000
    $2,086,600
    -
    $1,065,600
    $1,021,000
    $2,086,600

    Comparable in this City

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    • Value Estimation
      $1,430,000
      8,400 SF

      1919 4th S Ave

      WAREHOUSE, STORAGE • 8,400 SF
      1919 4th S Ave, Seattle, WA 98134-1503
      View Details
    • Value Estimation
      $1,930,000
      12,900 SF

      2932 4th S Ave

      WAREHOUSE, STORAGE • 12,900 SF
      2932 4th S Ave, Seattle, WA 98134-1915
      View Details
    • Value Estimation
      $1,150,000
      6,840 SF

      617 Dearborn St

      WAREHOUSE, STORAGE • 6,840 SF
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    • Value Estimation by Request
      1,680 SF

      5000 Denver S Ave

      WAREHOUSE, STORAGE • 1,680 SF
      5000 Denver S Ave, Seattle, WA 98134
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    • Value Estimation by Request
      327,983 SF

      170 Lander St

      WAREHOUSE, STORAGE • 327,983 SF
      170 Lander St, Seattle, WA 98134-1857
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    Seattle, WA 98134-1823
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    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
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