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    301 1St Ave S Seattle, WA 98104
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    Property profile & analytics

    301 1St Ave S Seattle, WA 98104

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    • Assisted living facilities
    • 18,010 SF
    • 0.10 lot acres
    For Lease
    $3,160,000
    View Listing →
    Historic Pioneer Square Loft Building For Lease
    $3,160,000

    Historic Pioneer Square Loft Building

    Historic loft building in Pioneer Square with high ceilings.

    301 1st Ave S, Seattle, WA 98104
    View Listing
    Property ID
    US90-0812547
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 301 1st Ave W Parking / Parking Lot & Garage
    • Melissa M. Garthwaite, MA / Counselor

    Property Details for 301 1St Ave S

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.10 lot acres
    Property size
    18,010 SF
    Zone code
    PSM-100
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    524780-0190
    APU
    5247800190

    Description

    The Globe Building, a historic Class B office and restaurant property located in the heart of King County's CBA Pioneer Square submarket, presents a unique investment opportunity. This single, four-story building, constructed in 1900 and renovated in 1979, boasts a total of 69,817 square feet. Currently, there are 3,342 square feet of vacant space available, divisible into units as small as 445 square feet, with a maximum contiguous space of 1,500 square feet. The building features attractive architectural details including high ceilings (11-12 feet), hardwood floors, and large windows, creating a desirable workspace. Its prime location at the intersection of 1st Ave. S. and S. Main provides excellent visibility and accessibility. The building includes elevators for convenient access to all four floors. The 0.31-acre site offers a blend of historic charm and modern functionality, making it ideal for a variety of executive office tenants. Multiple tenancy options are available, catering to businesses of varying sizes. This property represents a rare chance to secure space in a landmark building within a thriving urban core.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.335
    Latitude
    47.5999
    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
    $848
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $5,230,000
      29,820 SF

      318 2nd Ave S Ext

      HOMES (RETIRED, NURSING) • 29,820 SF
      318 2nd Ave S Ext, Seattle, WA 98104-2604
      View Details
    • Value Estimation by Request
      0.09 Acres

      Seattle, WA 98104

      HOMES (RETIRED, NURSING) • 0.09 Acres
      Seattle, WA 98104
      View Details
    • Value Estimation
      $1,850,000
      10,556 SF

      420 4th Ave

      HOMES (RETIRED, NURSING) • 10,556 SF
      420 4th Ave, Seattle, WA 98104-2308
      View Details
    • Value Estimation
      $4,240,000
      235,572 SF

      725 9th Ave

      HOMES (RETIRED, NURSING) • 235,572 SF
      725 9th Ave, Seattle, WA 98104-2051
      View Details
    • Value Estimation
      $1,085,000
      159,840 SF

      501 3rd Ave

      HOMES (RETIRED, NURSING) • 159,840 SF
      501 3rd Ave, Seattle, WA 98104-2304
      View Details
    • Value Estimation
      $775,000
      27,840 SF

      Seattle, WA 98104

      HOMES (RETIRED, NURSING) • 27,840 SF
      Seattle, WA 98104
      View Details

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    Seattle, WA 98104
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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.

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