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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    303 Michigan St Seattle, WA 98108-3223

    • Office buildings
    • 6,350 SF
    • 0.38 lot acres
    OFF-MARKET
    Last Sale
    Mar 10, 2020
    $2,400,000
    Value Estimations
    $2,360,000
    Show details
    Cap Rate Potential
    4.9%
    Office buildings
    Location Intelligence
    Property ID
    US90-1207507
    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

    • Discount Cannabis Dispensary / Cannabis Store
    • Animated Cafe / Lunch Restaurant / Cafe
    • The Reef Cannabis Dispensary / Cannabis Store
    • The Reef Cannabis / Cannabis Store

    Property Details for 303 Michigan St

    Year built
    1967
    Construction
    CONCRETE
    Lot size
    0.38 lot acres
    Property size
    6,350 SF
    Zone code
    IG2 U/85
    Property type
    Office buildings
    APN
    536720-2050
    APU
    5367202050

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,415,000
      ML approach
      $2,225,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,980,000
      6.5%
      $1,830,000
      7%
      $1,700,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,122,000
      Market price range: $1.30M - $3.67M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,245,000
      Current use
      RESTAURANT
      $3,330,000
      Change: +49% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $3,215,000
      Change: +43% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,610,000
      Change: +16% Conversion: Difficult
      RETAIL STORES
      $2,545,000
      Change: +13% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $2,250,000
      Change: +0% Conversion: Easy
      MEDICAL BUILDING
      $2,185,000
      Change: -3% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,935,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.33
    Latitude
    47.5449
    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
    $22,227
    $817,200
    $1,539,200
    $2,356,400
    -
    $817,200
    $1,539,200
    $2,356,400

    Comparable in this City

    • Value Estimation
      $1,300,000
      7,715 SF

      6325 6th S Ave

      OFFICE BUILDING • 7,715 SF
      6325 6th S Ave, Seattle, WA 98108-3437
      View Details
    • Value Estimation
      $1,875,000
      10,692 SF

      8101 1st S Ave

      OFFICE BUILDING • 10,692 SF
      8101 1st S Ave, Seattle, WA 98108-4202
      View Details
    • Value Estimation
      $8,315,000
      460,477 SF

      7755 Marginal S Way

      OFFICE BUILDING • 460,477 SF
      7755 Marginal S Way, Tukwila, WA 98108-4002
      View Details
    • Value Estimation
      $2,780,000
      10,308 SF

      8531 Marginal S Way

      OFFICE BUILDING • 10,308 SF
      8531 Marginal S Way, Tukwila, WA 98108-4018
      View Details
    • Value Estimation
      $7,695,000
      53,620 SF

      220 Dawson St

      OFFICE BUILDING • 53,620 SF
      220 Dawson St, Seattle, WA 98108-2252
      View Details
    • Value Estimation
      $2,155,000
      11,536 SF

      210 Lucile St

      OFFICE BUILDING • 11,536 SF
      210 Lucile St, Seattle, WA 98108-2432
      View Details

    Similar Nearby for Sale

    • $5,000,000
      23,327 SF

      Georgetown Office Building For Sale

      23,327 SF office building in Georgetown neighborhood.
      5950 6Th Ave S, Seattle, WA 98108
      View Details
    • $2,201,250

      Versatile Commercial Shell Space Available

      Adaptable commercial space in Seattle, ready for customization.
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    • $1,400,000
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      Georgetown Two-Story Commercial Building

      Two-story commercial building in Georgetown with parking and freeway access.
      6011 12Th Ave S, Seattle, WA 98108
      View Details
    • $6,200,000
      3,000 SF

      Functional Office Space For Sale

      Functional office space with excellent parking and signage visibility.
      4910 15Th Ave NW, Seattle, WA 98108
      View Details
    • $5,000,000
      644 SF

      Move-in Ready Office Suite

      Open office plan in up-and-coming Georgetown neighborhood.
      5950 6Th Ave S, Seattle, WA 98108
      View Details
    • $1,400,000

      Versatile Retail/Office Space Available

      800 SF space ideal for retail or office use.
      6011 12Th Ave S, Seattle, WA 98108
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      19,289 SF

      Tukwila Office Space For Rent

      Two 83,414 SF office buildings with ample parking.
      12401 E Marginal Way S, Tukwila, WA 98108
      View Details
    • $1.20 SF/Yr
      11,699 SF

      Fremont Freestanding Office, Warehouse, Lab

      Divisible office, warehouse, and lab building with great views.
      3950 6Th Ave NW, Seattle, WA 98108
      View Details
    • $1.35 SF/Yr
      36,544 SF

      Georgetown Office/Warehouse Space Available

      Prime Seattle office/warehouse space available for lease now.
      600 S Brandon St, Seattle, WA 98108
      View Details
    • $32 SF/Yr
      1,350 SF

      Office Space Available For Rent

      1350 square feet office space for rent in Seattle.
      6770 E Marginal Way S, Seattle, WA 98108
      View Details
    • $17 SF/Yr
      685 SF

      Historic Old Rainier Brewery Space

      Restored brick building with modern amenities and natural light.
      5840-5890 Airport Way S, Seattle, WA 98108
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    • $18 SF/Yr
      960 SF

      Seattle Office Space For Rent

      Office space available for rent in Seattle, WA.
      5900-5930 4Th Ave S, Seattle, WA 98108
      View Details
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    303 Michigan St
    Seattle, WA 98108-3223
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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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