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Property profile & analytics
FOR LEASE
Investment properties
315 1St Ave West Seattle, WA 98119
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US90-1041993
For Lease
1 / 7
$25 SF/Yr
315 1St Ave West, Seattle, WA 98119
View Listing →
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
2001
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
37,860 SF
Lot
0.33 ac (14,400 SF)
Zoning code
SM-UP 85 (M)
APN
198920-0800
UPID
US90-1041993
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
-
Kolors Advertising Film Production Television Studio
-
The Akopyan Group, CPAs P.S. Tax Preparation
-
Salesfolks (Bike/Boat/Book/etc) Store Corporate Office
-
Bright Horizons at Lower Queen Anne Daycare Center
-
Rori Blooms Garden Center Landscaping
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$19.88M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$19.88M
Owner & transaction history
315 First Avenue Investors LLC · 2 yrs held
315 First Avenue Investors LLC
since 2024
Last sale
$19.9M
5 recorded transactions
Zoning & alternative use
SM-UP 85 (M) · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$19.9M
+3.7%
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
$19,880,000
ML approach
$19,880,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$19,160,000
Current use
RESTAURANT
$19,870,000
Change: +4% · Conversion: Difficult
AUTO REPAIR, GARAGE
$15,575,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$19.88M
Range $17.89M – $21.87M · ±10% · vs last sale $19.88M (Jun 24 2024)
Last sale anchor
$19.88M
Jun 24 2024
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
$525 / 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
$197,567
Tax year 2022
Assessed value
$23,998,000
Assessed 2022
Previous assessed
$23,998,000
+0.0% YoY
Effective rate
0.82%
On assessed value
Assessed land
$7,200,000
Assessed improvement
$16,798,000
Land market value
$7,200,000
Improvement market value
$16,798,000
Total market value
$23,998,000
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
For Lease
Year built
2001
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
ELECTRIC
Cooling
CENTRAL
Stories
6
Units
60
Total area
37,860 SF
Lot
0.33 ac (14,400 SF)
Zoning code
SM-UP 85 (M)
APN
198920-0800
UPID
US90-1041993
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
SM-UP 85 (M) · Seattle, WA
Zoning SM-UP 85 (M) · permitted uses
SM-UP 85 (M) · 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.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$19.2M
RESTAURANT
Est. value
$19.9M
AUTO REPAIR, GARAGE
Est. value
$15.6M
COMMERCIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
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
2001
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
ELECTRIC
Cooling
Yes
Stories
6
Units
60
Lot
0.33 ac
Current owner
From public records · entity-resolved
315 First Avenue Investors LLC
Entity
Mailing address
PO BOX 807, BELLEVUE, WA 98009-0807
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 24, 2024
$19,882,000
315 First Avenue Investors LLC
Odegard Gockel Investments LLC
Warranty Deed
$2,000,000 · Jpmorgan Chase Bank NA
Jul 12, 2000
—
Odegard-gockel Investnents LLC
Odegard Gockel Construction
Quit Claim Deed
related
$7,500,000 · First Savings Bank Washington
Dec 1, 1998
$610,000
Odegard Gockel Construction
Timbers,richard L & Shirley L
Grant Deed
$540,000 · Seller
—
—
Odegard Of Gockel Investments LLC
—
Deed Of Trust
related
$8,800,000 · Sterling Savings Bank
—
—
Odegard Gockel Investments INC
—
Deed Of Trust
related
$7,000,000 · Lend Lease Mortgage Capital LP
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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