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    Property profile & analytics

    3200 1St Ave Seattle, WA 98134

    • Office buildings
    • 30,960 SF
    • 0.83 lot acres
    For Lease
    View listing
    Last Sale
    Feb 09, 2022
    $13,100,000
    Value Estimations
    $10,455,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0538557
    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

    • MXTreality / Media Consultant / Corporate Office
    • Stacey Brower: Kendra Todd Group / Real Estate Agency
    • Sodo Park / Wedding Venue / Caterer
    • Rotary First Harvest - Food Distribution Center / Food Bank
    • Herban Design Studio / Event Venue / Florist

    Property Details for 3200 1St Ave

    Year built
    1916
    Construction
    WOOD
    Lot size
    0.83 lot acres
    Property size
    30,960 SF
    Zone code
    IG2 U/85
    Property type
    Office buildings
    APN
    766620-5935
    APU
    7666205935

    Description

    This exceptional 2,200 square foot office space is situated in the vibrant SODO Park submarket of Downtown Seattle. Located on the first floor, this single-tenant property offers excellent street visibility and exposure on 1st Avenue, providing high foot traffic and brand recognition opportunities. The building itself is a Class B, two-story structure totaling 36,716 square feet, constructed in 1916, and sits on a 0.83-acre lot (36,155 square feet). The property's IG2 U/85 zoning allows for a variety of uses. Its convenient location offers easy access to major transportation arteries, including I-5 and I-90, ensuring seamless commutes for employees and clients. The surrounding area boasts a wealth of amenities, including nearby businesses, banking institutions, diverse restaurants, and various retail services. This space is ideal for businesses seeking a prominent location with excellent accessibility and a strong support infrastructure. The property is available for occupancy on April 1st, 2025, or sooner with 45 days' notice. The APN is 766620-5935. This presents a unique opportunity to secure a well-positioned office space in a thriving Seattle neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $12,660,000
      ML approach
      $8,590,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $9,665,000
      6.5%
      $8,920,000
      7%
      $8,280,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,361,000
      Market price range: $6.36M - $17.9M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $10,940,000
      Current use
      RESTAURANT
      $16,245,000
      Change: +49% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $15,665,000
      Change: +43% Conversion: Easy
      AUTO REPAIR, GARAGE
      $12,735,000
      Change: +16% Conversion: Difficult
      RETAIL STORES
      $12,415,000
      Change: +13% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $10,980,000
      Change: +0% Conversion: Easy
      MEDICAL BUILDING
      $10,645,000
      Change: -3% Conversion: Easy
      WAREHOUSE, STORAGE
      $9,030,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.334
    Latitude
    47.575
    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
    $49,744
    $4,320,000
    $969,900
    $5,289,900
    -
    $4,320,000
    $969,900
    $5,289,900

    Comparable in this City

    • Value Estimation by Request
      1,120 SF

      3443 1st S Ave

      OFFICE BUILDING • 1,120 SF
      3443 1st S Ave, Seattle, WA 98134-1804
      View Details
    • Value Estimation
      $1,965,000
      14,272 SF

      1556 1st S Ave

      OFFICE BUILDING • 14,272 SF
      1556 1st S Ave, Seattle, WA 98134
      View Details
    • Value Estimation
      $735,000
      2,665 SF

      1720 4th S Ave

      OFFICE BUILDING • 2,665 SF
      1720 4th S Ave, Seattle, WA 98134-1502
      View Details
    • Value Estimation by Request
      424,367 SF

      4735 Marginal S Way

      OFFICE BUILDING • 424,367 SF
      4735 Marginal S Way, Seattle, WA 98134-2388
      View Details
    • Value Estimation
      $600,000
      4,256 SF

      4580 Colorado S Ave

      OFFICE BUILDING • 4,256 SF
      4580 Colorado S Ave, Seattle, WA 98134-2314
      View Details
    • Value Estimation
      $1,585,000
      6,000 SF

      3648 Marginal S Way

      OFFICE BUILDING • 6,000 SF
      3648 Marginal S Way, Seattle, WA 98134
      View Details

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    3200 1St Ave
    Seattle, WA 98134
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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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