3200 1St Ave S Seattle, WA 98134
Office buildings
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Entity Owned
4-yr Hold
~
Est. High Equity
For Lease
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3200 1St Ave S, Seattle, WA 98134
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Estimated value (blended)
$12.66M
Range $11.39M – $13.93M (±10%)
Implied cap rate
4.60%
In-place · NOI ÷ last sale
Property ID
US90-0538557
Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1916
Construction
WOOD
Total area
30,960 SF
Lot
0.83 ac (36,000 SF)
Zoning code
IG2 U/85
APN
766620-5935
UPID
US90-0538557
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Marketing & Advertising Advertising Agency
-
Real Estate Agency
-
Wedding Service
-
Food Bank Charitable Organization
-
(Bike/Boat/Book/etc) Store Florist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.59M
CAP Approach
CAP
$8.92M
Comparable Approach
Comparable
$6.36M
Blend (final)
Blend
$12.66M
Owner & transaction history
since 2022
Last sale
$13.1M
7 recorded transactions
Zoning & alternative use
IG2 U/85 · Seattle, WA
Top alternative use upside
Restaurant
$16.2M
+48.5%
Commercial (general)
$15.7M
+43.2%
Auto repair, garage
$12.7M
+16.4%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 5 comparables with addresses
8 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$12.66M
Value range
$11.39M – $13.93M
±10% around blend
Estimated value / SF
$409 / SF
Confidence
High
5 county-verified comps
Property data
88
Market benchmarks
67
Comparable evidence
50
$11.39M
blend $12.66M
$13.93M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
30,960 SF
Lot area
0.83 ac
Year built
1916
Stories
1
APN
766620-5935
Assessed value
$5,289,900
Annual tax
$49,744
3
Income approach: direct capitalization
Partial preview
Income approach indication
$8.92M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$9.67M
@ 6.5% CAP return
$8.92M
@ 7% CAP return
$8.28M
4
Sales comparison
Partial preview
Sales approach indication
$19.44M
Weighted, 5 comps · high confidence
Evidence
5 found · 5 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
8.3 mi away · 28,407 SF
11.1 mi away · 33,486 SF
12.0 mi away · 34,873 SF
13.7 mi away · 37,080 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$12.66M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 337 sales
$353
+16%
County 676 sales
$377
+8%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $409/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Restaurant
Gross theoretical uplift
+49%
vs current-use indication
Commercial (general)
Auto Repair, Garage
Retail Stores
Apartment House (5+ Units)
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 5 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Implied cap rate
4.60%
Implied, in-place cap rate for this office buildings
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 4.60%
9.0%
NOI (est.)
$917k *
Last sale · Feb 2022
$13.10M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$19.93M
Move the market yield to see immediate price impact.
Value / SF
$644
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
4.10%4.60%5.10%
$825k
$20.13M
$17.94M
$16.18M
$917k
$22.37M
$19.93M
$17.98M
$1.01M
$24.60M
$21.93M
$19.78M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
5 found
High confidence · county-verified
Closest comparable
$22.50M
1.7 mi · Dec 2025 · $824/SF
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$49,744
Tax year 2022
Assessed value
$5,289,900
Assessed 2022
Previous assessed
$5,289,900
+0.0% YoY
Effective rate
0.94%
On assessed value
Assessed land
$4,320,000
Assessed improvement
$969,900
Land market value
$4,320,000
Improvement market value
$969,900
Total market value
$5,289,900
Applied tax rate
10.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1916
Construction
WOOD
Heating
SPACE
Buildings
4
Stories
1
Total area
30,960 SF
Lot
0.83 ac (36,000 SF)
Zoning code
IG2 U/85
APN
766620-5935
UPID
US90-0538557
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
IG2 U/85 · Seattle, WAZoning IG2 U/85 · permitted uses
IG2 U/85 · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1916
Construction
WOOD
Heating
SPACE
Stories
1
Buildings
4
Lot
0.83 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
IG2 U/85
Jurisdiction
Seattle, WA
Recorded code
IG2 U/85
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for IG2 U/85 in Seattle, WA.
What opens after registration
Zoning profile
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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