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Property profile & analytics
OFF-MARKET
Estimated value
$12,575,000
Manufacturing properties
3223 3rd S Ave, Seattle, WA 98134-1943
Individually Owned
1-yr Hold
~
Est. High Equity
Property ID
US90-1727214
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
48,280 SF
Lot
1.6 ac (69,900 SF)
Zoning code
IG1 U/85
APN
766620-5550
UPID
US90-1727214
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
-
Browar Polska Big Box & Wholesale Store Distribution Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.13M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$12.46M
Blend (final)
Blend
$12.58M
Owner & transaction history
Seattle School Dist No 1 Of King Cn · 1 yrs held
Seattle School Dist No 1 Of King Cn
since 2025
Last sale
$12.5M
7 recorded transactions
Zoning & alternative use
IG1 U/85 · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$19.9M
+45.6%
Retail stores
$19.4M
+41.9%
Apartment house (5+ units)
$17.1M
+25.5%
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
$12,835,000
ML approach
$8,125,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$13,640,000
Current use
AUTO REPAIR, GARAGE
$19,865,000
Change: +46% · Conversion: Easy
RETAIL STORES
$19,360,000
Change: +42% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$17,125,000
Change: +26% · Conversion: Difficult
OFFICE BUILDING
$17,060,000
Change: +25% · Conversion: Difficult
MEDICAL BUILDING
$16,600,000
Change: +22% · Conversion: Difficult
Blend value · Realmo final
$12.58M
Range $11.32M – $13.83M · ±10% · vs last sale $12.50M (Feb 28 2025)
Last sale anchor
$12.50M
Feb 28 2025
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
$260 / 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
$81,992
Tax year 2022
Assessed value
$8,475,900
Assessed 2022
Previous assessed
$8,475,900
+0.0% YoY
Effective rate
0.97%
On assessed value
Assessed land
$5,242,500
Assessed improvement
$3,233,400
Land market value
$5,242,500
Improvement market value
$3,233,400
Total market value
$8,475,900
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Total area
48,280 SF
Lot
1.6 ac (69,900 SF)
Zoning code
IG1 U/85
APN
766620-5550
UPID
US90-1727214
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
IG1 U/85 · Seattle, WA
Zoning IG1 U/85 · permitted uses
IG1 U/85 · 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
INDUSTRIAL (GENERAL) Current
Est. value
$13.6M
AUTO REPAIR, GARAGE
Est. value
$19.9M
RETAIL STORES
Est. value
$19.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$17.1M
OFFICE BUILDING
Est. value
$17.1M
MEDICAL BUILDING
Est. value
$16.6M
INDUSTRIAL (GENERAL) Current
AUTO REPAIR, GARAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
MEDICAL BUILDING
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
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Lot
1.6 ac
Current owner
From public records · entity-resolved
Seattle School Dist No 1 Of King Cn
Individual
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
17 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 28, 2025
$12,500,000
Seattle School Dist No 1 Of King Cn
Cref3 3rd Ave Owner LLC
Bargain & Sale Deed
—
Sep 9, 2022
—
Cref3 3rd Ave Owner LLC
—
Deed
related
$200,000,000 · Deutsche Bank National Trust Co
Jul 6, 2022
$15,800,000
Cref3 3rd Ave Owner LLC
Bel Tempo LLC
Warranty Deed
—
May 16, 2022
—
Predation LLC
14575 Innovation Drive Limited Part
Quit Claim Deed
related
—
Apr 14, 2022
—
Bel Tempo LLC
14575 Innovation Drive Limited Part
Quit Claim Deed
related
—
Apr 13, 2022
$3,422,747
Bel Tempo LLC
Predation LLC
Quit Claim Deed
related
—
Apr 11, 2022
—
Predation LLC
14575 Innovation Drive LP
Quit Claim Deed
related
—
Nov 4, 2020
—
Predation LLC
—
Deed
related
$3,500,000 · Wells Fargo Bank NA
Jul 13, 2020
$6,744,292
14575 Innovation Drive LP
Levelment LLC
Warranty Deed
—
Jun 23, 2020
—
Predation LLC
3223 Third Avenue South LP
Quit Claim Deed
related
—
Nov 8, 2019
—
Levelment LLC
3223 Third Avenue S LP
Quit Claim Deed
related
—
Sep 30, 2002
—
Third Ave South LP
South General Ptshp
Quit Claim Deed
related
—
Mar 25, 1999
—
Ave S Gp 3223 3rd
American Life INC
Quit Claim Deed
related
—
Mar 17, 1999
$2,700,000
American Life INC
Hanford Street Associates LLC
Trustees Deed
$1,350,000 · Hong Kong Bank Of Canada
Oct 16, 1996
$2,200,000
Hanford Street Associates LLC
Stratiner,philip & Joyce
Grant Deed
$1,600,000 · Seafirst Bank
—
—
3223 Third Avenue South
—
Deed Of Trust
related
$750,000 · Coastal Community Bank
—
—
3223 Third Avenue South
—
Deed Of Trust
related
$400,000 · Coastal Community Bank
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.
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