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    Property profile & analytics

    3421 Rainier Ave Seattle, WA 98144

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0198947
    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

    • Commercial real estate

    Property Details for 3421 Rainier Ave

    Property type
    Commercial real estate
    APN
    128230-1410

    Description

    This exceptional 7,200 sq ft development site, located at 3421 Rainier Ave S, Seattle, WA 98144 (APN 128230-1410), presents a fully permitted opportunity for a 69-unit multifamily project. Zoned C1-75, the site is fully shovel-ready, with a building permit already issued. The approved plans include 69 residential units and 763 square feet of commercial space. A significant advantage is the exemption from Mandatory Housing Affordability (MHA) requirements and fees. This prime location offers convenient access to public transportation, being less than a 10-minute walk from the Mount Baker Light Rail Station, providing easy connectivity throughout Seattle, including SeaTac Airport, Downtown Seattle, the University of Washington, and Northgate. The surrounding area boasts a strong economic profile, with Seattle's average household income at $171,000 and a median household income exceeding $115,000. The median home value in the 98144 zip code is $831,008, indicating a robust and desirable market for this development. This is a rare opportunity to capitalize on a fully permitted, shovel-ready project in a high-demand Seattle location. The asking price is $1,895,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.2938517
    Latitude
    47.572248

    Comparable in this City

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      Seattle Multifamily Property For Sale

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      Beacon Hill Apartment Community

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    • $3,495,000
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      Mixed-Use Building Near Light Rail

      Mixed-use building with value-add potential near Mt. Baker.
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    Similar Nearby for Sale

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      2,810 SF

      Beacon Hill Development Opportunity

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      1306 S Bayview St, Seattle, WA 98144
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    • $1,000,000
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      Mixed-Use Building in Growing Neighborhood

      Five-unit building with retail and residential spaces in Seattle, WA.
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      Renovated Multifamily Asset in Seattle

      16-unit apartment building in Beacon Hill, renovated in 2016.
      2350 Beacon Ave S, Seattle, WA 98144
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    • $4,700,000

      Seattle Multifamily Property For Sale

      17-unit multifamily property in Seattle's North Beacon Hill neighborhood.
      1401 S Holgate St, Seattle, WA 98144
      View Details
    • $2,000,000
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      Beacon Hill Apartment Community

      Nine-unit apartment community in Seattle's Beacon Hill neighborhood.
      1746 S Hanford St, Seattle, WA 98144
      View Details
    • $3,495,000
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      Mixed-Use Building Near Light Rail

      Mixed-use building with value-add potential near Mt. Baker.
      3208 Rainier Ave S, Seattle, WA 98144
      View Details

    Similar Nearby for Lease

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      Grand Street Commons Retail Spaces

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      Mount Baker Ridge Office Building

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      Restaurant Space in New Building

      New construction restaurant space available Q1 2026.
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      Retail Space with Type 1 Venting

      Retail space suitable for creative uses, cafe, or restaurant.
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      Retail Space at Arlo Apartments

      Retail space available at the base of Arlo Apartments.
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    3421 Rainier Ave
    Seattle, WA 98144
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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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