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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3601 NE 123Rd St Seattle, WA 98125

    • Residential income homes
    • 5,798 SF
    • 0.48 lot acres
    For Lease
    View listing
    $10,000 /Mo
    Last Sale
    Aug 26, 2020
    $1,325,600
    Value Estimations
    $1,325,000
    Cap Rate Potential
    8%
    Residential income homes
    Location Intelligence
    Property ID
    US90-1757818
    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

    • Casa de los Amigos #2 / Sheltered Housing

    Property Details for 3601 NE 123Rd St

    Year built
    1967
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.48 lot acres
    Property size
    5,798 SF
    Zone code
    NR2
    Property type
    Residential income homes
    Property subtype
    Serviced apartments
    APN
    882090-1135
    APU
    8820901135

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,290,000
      ML approach
      $1,310,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,715,000
      6.5%
      $1,580,000
      7%
      $1,470,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,287,000
      Market price range: $1.29M - $2.71M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,055,000
      Current use
      OFFICE BUILDING
      $2,050,000
      Change: -0% Conversion: Moderate
      MEDICAL BUILDING
      $1,995,000
      Change: -3% Conversion: Moderate
      WAREHOUSE, STORAGE
      $1,715,000
      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
    -122.289
    Latitude
    47.7171
    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
    $11,628
    $689,400
    $635,200
    $1,324,600
    -
    $689,400
    $635,200
    $1,324,600

    Comparable in this City

    • Value Estimation
      $330,000
      2,200 SF

      11303 9th NE Ave

      BOARDING/ROOMING HOUSE • 2,200 SF
      11303 9th NE Ave, Seattle, WA 98125-6209
      View Details
    • Value Estimation by Request
      45,579 SF

      12000 15Th Ave

      Multifamily properties • 45,579 SF
      12000 15Th Ave, Seattle, WA 98125
      View Details
    • Value Estimation by Request
      171,896 SF

      10712 5Th Ave

      Multifamily properties • 171,896 SF
      10712 5Th Ave, Seattle, WA 98125
      View Details
    • Value Estimation
      $835,000
      48,510 SF

      12300 31st NE Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 48,510 SF
      12300 31st NE Ave, Seattle, WA 98125-5555
      View Details
    • Value Estimation
      $380,000
      2,016 SF

      12518 Lk City NE Way, Unit 12522

      OFFICE/RESIDENTIAL (MIXED USE) • 2,016 SF
      12518 Lk City NE Way, Seattle, WA 98125-4425
      View Details
    • Value Estimation
      $360,000
      0.49 Acres

      10223 Lk City NE Way

      OFFICE/RESIDENTIAL (MIXED USE) • 0.49 Acres
      10223 Lk City NE Way, Seattle, WA 98125-7735
      View Details

    Similar Nearby for Sale

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      Grand property with potential for multiple units near amenities.
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      Development project with permits for 18-unit apartment in Seattle.
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      Mixed-use property with high occupancy in a prime Seattle location.
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      Light-filled 2 bed, 2 bath condo in desirable Seattle neighborhood.
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    Similar Nearby for Lease

    • $26 SF/Yr
      5,421 SF

      Lake City Office Space Available

      1,850 sq ft Office in Seattle, WA
      3327 125Th St, Seattle, WA 98125
      View Details
    • $4 SF/Yr
      6,249 SF

      Seattle Office Space for Lease

      Flexible Offices in Prime Location
      10202 5Th Ave, Seattle, WA 98125
      View Details
    • $20 SF/Yr
      1,651 SF

      Villa Flora Commercial Space

      Ground-floor commercial space in North Seattle's vibrant Pinehurst neighborhood.
      12317 15Th Ave NE, Seattle, WA 98125
      View Details
    • $35 SF/Yr
      7,200 SF

      Retail Space Near Light Rail

      Retail space with ample parking near Northgate Light Rail.
      550 NE Northgate Way, Seattle, WA 98125
      View Details
    • $25 SF/Yr
      2,500 SF

      Seattle Office Space For Rent

      2500 square feet of office space available for lease.
      13500 Lake City Way NE, Seattle, WA 98125
      View Details
    • $20 SF/Yr
      2,423 SF

      Retail and Office Leasing Opportunity

      Retail and office spaces available along Lake City Way NE.
      10215-10223 Lake City Way NE, Seattle, WA 98125
      View Details
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    Seattle, WA 98125
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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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