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    3625 1St Ave S Seattle, WA 98134
    Property profile & analytics

    3625 1St Ave S, Seattle, WA 98134

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    • Refrigerated & Cold Storage
    • 60,708 SF
    • 4.59 lot acres
    For Lease
    $21,010,000
    View Listing →
    Seattle Secured Yard/Parking For Lease For Lease
    $21,010,000
    1,950 SF

    Seattle Secured Yard/Parking For Lease

    4.6 acres of paved, fenced, and lit yard/parking.

    3625 1st Avenue S, Seattle, WA 98134
    View Listing
    Property ID
    US90-1172027
    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.
    Value Estimations
    $21,010,000
    Cap Rate Potential
    3%
    Refrigerated & Cold Storage
    Location Intelligence

    Current Use by Public Records

    • Rainier Market Center / Warehouse & Storage
    • Four Points Transportation Llc / Trucking Company

    Property Details for 3625 1St Ave S

    Year built
    1943
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    4.59 lot acres
    Zone code
    IG1 U/85
    Property type
    Refrigerated & Cold Storage
    APN
    182404-9058
    APU
    1824049058

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 18, 2021 $22,000,000 Crp 3625 1st Ave Owner LLC Rainier Market Center LLC Bargain And Sale Deed —
    Aug 5, 2016 — Rainier Market Center LLC — Deed · related $150k · Columbia State Bank
    Mar 3, 2006 $4,139,436 Rainier Market Center LLC Rainier Ice & Cold Storage INC Warranty Deed $250k · Viking Bank
    Oct 28, 2002 — Rainier Ice & Cold Storage INC — Deed Of Trust · related $3M · Washington Mutual Fsb
    — — Rainier Ice & Cold Storage INC — Deed Of Trust · related $6M · Columbia State Bank
    — — Rainier Market Center LLC — Deed Of Trust · related $753k · Viking Bank
    — — Rainier Market Center LLC — Deed Of Trust · related $5.5M · Columbia State Bank
    — — Rainier Market Center LLC — Deed Of Trust · related $5.6M · Viking Bank
    — — Rainier Market Center LLC — Deed Of Trust · related $2.8M · Viking Bank
    — — Rainier Market Center LLC — Deed Of Trust · related $2.8M · Viking Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $21,915,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $18,119,000
      Market price range: $8.43M - $25.2M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $17,710,000
      Current use
      RESTAURANT
      $31,860,000
      Change: +80% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $30,720,000
      Change: +73% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $24,975,000
      Change: +41% Conversion: Easy
      RETAIL STORES
      $24,345,000
      Change: +37% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $21,530,000
      Change: +22% Conversion: Difficult
      OFFICE BUILDING
      $21,455,000
      Change: +21% Conversion: Difficult
      MEDICAL BUILDING
      $20,875,000
      Change: +18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.336
    Latitude
    47.57
    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
    $141,843
    $10,995,300
    $1,837,700
    $12,833,000
    -
    $10,995,300
    $1,837,700
    $12,833,000

    Comparable in this City

    • Value Estimation
      $3,255,000
      27,263 SF

      4604 4th S Ave

      COLD STORAGE
      4604 4th S Ave, Seattle, WA 98134-2330
      View Details
    • Value Estimation
      $1,000,000
      5,820 SF

      3423 Klickitat SW Ave

      WAREHOUSE, STORAGE
      3423 Klickitat SW Ave, Seattle, WA 98134
      View Details
    • Value Estimation
      $2,385,000
      14,146 SF

      3633 Marginal S Way

      WAREHOUSE, STORAGE
      3633 Marginal S Way, Seattle, WA 98134-1131
      View Details
    • Value Estimation
      $24,125,000
      150,841 SF

      5801 Marginal S Way

      WAREHOUSE, STORAGE
      5801 Marginal S Way, Seattle, WA 98134-2413
      View Details
    • Value Estimation
      $1,775,000
      11,603 SF

      2201 6th S Ave

      WAREHOUSE, STORAGE
      2201 6th S Ave, Seattle, WA 98134-2060
      View Details
    • Value Estimation
      $1,060,000
      10,670 SF

      3412 4th S Ave

      WAREHOUSE, STORAGE
      3412 4th S Ave, Seattle, WA 98134-1905
      View Details

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      Seattle Industrial Building with Yard

      24,000 SF industrial building with secured storage and parking.
      3663 1St Ave South, Seattle, WA 98134
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      Seattle Industrial Building with Yard

      24,000 SF industrial building with freeway access and parking.
      3663 1St Ave South, Seattle, WA 98134
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      Warehouse and Office Space Available

      Warehouse and office space with high traffic visibility.
      1922 Airport Way S, Seattle, WA 98134
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    • Contact for pricing
      1,500 SF

      Industrial Property in Seattle Available

      Industrial property featuring 1500 square feet in Seattle, Washington.
      920-1762 S Holgate St, Seattle, WA 98134
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    Similar Nearby for Lease

    • $10,850 /Mo
      9,435 SF

      Industrial Building with Office Space

      Industrial building featuring warehouse and office space for lease.
      3314 4Th Ave S, Seattle, WA 98134
      View Details
    • $88,387
      73,656 SF

      Large Warehouse Space Near Stadiums

      Divisible warehouse space in Seattle's Sodo district, near stadiums.
      1750 Occidental Ave S, Seattle, WA 98134
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    • Contact for pricing

      SODO Cross Dock Warehouse

      21,580 SF cross-dock warehouse with truck yard.
      2326 Airport Way S, Seattle, WA 98134
      View Details
    • $2,924 /Mo
      2,339 SF

      Industrial Warehouse Space Available

      Industrial warehouse space for lease near SODO light rail.
      624 Lander St, Seattle, WA 98134
      View Details
    • $30,000
      24,000 SF

      24,000 SF Warehouse Available

      24,000 SF warehouse with secured storage and freeway access.
      3663 1St Ave S, Seattle, WA 98134
      View Details
    • $12,400 /Mo
      6,200 SF

      Industrial/Flex Space with Office

      Industrial/Flex space featuring freight elevator and divisible office space.
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    View Listing
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    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.

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