Refrigerated & Cold Storage
Entity Owned
5-yr Hold
~
Est. High Equity
Entity Owned 
For Lease
Contact for pricing
3625 1st S Ave, Seattle, WA 98134-2201
View Listing →
Property profile
Verified
Property type
Refrigerated & Cold Storage
Use group
COLD STORAGE
Year built
1943
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
60,708 SF
Lot
4.59 ac (199,916 SF)
Zoning code
IG1 U/85
APN
182404-9058
UPID
US90-1172027
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
-
Warehouse & Storage
-
Trucking Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$18.12M
Blend (final)
Blend
$21.01M
Owner & transaction history
since 2021
Last sale
$22.0M
7 recorded transactions
Zoning & alternative use
IG1 U/85 · Seattle, WA
Top alternative use upside
Restaurant
$31.9M
+79.9%
Commercial (general)
$30.7M
+73.5%
Auto repair, garage
$25.0M
+41.0%
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.
17% off on annual
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
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$21.01M
Value range
$18.91M – $23.11M
±10% around blend
Estimated value / SF
$346 / SF
Confidence
High
5 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
50
$18.91M
blend $21.01M
$23.11M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
60,708 SF
Lot area
4.59 ac
Year built
1943
Stories
1
APN
182404-9058
Assessed value
$12,833,000
Annual tax
$141,843
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$12.45M
Weighted, 5 comps · high confidence
Evidence
5 found · 5 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
8.2 mi away · 75,000 SF
10.5 mi away · 72,500 SF
16.1 mi away · 65,725 SF
19.6 mi away · 50,900 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$21.01M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 43 sales
$292
+19%
Submarket 209 sales
$295
+17%
County 375 sales
$287
+21%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $346/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
+80%
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
3.00%
Implied, in-place cap rate for this refrigerated & cold storage
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 · 3.00%
9.0%
NOI (est.)
$1.54M *
Last sale · Jun 2021
$22.00M
* 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$51.33M
Move the market yield to see immediate price impact.
Value / SF
$846
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
2.50%3.00%3.50%
$1.39M
$55.44M
$46.20M
$39.60M
$1.54M
$61.60M
$51.33M
$44.00M
$1.69M
$67.76M
$56.47M
$48.40M
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
$9.80M
6.8 mi · Sep 2025 · $161/SF
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$141,843
Tax year 2022
Assessed value
$12,833,000
Assessed 2022
Previous assessed
$12,833,000
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$10,995,300
Assessed improvement
$1,837,700
Land market value
$10,995,300
Improvement market value
$1,837,700
Total market value
$12,833,000
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
Refrigerated & Cold Storage
Use group
COLD STORAGE
Status
For Lease
Year built
1943
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Cooling
REFRIGERATOR
Buildings
3
Stories
1
Total area
60,708 SF
Lot
4.59 ac (199,916 SF)
Zoning code
IG1 U/85
APN
182404-9058
UPID
US90-1172027
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
IG1 U/85 · Seattle, WAZoning IG1 U/85 · permitted uses
IG1 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
1943
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Cooling
Yes
Stories
1
Buildings
3
Lot
4.59 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
IG1 U/85
Jurisdiction
Seattle, WA
Recorded code
IG1 U/85
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for IG1 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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