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Property profile & analytics
OFF-MARKET
Estimated value
$60,050,000
Distribution centers
3800 1st S Ave Seattle, WA 98134-2235
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US90-1693122
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
174,227 SF
Lot
4.39 ac (191,300 SF)
Zoning code
IG1 U/85
APN
617290-0005
UPID
US90-1693122
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
-
Farmbox Greens Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$53.27M
Blend (final)
Blend
$60.05M
Owner & transaction history
Triple B Ventures LLC · 5 yrs held
Triple B Ventures LLC
since 2021
Last sale
$72.6M
7 recorded transactions
Zoning & alternative use
IG1 U/85 · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Municipal Code
Top alternative use upside
Restaurant
$91.4M
+79.9%
Commercial (general)
$88.2M
+73.5%
Auto repair, garage
$71.7M
+41.0%
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
$72,330,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$50,825,000
Current use
RESTAURANT
$91,430,000
Change: +80% · Conversion: Difficult
COMMERCIAL (GENERAL)
$88,160,000
Change: +73% · Conversion: Difficult
AUTO REPAIR, GARAGE
$71,680,000
Change: +41% · Conversion: Easy
RETAIL STORES
$69,865,000
Change: +37% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$61,790,000
Change: +22% · Conversion: Difficult
OFFICE BUILDING
$61,570,000
Change: +21% · Conversion: Difficult
MEDICAL BUILDING
$59,910,000
Change: +18% · Conversion: Difficult
Blend value · Realmo final
$60.05M
Range $54.05M – $66.06M · ±10% · vs last sale $72.60M (Jan 8 2021)
Last sale anchor
$72.60M
Jan 8 2021
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
$345 / 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
$342,350
Tax year 2022
Assessed value
$37,729,100
Assessed 2022
Previous assessed
$37,729,100
+0.0% YoY
Effective rate
0.91%
On assessed value
Assessed land
$10,521,500
Assessed improvement
$27,207,600
Land market value
$10,521,500
Improvement market value
$27,207,600
Total market value
$37,729,100
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1968
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Total area
174,227 SF
Lot
4.39 ac (191,300 SF)
Zoning code
IG1 U/85
APN
617290-0005
UPID
US90-1693122
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
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Municipal Code
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$50.8M
RESTAURANT
Est. value
$91.4M
COMMERCIAL (GENERAL)
Est. value
$88.2M
AUTO REPAIR, GARAGE
Est. value
$71.7M
RETAIL STORES
Est. value
$69.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$61.8M
OFFICE BUILDING
Est. value
$61.6M
MEDICAL BUILDING
Est. value
$59.9M
WAREHOUSE, STORAGE Current
RESTAURANT
COMMERCIAL (GENERAL)
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
4.39 ac
Current owner
From public records · entity-resolved
Triple B Ventures LLC
Entity
Mailing address
4103 2ND AVE S, SEATTLE, WA 98134-2305
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 8, 2021
$72,600,000
Triple B Ventures LLC
Lipt Spokane Street LLC
Re-recorded Document
related
$71,680,000 · Key Bank NA
Dec 18, 2013
$38,700,000
Lipt Spokane Street LLC
Musref Spokane Street LP
Grant Deed
—
Mar 31, 2006
$33,450,000
Musref Spokane Street
Schnitzer Investment Corp
Grant Deed
$23,536,822 · Metzler Us R/e Fund Gmbh & Co
Apr 4, 1997
—
Schnitzer Investment Corp
—
Deed Of Trust
related
$20,000,000 · Prudential Insurance Of Americ
Oct 1, 1996
$8,000,000
Schnitzer Investment Corp
Warn/williams Associates LP
Grant Deed
—
Nov 2, 1990
$4,500,000
Warn/williams Associates
Sea-pac Sales Co
Grant Deed
$4,500,000 · Security Pacific National Bank
—
—
Lipt Spokane Street LLC
—
Deed Of Trust
related
$19,500,000 · Jackson National Life Ins Co
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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