Entity Owned 
For Lease
1 / 2
Contact for pricing
408 N 35Th St, Seattle, WA 98103
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Property summary
AI-generated overview
A modern office space totaling 4,764 square feet features exposed beams, steel elements, and polished concrete finishes. The space is configured to support office use and includes options related to furniture, with existing furnishings potentially being transferable. In addition, an adjacent available suite provides 2,137 rentable square feet, allowing for the potential to occupy the combined 6,901 rentable square foot building.
Ownership intelligence
Who controls the opportunity?
Resolved identity, portfolio, hold profile and investor signals. Included in the full report.
Owner contacts
Can we reach the decision maker?
Skip-traced phones and e-mails of the owner. Included with the full report.
Mortgages
What is owed, to whom, and when it comes due
Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.
Property tax · 2022
What does the county charge?
$21k
Tax billed · 2022
Assessed value$2.46M
Assessed land$1.31M
Assessed improvement$1.14M
Effective rate0.87%
Value estimate
· Sep 2026$4.18M
$3.76M – $4.59M
AI approach$4.28M
CAP approach$2.83M
Sales comparison$2.72M
NOI build-up
Gross scheduled income$163k
Vacancy & credit loss−$11k
Operating expenses−$38k
NOI · 288,012.66% cap applied$114k
Realmo valuation models over county records and 8 qualifying comparable sales.
Recently sold
What actually traded nearby?
$396/SF
ZIP average, outlier-cleaned · 23 recorded sales of this use type
Observed band · Q1–Q3$243 – $575
Qualifying comparables8
Cap rate analysis
How does the asset earn?
288,012.66%
$114k estimated NOI · market benchmarks for this use type
Price anchors at 6 / 6.5 / 7% — in the full report.
Zoning insight
What can be built here?
IG2 U/65
JurisdictionKING
Location intelligence
Which uses thrive at this corner?
Best fit: Building Supply
Demand heat for this use is drawn on the map · LocInt grid
Demand index
Building Supply57.6
Auto Repair Shop49.3
Auto Parts Store45.5
Demand index: how under-served this business type is around this point — modeled from the LocInt grid (area demand vs. what already operates, adjusted by real visit traffic). Higher means stronger unmet demand.
Location
✓ County assessor
✓ Recorded deeds · 3 transfers
✓ 8 qualifying comp sales
✓ Zoning catalog
Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.
Comparables
6 recorded sales · 15 properties nearbyRecent sales nearby
6 recorded sales in this ZIP, last 8 years
Address
Sale price
Sold
Size
Sale prices and dates as our records hold them, one row per building. A deed can cover more of a building than the size shown, so read the price against the size rather than dividing one by the other.
Comparable nearby
6 properties of the same type nearby
Comparable nearby
Similar in This City for Sale
Similar Nearby for Lease
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks.A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 8 comparables with addresses
4 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$4.18M
Value range
$3.76M – $4.59M
±10% around blend
Estimated value / SF
$578 / SF
Confidence
High
8 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
80
Income certainty
100
$3.76M
blend $4.18M
$4.59M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
7,218 SF
Lot area
0.17 ac
Year built
1972
Stories
2
APN
197220-3460
Zoning
IG2 U/65
Assessed value · 2022
$2,456,700
Annual tax · 2022
$21,376
3
Income approach: direct capitalization
Partial preview
Income approach indication
$2.83M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$3.07M
@ 6.5% CAP return
$2.83M
@ 7% CAP return
$2.63M
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax · 2022
$21,376
Selected cap rate
4
Comparable sales
Partial preview
Comparables picked and weighted for this valuation. The Overview tab lists recorded sales nearby as our records hold them, unweighted and unselected, so the two do not have to agree.
Sales approach indication
$3.24M
Weighted, 8 comps · high confidence
Evidence
8 found · 6 selected
County-verified recorded sales
Comparable
Sale date
Sale price
$ / SF
1.7 mi away · 8,580 SF
2.5 mi away · 5,448 SF
10.9 mi away · 8,027 SF
15.5 mi away · 6,325 SF
16.6 mi away · 8,353 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$4.18M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)
Average
Subject delta
ZIP 23 sales
$396
+46%
Submarket 337 sales
$353
+64%
County 676 sales
$377
+53%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $578/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Retail Stores
Gross theoretical uplift
+91%
vs current use, $2.86M
Commercial (general)
Restaurant
Auto Repair, Garage
Office Building · current use
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
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
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.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 8 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
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Overview
Selected market yield
4.40%
Selected cap rate for this office buildings
Derived from the Seattle market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 4.40%
9.0%
NOI (est.)
$114k *
Last sale · Mar 2023
$4.50M
* 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$2.59M
Move the market yield to see immediate price impact.
Value / SF
$358
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
3.90%4.40%4.90%
$102k
$2.63M
$2.33M
$2.09M
$114k
$2.92M
$2.59M
$2.32M
$125k
$3.21M
$2.84M
$2.55M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
8 found
High confidence · county-verified
Closest comparable
$3.00M
0.5 mi · Oct 2025 · $332/SF
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Building & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
GAS
Cooling
AC.PACKAGE
Stories
2
Total area
7,218 SF
Lot
0.17 ac (7,500 SF)
Zoning code
IG2 U/65
APN
197220-3460
UPID
US90-1129703
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Property tax & assessments
Tax year 2022
Tax billed
$21,376
Assessed value
$2,456,700
Assessed 2022
Previous assessed
$2,456,700
+0.0% YoY
Effective rate
0.87%
On assessed value
Assessed land
$1,312,500
Assessed improvement
$1,144,200
Land market value
$1,312,500
Improvement market value
$1,144,200
Total market value
$2,456,700
Applied tax rate
10.0000
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
Jurisdiction
Seattle, WA
Recorded code
IG2 U/65
Codes and permitted uses for this address
Registration is required before the official district profile is shown.
Owner Contacts
Phones and e-mails of the people behind this property's owner, traced from licensed contact data.
Owner phones and e-mails come with the full report for this property - traced from licensed contact data, with verification and Do-Not-Call flags on every number.
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 · 30 · 300 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.
Mortgages · part of Ownership Intelligence
See what the owner owes, and when it comes due.
The mortgage data is behind the paid report: recorded loans of the owner - lender, amount, rate and the estimated maturity - as part of the Ownership Intelligence workspace.
What opens after registration
Ownership report
Recorded loansLender, amount and origination for every instrument
Estimated maturityWhen the debt comes due and the refi window opens
Rates & liensRecorded or estimated rate, junior liens flagged
CollateralWhich holding secures each loan - this property marked
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 · 30 · 300 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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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- Local Zoning Insight
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