Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4329 University Way Northeast Seattle, WA 98105

    • Theaters & concert halls
    • 10,169 SF
    • 0.09 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1282257
    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

    • The Varsity Theatre / Movie Theater

    Property Details for 4329 University Way Northeast

    Year built
    1921
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.09 lot acres
    Property size
    10,169 SF
    Zone code
    NC3P-65
    Property type
    Theaters & concert halls
    APN
    114200-0145
    APU
    1142000145

    Description

    This exceptional 10,169 square foot retail property, known as the Varsity Theater, presents a unique investment opportunity in the vibrant Seattle, Washington market. Located at 4329 University Way NE, in the heart of King County, this single-tenant space offers significant potential for a variety of retail uses. The building's substantial size provides ample room for creative adaptation and expansion. The property's classification as a theater suggests a rich history and potential for a unique retail experience. Its prime location in Seattle's dynamic University District offers high visibility and accessibility, attracting a diverse customer base. The address, 4329 University Way NE, zip code 98105, places the property within a thriving commercial corridor, benefiting from high foot traffic and proximity to various amenities. This single-tenant occupancy provides a streamlined management structure, making it an attractive option for both established businesses and ambitious entrepreneurs. The property's size and location make it an ideal candidate for a variety of retail concepts, from entertainment venues to specialty stores. Further investigation into the property's history and zoning regulations is encouraged to fully assess its potential. This is a rare opportunity to acquire a substantial retail space in a highly desirable Seattle location. The property is categorized as retail, with a subtype of theater, offering a unique blend of historical character and modern commercial potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.313
    Latitude
    47.6607
    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
    $16,755
    $1,648,000
    $317,900
    $1,965,900
    -
    $1,648,000
    $317,900
    $1,965,900

    Comparable in this City

    • Value Estimation by Request
      9,050 SF

      5325 Ravenna NE Pl

      STADIUM • 9,050 SF
      5325 Ravenna NE Pl, Seattle, WA 98105-3292
      View Details
    • Value Estimation by Request
      10,100 SF

      4270-4280 50Th St

      Multifamily properties • 10,100 SF
      4270-4280 50Th St, Seattle, WA 98105
      View Details
    • Value Estimation by Request
      0.77 Acres

      4323 Roosevelt NE Way

      PARKING LOT • 0.77 Acres
      4323 Roosevelt NE Way, Seattle, WA 98105-4717
      View Details
    • Value Estimation by Request
      0.18 Acres

      4550 Un Bay NE Pl

      VACANT COMMERCIAL LAND • 0.18 Acres
      4550 Un Bay NE Pl, Seattle, WA 98105-4025
      View Details
    • Value Estimation by Request
      0.35 Acres

      3831 4th NE Ave

      VACANT COMMERCIAL LAND • 0.35 Acres
      3831 4th NE Ave, Seattle, WA 98105-6808
      View Details
    • Value Estimation by Request
      0.11 Acres

      3418 35th NE Ave

      PARKING LOT • 0.11 Acres
      3418 35th NE Ave, Seattle, WA 98105
      View Details

    Similar Nearby for Sale

    • $190,000

      Iconic Seattle Shoe Store Business

      Turnkey shoe store business with inventory in Seattle's University District.
      4303 University Way, Seattle, WA 98105
      View Details
    • $1,800,000

      U-District Corner Lot For Sale

      Prime corner lot near University of Washington and light rail.
      4301 11Th Ave NE, Seattle, WA 98105
      View Details
    • $1,399,000

      Updated Office Building in Wallingford

      Updated commercial office building in Wallingford, ideal for owner-users.
      4510 Thackeray Pl NE, Seattle, WA 98105
      View Details
    • $1,900,000
      4,331 SF

      Classic Ravenna Apartment Building Investment

      Well-maintained 8-unit apartment building near University of Washington.
      5703 18Th Ave NE, Seattle, WA 98105
      View Details
    • $3,350,000

      Seattle Multifamily Investment Near UW

      Investment opportunity near the University of Washington in Seattle.
      5263 15Th Ave NE, Seattle, WA 98105
      View Details
    • $4,495,000
      10,100 SF

      Upscale Townhome Portfolio Near Hospital

      Five townhomes in prime location near Seattle Children’s Hospital.
      4270 50Th St, Seattle, WA 98105
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,169 SF

      Varsity Theater Space for Rent

      Theater space with large auditorium in high-traffic area.
      4329 University Way Northeast, Seattle, WA 98105
      View Details
    • $23 SF/Yr
      1,015 SF

      Seattle Office Space For Rent

      Office space available for lease in Seattle, Washington.
      2900 NE Blakeley St, Seattle, WA 98105
      View Details
    • Contact for pricing
      2,251 SF

      Medical Space with Plaza Access

      Second-generation medical space with treatment rooms and signage opportunities.
      4915 25Th Ave Northeast, Seattle, WA 98105
      View Details
    • $25 SF/Yr
      17,124 SF

      Prime Seattle Retail Space

      17,124 SF Vacant Retail Space
      809 45Th St, Seattle, WA 98105
      View Details
    • $33 SF/Yr
      6,172 SF

      Seattle Office Space Available

      6,172 SF office space for rent in Seattle.
      1107 NE 45Th St, Seattle, WA 98105
      View Details
    • $253 SF/Yr
      19,659 SF

      University District Office/Retail Space

      Located in the U-District, suitable for offices or retail.
      4515 University Way NE, Seattle, WA 98105
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    4329 University Way Northeast
    Seattle, WA 98105
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.