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Property profile & analytics
FOR LEASE
Medical Office Space
500 Fairview Ave N Seattle, WA 98109
Entity Owned
11-yr Hold
Free & Clear
Property ID
US90-0878421
For Lease
1 / 6
$34,690,000
500 Fairview Ave N, Seattle, WA 98109
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2015
Construction
STEEL FRAME
Total area
167,201 SF
Lot
0.49 ac (21,240 SF)
Zoning code
SM-SLU 175/85-280
APN
786350-0040
UPID
US90-0878421
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
-
Fairview Research Center Research Institute
-
500 Fairview Ave N Parking Parking Lot & Garage
-
Mozart Therapeutics Corporate Office
-
Local Coffee Spot - South Lake Union Cafe & Coffee Shop
-
Viraat's Dhaba Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$36.98M
Comparable Approach
Comparable
$22.93M
Blend (final)
Blend
$34.69M
Owner & transaction history
City Of Seattle · 11 yrs held
City Of Seattle
since 2015
7 recorded transactions
Zoning & alternative use
SM-SLU 175/85-280 · Seattle, WA
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$40,055,000
6.5%
$36,975,000
7%
$34,335,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$57,490,000
Current use
WAREHOUSE, STORAGE
$49,390,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$34.69M
Range $31.22M – $38.16M · ±10%
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
$207 / 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
$735,570
Tax year 2022
Assessed value
$90,105,000
Assessed 2022
Previous assessed
$90,105,000
+0.0% YoY
Effective rate
0.82%
On assessed value
Assessed land
$16,461,000
Assessed improvement
$73,644,000
Land market value
$16,461,000
Improvement market value
$73,644,000
Total market value
$90,105,000
Applied tax rate
11.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2015
Construction
STEEL FRAME
Heating
CENTRAL
Stories
7
Total area
167,201 SF
Lot
0.49 ac (21,240 SF)
Zoning code
SM-SLU 175/85-280
APN
786350-0040
UPID
US90-0878421
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
SM-SLU 175/85-280 · Seattle, WAZoning SM-SLU 175/85-280 · permitted uses
SM-SLU 175/85-280 · 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
MEDICAL BUILDING Current
Est. value
$57.5M
WAREHOUSE, STORAGE
Est. value
$49.4M
MEDICAL BUILDING Current
WAREHOUSE, STORAGE
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
2015
Construction
STEEL FRAME
Heating
CENTRAL
Stories
7
Lot
0.49 ac
Current owner
From public records · entity-resolved
City Of Seattle
Entity
Free & Clear · 11 yrs held
Mailing address
PO BOX 847, CARLSBAD, CA 92018-0847
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 7, 2025
—
Bmr 500 Fair View Avenue LLC
—
Deed
related
$1,530,000 · German American Capital Corp
May 15, 2018
—
Bmr-500 Fairview Avenue LLC
—
Deed
related
—
May 11, 2017
—
Bmr-500 Fairviewe Avenue LLC
—
Deed
related
—
Jan 13, 2015
—
City Of Seattle
Nelchina Point LP
Grant Deed
—
Jan 28, 2008
$3,900,000
Bmr-500 Fairview Avenue LLC
Nelchina Point
Warranty Deed
—
Jan 14, 2005
$5,700,000
Nelchina Point
Msi Triangle LLC
Grant Deed
—
Mar 27, 2003
$4,800,000
Uan LLC
500 Fairview LLC
Grant Deed
$3,200,000 · Wells Fargo Bank
Jun 22, 1999
$59,630,000
500 Fairview LLC
Yuasa Funashoku Co Ltd
Grant Deed
$2,500,000 · Fremont Investment & Loan
Jan 26, 1990
—
Yuasa Funashoku America INC
Seattle First NA
Grant Deed
related
—
—
—
Bmr-500 Fairviewe Avenue LLC
—
Deed Of Trust
related
—
—
—
Bmr-500 Fairview Avenue LLC
—
Deed Of Trust
related
—
—
—
Nelchina Point LP
—
Deed Of Trust
related
$2,000,000 · Minnesota Life Insurance 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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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