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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    500 Pike St Seattle, WA 98122-3885

    • Retail space
    • 24,476 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1555423
    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

    • Meet Korean BBQ / Barbecue Restaurant / Korean Restaurant
    • Auxiliary / Advertising Agency / Design Agency
    • Policy Masters Insurance WA / Insurance Agency
    • STUDS Capitol Hill / Ear Piercing Service / Jewelry Store
    • Prestige Insurance Solution Seattle / Insurance Agency

    Property Details for 500 Pike St

    Year built
    1924
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.23 lot acres
    Property size
    24,476 SF
    Zone code
    NC3P-75 (M)
    Property type
    Retail space
    APN
    880490-0865
    APU
    8804900865

    Description

    The Greenus Building, a beautifully renovated 3-story creative office and retail space at 500 E Pike St in Seattle's vibrant Pike Place Market area, offers 23,286 square feet of versatile commercial space. Built in 1917 and extensively renovated in 2014, this King County property boasts a unique blend of historic charm and modern functionality. Currently, 1,568 square feet of space is available for lease, including a single 2,883 square foot unit ideal for a variety of retail or office uses. The building's location within a thriving retail core provides excellent visibility and foot traffic. While on-site parking is not available, the building's proximity to downtown Seattle ensures easy access to public transportation and ample nearby parking options. The building is classified as multi-tenant and does not include elevators. This property presents a rare opportunity to establish a presence in a highly desirable and accessible Seattle location. A virtual tour is available online. The property is zoned for retail and office use, and also includes storage space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $555,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.325
    Latitude
    47.6143
    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
    $69,076
    $5,559,000
    $2,710,300
    $8,269,300
    -
    $5,559,000
    $2,710,300
    $8,269,300

    Comparable in this City

    • Value Estimation by Request
      23,987 SF

      1700 Broadway

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      1700 Broadway, Seattle, WA 98122-2414
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    • Value Estimation
      $440,000
      1,012 SF

      1706 Bellevue Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,012 SF
      1706 Bellevue Ave, Seattle, WA 98122-2017
      View Details
    • Value Estimation
      $2,005,000
      8,960 SF

      619 Pne St

      RETAIL STORES (PERSONAL SERVICES) • 8,960 SF
      619 Pne St, Seattle, WA 98122-2323
      View Details
    • Value Estimation
      $380,000
      495 SF

      929 19th Ave

      RETAIL STORES (PERSONAL SERVICES) • 495 SF
      929 19th Ave, Seattle, WA 98122-4725
      View Details
    • Value Estimation
      $370,000
      15,600 SF

      1508 11th Ave

      RETAIL STORES (PERSONAL SERVICES) • 15,600 SF
      1508 11th Ave, Seattle, WA 98122-3904
      View Details
    • Value Estimation
      $850,000
      21,600 SF

      1512 11th Ave

      RETAIL STORES (PERSONAL SERVICES) • 21,600 SF
      1512 11th Ave, Seattle, WA 98122-3904
      View Details

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    Similar Nearby for Lease

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      Georgetown Retail Space Available

      Second-generation retail space in historic Georgetown neighborhood for lease.
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      Retail Space in Seattle

      Retail space for lease in a busy Seattle location.
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    • $32 SF/Yr
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      Capitol Hill Retail Space Available

      Prime retail space in the Pike Pine Corridor.
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    • Contact for pricing
      3,580 SF

      Retail Space in Pike/Pine Corridor

      Retail space in a vibrant, high-traffic Seattle location.
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    • $40 SF/Yr
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      Retail and Restaurant Space Available

      Retail and restaurant spaces near Seattle University, available Summer 2024.
      452 12Th Ave, Seattle, WA 98122
      View Details
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    500 Pike St
    Seattle, WA 98122-3885
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    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
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