Entity Owned 
For Lease
Contact for pricing
502 2Nd Ave, Seattle, WA 98104
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Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1912
Construction
CONCRETE
Total area
304,346 SF
Lot
0.28 ac (12,121 SF)
Zoning code
PSM-245
APN
093900-0060
UPID
US90-1079473
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$137.87M
CAP Approach
CAP
$87.68M
Comparable Approach
Comparable
$176.11M
Blend (final)
Blend
$137.87M
Owner & transaction history
since 2024
Last sale
$137.9M
7 recorded transactions
Zoning & alternative use
PSM-245 · Seattle, WA
Zoning description
This district promotes mixed uses to those areas which lie within the Pioneer Square Preservation District, north of those areas predominantly in manufacturing and industrial use and not contained within the Internationa…
General category
MIXED_USE
Top alternative use upside
Restaurant
$159.7M
+48.5%
Commercial (general)
$154.0M
+43.2%
Auto repair, garage
$125.2M
+16.4%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
17% off on annual
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
8 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$137.87M
Value range
$124.08M – $151.66M
±10% around blend
Estimated value / SF
$453 / SF
Confidence
Property data
100
Market benchmarks
67
Comparable evidence
60
Income certainty
100
$124.08M
blend $137.87M
$151.66M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
304,346 SF
Lot area
0.28 ac
Year built
1912
Stories
37
APN
093900-0060
Zoning
PSM-245
Assessed value
$130,169,000
Annual tax
$1,059,129
3
Income approach: direct capitalization
Partial preview
Income approach indication
$87.68M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$94.99M
@ 6.5% CAP return
$87.68M
@ 7% CAP return
$81.42M
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
$1,059,129
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$176.11M
Range $62.54M – $176.11M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$137.87M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 337 sales
$353
+28%
County 676 sales
$377
+20%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $453/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Restaurant
Gross theoretical uplift
+49%
vs current-use indication
Commercial (general)
Auto Repair, Garage
Retail Stores
Apartment House (5+ Units)
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.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Selected market yield
4.10%
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 · 4.10%
9.0%
NOI (est.)
$40k *
Last sale · Aug 2024
$137.87M
* 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$986k
Move the market yield to see immediate price impact.
Value / SF
$3
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
3.60%4.10%4.60%
$36k
$1.01M
$887k
$791k
$40k
$1.12M
$986k
$879k
$44k
$1.23M
$1.08M
$966k
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$1,059,129
Tax year 2022
Assessed value
$130,169,000
Assessed 2022
Previous assessed
$130,169,000
+0.0% YoY
Effective rate
0.81%
On assessed value
Assessed land
$8,424,000
Assessed improvement
$121,745,000
Land market value
$8,424,000
Improvement market value
$121,745,000
Total market value
$130,169,000
Applied tax rate
11.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1912
Construction
CONCRETE
Heating
HOT WATER
Cooling
AC.CHILLED WATER
Stories
37
Total area
304,346 SF
Lot
0.28 ac (12,121 SF)
Zoning code
PSM-245
APN
093900-0060
UPID
US90-1079473
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
PSM-245 · Seattle, WAZoning PSM-245 · permitted uses
PSM-245 · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Zoning description
This district promotes mixed uses to those areas which lie within the Pioneer Square Preservation District, north of those areas predominantly in manufacturing and industrial use and not contained within the Internationa…
General category
MIXED_USE
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1912
Construction
CONCRETE
Heating
HOT WATER
Cooling
Yes
Stories
37
Lot
0.28 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Matched to the official district catalog
PSM-245
MIXED_USE
Jurisdiction
Seattle, WA
Recorded code
PSM-245
Official district
PSM-245
Official district profile
What the municipal code says about PSM-245
Zoning description
This district promotes mixed uses to those areas which lie within the Pioneer Square Preservation District, north of those areas predominantly in manufacturing and industrial use and not contained within the Internationa…
General category
MIXED_USE
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for PSM-245 in Seattle, WA.
What opens after registration
Zoning profile
Official descriptionThe district text from the municipal code
District factsZone name, category and district area
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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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 · 5 · 30 · 100 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.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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