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Property profile & analytics
OFF-MARKET
Estimated value
$1,580,000
Showrooms
509 Northlake Way Seattle, WA 98105-6832
Entity Owned
10-yr Hold
Free & Clear
Property ID
US90-0951513
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1954
Construction
STEEL FRAME
Total area
11,352 SF
Lot
0.4 ac (17,207 SF)
Zoning code
IB U/45
APN
408880-1510
UPID
US90-0951513
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
-
Chihuly Boathouse (Closed to Public) Art Studio Event Venue
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.58M
Owner & transaction history
North Passage LLC · 10 yrs held
North Passage LLC
since 2016
5 recorded transactions
Zoning & alternative use
IB U/45 · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$139 / 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
$28,211
Tax year 2022
Assessed value
$3,073,500
Assessed 2022
Previous assessed
$3,073,500
+0.0% YoY
Effective rate
0.92%
On assessed value
Assessed land
$2,236,900
Assessed improvement
$836,600
Land market value
$2,236,900
Improvement market value
$836,600
Total market value
$3,073,500
Applied tax rate
10.0000
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
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1954
Construction
STEEL FRAME
Heating
FORCED AIR
Stories
2
Total area
11,352 SF
Lot
0.4 ac (17,207 SF)
Zoning code
IB U/45
APN
408880-1510
UPID
US90-0951513
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
IB U/45 · Seattle, WA
Zoning IB U/45 · permitted uses
IB U/45 · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Seattle. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1954
Construction
STEEL FRAME
Heating
FORCED AIR
Stories
2
Lot
0.4 ac
Current owner
From public records · entity-resolved
North Passage LLC
Entity
Free & Clear · 10 yrs held
Mailing address
1111 NW 50TH ST, SEATTLE, WA 98107-5120
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 29, 2016
—
North Passage LLC
Chihuly Dale Living Trust
Quit Claim Deed
related
—
Mar 17, 2004
—
Chihuly,tr
Chihuly,dale
Quit Claim Deed
related
—
Jul 30, 1991
—
Dale Chihuly
Chihuly,sylvia P
Quit Claim Deed
related
—
Oct 17, 1989
$650,000
Dale Chihuly
509 Northlake
Grant Deed
$403,000 · Us Bank Of Washington
—
—
Dale P Chihuly
—
Deed Of Trust
related
$1,000,000 · Seattle-first National Bank
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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