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    Property profile & analytics

    568 1St Ave Seattle, WA 98104

    • Office buildings
    • 75,288 SF
    • 0.25 lot acres
    For Lease
    View listing
    Value Estimations
    $885,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1328359
    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

    • Freeman / Audio Visual Equipment Supplier / Audiovisual Equipment Rental Service
    • Ideoclick / Software Company
    • Committee For Children / Social Services Organization
    • Head2Head / Software Company
    • Silver Fox Productions Inc / Graphic Designer

    Property Details for 568 1St Ave

    Year built
    1909
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.25 lot acres
    Property size
    75,288 SF
    Zone code
    PSM-85-120
    Property type
    Office buildings
    APN
    766620-6871
    APU
    7666206871

    Description

    The Provident Building, a beautifully renovated 1910 structure located at 568 1st Avenue South in Seattle's Pioneer Square Preservation District, offers exceptional creative office space. This six-story building, totaling 59,354 square feet, underwent a complete renovation in 2000, seamlessly blending historic charm with modern functionality. The building features one building with multiple tenants and boasts a range of desirable amenities, including secure key access, below-grade parking, tenant shower facilities, and convenient bicycle parking. Enjoy breathtaking views from the rooftop deck, overlooking Elliott Bay and the vibrant SoDo neighborhood. Located in the heart of SoDo, this Class B office building provides unparalleled connectivity. It's a short walk (six minutes) to King Street Station, offering easy access to public transportation. Major freeways (I-5 and I-90) are less than five minutes away, ensuring effortless commutes. The building's prime location places it just a mile from the Seattle Waterfront and Downtown Seattle, and directly across from Lumen Field. The surrounding area is experiencing significant growth, with new residential, retail, and hotel developments adding to the dynamic atmosphere. Currently, there are four available office spaces ranging from 7,449 to 10,305 square feet. This building presents a unique opportunity to secure premier office space in a thriving, well-connected location. The building's heavy timber, seismically reinforced brick and concrete construction ensures both historical significance and modern structural integrity. Elevators are available for convenient access to all floors.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,030,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $744,000
      Market price range: $652k - $2.81M

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.334
    Latitude
    47.5963
    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
    $102,115
    $4,621,600
    $7,704,400
    $12,326,000
    -
    $4,621,600
    $7,704,400
    $12,326,000

    Comparable in this City

    • Value Estimation
      $795,000
      167,860 SF

      1008 Western Ave

      OFFICE BUILDING • 167,860 SF
      1008 Western Ave, Seattle, WA 98104-1090
      View Details
    • Value Estimation
      $850,000
      164,380 SF

      300 Occidental S Ave

      OFFICE BUILDING • 164,380 SF
      300 Occidental S Ave, Seattle, WA 98104-2840
      View Details
    • Value Estimation by Request
      114,395 SF

      400 Yesler Way

      OFFICE BUILDING • 114,395 SF
      400 Yesler Way, Seattle, WA 98104-3265
      View Details
    • Value Estimation
      $670,000
      39,030 SF

      119 Main St

      OFFICE BUILDING • 39,030 SF
      119 Main St, Seattle, WA 98104-3445
      View Details
    • Value Estimation
      $275,000
      19,200 SF

      612 6th S Ave

      OFFICE BUILDING • 19,200 SF
      612 6th S Ave, Seattle, WA 98104
      View Details
    • Value Estimation
      $550,000
      413,264 SF

      300 5th Ave

      OFFICE BUILDING • 413,264 SF
      300 5th Ave, Seattle, WA 98104-2398
      View Details

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      Commercial Condo Unit Available

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    Similar Nearby for Lease

    • Contact for pricing
      63,000 SF

      Interconnected Class A Office Buildings

      135,000 SF office space in three interconnected Class A buildings.
      411 1St Ave South, Seattle, WA 98104
      View Details
    • $25 SF/Yr
      10,639 SF

      Pioneer Square Office Space Available

      Office spaces available in the historic Delmar Building.
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      View Details
    • $28 SF/Yr
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      Seattle Executive Office Space

      Prime Seattle location, flexible suites available
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    • $28 SF/Yr
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      Seattle Office Space For Lease

      Historic Seattle building, flexible office suites.
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    • $18 SF/Yr
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      St. Charles Building Executive Suites

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    • $34 SF/Yr
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      Seattle Office Space Available

      Office space available for rent in Seattle, Washington.
      1000-1020 Western Ave, Seattle, WA 98104
      View Details
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    568 1St Ave
    Seattle, WA 98104
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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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