Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    600 40th St Seattle, WA 98107-5027

    • Manufacturing properties
    • 16,000 SF
    • 0.83 lot acres
    OFF-MARKET
    Last Sale
    May 29, 2025
    $8,500,000
    Value Estimations
    $6,235,000
    Show details
    Cap Rate Potential
    2.2%
    Manufacturing properties
    Location Intelligence
    Property ID
    US90-0177988
    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

    • Glass Eye Studio / Glass Industry / Wholesaler
    • Seattle Creative Brands / Wholesaler / Importer
    • Celebration Ashes / Glass Blower
    • Iyarin Market / Asian Grocery Store
    • Renzo Gracie Jiu-Jitsu Seattle / Self Defense School / Martial Arts School

    Property Details for 600 40th St

    Year built
    1987
    Construction
    STEEL FRAME
    Lot size
    0.83 lot acres
    Property size
    16,000 SF
    Zone code
    IG2 U/65
    Property type
    Manufacturing properties
    APN
    744200-0222
    APU
    7442000222

    Description

    This exceptional Seattle industrial property, known as Emerald Yard, offers 16,129 square feet of versatile flex and warehouse space in a single building. Located at 600 NW 40th Street, just one block from Leary Way, in the vibrant area between Fremont and Ballard, this property boasts a prime location with easy access to major transportation routes. The building features a 16'-24' ceiling height, providing ample vertical space for various uses. Loading and unloading are facilitated by two loading docks and one dock-high door. The property also includes 17 free on-site parking stalls for employees and visitors. The interior offers a blend of open warehouse space and private offices, ideal for a variety of businesses. The electrical service is robust, with 400-amp, 120/208 volt, 3-phase power. The entire 16,129 square feet is currently vacant, presenting a unique opportunity for a single tenant to occupy the entire building. The property sits on a sizable 36,200 square foot lot, zoned MML/U65 in King County, Washington (APN: 744200-0222). This is a rare opportunity to secure a substantial, well-equipped industrial space in a highly desirable Seattle neighborhood. The property's size, features, and location make it an ideal choice for businesses seeking a functional and strategically located space to expand or establish their operations. The ample parking and convenient access further enhance its appeal.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,470,000
      ML approach
      $6,575,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,535,000
      Market price range: $3.06M - $6.37M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $4,520,000
      Current use
      RESTAURANT
      $8,395,000
      Change: +86% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $8,095,000
      Change: +79% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $6,585,000
      Change: +46% Conversion: Easy
      RETAIL STORES
      $6,415,000
      Change: +42% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $5,675,000
      Change: +26% Conversion: Difficult
      OFFICE BUILDING
      $5,655,000
      Change: +25% Conversion: Difficult
      MEDICAL BUILDING
      $5,500,000
      Change: +22% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.364
    Latitude
    47.6565
    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
    $50,927
    $5,430,000
    $1,000
    $5,431,000
    -
    $5,430,000
    $1,000
    $5,431,000

    Comparable in this City

    • Value Estimation
      $420,000
      10,226 SF

      2425 54th St

      MANUFACTURING (LIGHT) • 10,226 SF
      2425 54th St, Seattle, WA 98107
      View Details
    • Value Estimation
      $335,000
      11,700 SF

      1132 45th St

      MANUFACTURING (LIGHT) • 11,700 SF
      1132 45th St, Seattle, WA 98107-4626
      View Details
    • Value Estimation
      $275,000
      4,810 SF

      615 45th St

      MANUFACTURING (LIGHT) • 4,810 SF
      615 45th St, Seattle, WA 98107-4440
      View Details
    • Value Estimation
      $1,525,000
      3,977 SF

      1510 46th St

      MANUFACTURING (LIGHT) • 3,977 SF
      1510 46th St, Seattle, WA 98107-4709
      View Details
    • Value Estimation
      $315,000
      3,379 SF

      214 39th St

      MANUFACTURING (LIGHT) • 3,379 SF
      214 39th St, Seattle, WA 98107
      View Details
    • Value Estimation
      $465,000
      21,065 SF

      4301 Leary NW Way

      MANUFACTURING (LIGHT) • 21,065 SF
      4301 Leary NW Way, Seattle, WA 98107-4538
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      52,500 SF

      Leary Way Warehouse with Crane

      22,400 SF warehouse with 10-ton crane near Leary Way.
      4203 9Th Ave NW, Seattle, WA 98107
      View Details
    • $2,200,000
      6,900 SF

      Fremont Industrial Warehouse with Office

      Income-producing warehouse with office and flex space in Fremont.
      3614 2Nd Ave NW, Seattle, WA 98107
      View Details
    • $14,200,000
      22 SF

      Seattle Marine Facility For Sale

      Marine facility with shop, office, boat storage, and dock.
      5350 30Th Ave NW Seattle, Seattle, WA 98107
      View Details
    • $2,050,000

      Leary Way Industrial Investment

      Income-producing Ballard industrial property with redevelopment potential.
      1553 NW Leary Way, Seattle, WA 98107
      View Details
    • $18,250,000
      65,854 SF

      Ballard Warehouse and Storage Facility

      65,854 SF building in Ballard with redevelopment potential.
      5422 Shilshole Ave NW, Seattle, WA 98107
      View Details
    • Contact for pricing

      Seattle Industrial Property For Sale

      Industrial property available for purchase in Seattle, Washington.
      4225 2Nd Ave S, Seattle, WA 98107
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      12,076 SF

      Ballard Industrial Space For Lease

      12,076 SF Manufacturing/Flex Space in Seattle
      4611 11Th Ave, Seattle, WA 98107
      View Details
    • Contact for pricing
      4,114 SF

      Office and Warehouse Space Available

      Office, warehouse, and manufacturing spaces for rent with waterfront views.
      5305-5309 Shilshole Ave NW, Seattle, WA 98107
      View Details
    • $1.32 SF/Yr
      5,800 SF

      Remodeled Ballard Warehouse Space Available

      Recently remodeled 5,800 SF commercial warehouse space in Ballard.
      1520 A Ballard Ave NW, Seattle, WA 98107
      View Details
    • $20 SF/Yr
      5,145 SF

      Ballard Warehouse / Flex Space

      4,825 SF warehouse/flex space in the heart of Ballard.
      4918 Leary Ave NW, Seattle, WA 98107
      View Details
    • $22 SF/Yr
      11,504 SF

      Seattle Flex Space For Rent

      Flexible space with contemporary interiors in Seattle's Georgetown neighborhood.
      5811-5819 6Th Ave S, Seattle, WA 98107
      View Details
    • Contact for pricing
      56,941 SF

      Seattle Flex/Industrial Space Available

      56,941 SF flex/industrial space for lease in Seattle.
      4786 1St Ave S, Seattle, WA 98107
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    600 40th St
    Seattle, WA 98107-5027
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.