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

    631 96Th St Seattle, WA 98108

    • Manufacturing properties
    • 14,770 SF
    • 1.44 lot acres
    For Sale
    View listing
    $5,700,000
    Last Sale
    Jun 29, 2025
    $4,850,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-3312147
    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

    • Warp Corporation / Manufacturer / Professional Services

    Property Details for 631 96Th St

    Year built
    1967
    Construction
    STEEL FRAME
    Lot size
    1.44 lot acres
    Property size
    14,770 SF
    Zone code
    I
    Property type
    Manufacturing properties
    APN
    562420-0253
    APU
    5624200253

    Description

    This exceptional value-add industrial property in Seattle, WA, presents a compelling investment opportunity. Located at 631 S 96th St, 98108, this 1.44-acre site features two buildings totaling 17,170 square feet of net rentable space. The main structure is a 14,700 square foot manufacturing warehouse with two drive-in loading docks, 20-24' ceilings, and substantial power (2,900 amps of 277/480 volt, 3-phase power). A secondary 2,400 square foot building currently serves as office/residential space. The property boasts a fully secured yard, offering enhanced security. Currently 100% occupied with a single tenant on a short-term lease, this presents a chance for immediate income and future value appreciation. The property's strategic location near SR-99, SR-512, I-5, and I-405 provides unparalleled access to major transportation arteries. Built in 1967 and renovated in 1979, this Class C property is zoned I (Seattle) and offers a low lot coverage (27%), leaving ample space for expansion or additional storage. The asking price is $5,700,000, with a pro-forma NOI of $431,533 and a pro-forma cap rate of 7.57%. The current NOI is $173,643. This property is a rare find in a land-constrained submarket, offering significant potential for long-term growth and return on investment. The property features a price per square foot of $331.97 and a price per unit of $2,850,000. The King County APN is 562420-0253.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.324
    Latitude
    47.5164
    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
    $32,352
    $1,878,400
    $1,320,200
    $3,198,600
    -
    $1,878,400
    $1,320,200
    $3,198,600

    Comparable in this City

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    • Value Estimation
      $505,000
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      1313 96th St

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      1313 96th St, Seattle, WA 98108-5011
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    • Value Estimation
      $545,000
      25,000 SF

      115 Lucile St

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    • Value Estimation
      $345,000
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      6239 Corson S Ave

      MANUFACTURING (LIGHT) • 16,392 SF
      6239 Corson S Ave, Seattle, WA 98108-3443
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    • Value Estimation
      $560,000
      16,767 SF

      5800 Corson S Ave

      MANUFACTURING (LIGHT) • 16,767 SF
      5800 Corson S Ave, Seattle, WA 98108-2606
      View Details
    • Value Estimation
      $380,000
      6,822 SF

      751 Michigan St

      MANUFACTURING (LIGHT) • 6,822 SF
      751 Michigan St, Seattle, WA 98108-2636
      View Details

    Similar Nearby for Sale

    • $5,700,000

      Seattle Manufacturing Warehouse on 1.44 Acres

      Securely fenced Seattle site with manufacturing warehouse and office space.
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      129,625 SF

      Seattle Industrial Spaces for Lease

      Industrial spaces for lease in Seattle commercial park.
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      65,562 SF

      Seattle Warehouse with Secured Parking

      Standalone warehouse building with fenced parking on 2.62 acres.
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      Georgetown Warehouse with Secure Yard

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    Similar Nearby for Lease

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      5,050 SF

      Seattle Industrial Property with Crane

      Industrial property featuring a crane system and wash bay.
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      1,384 SF

      Industrial Flex Space Available

      Flex space featuring 1,384 SF with one grade-level door.
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      1,376 SF

      Flex Space Available For Rent

      Flex space featuring 1,376 SF with one grade-level door.
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      View Details
    • $1.65 SF/Yr
      6,080 SF

      Industrial Space in Seattle Available

      Industrial property available for rent in Seattle, Washington.
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      Industrial Warehouse Building For Rent

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    • Contact for pricing

      Seattle Industrial Outdoor Storage Land

      18 acres of fenced, secured industrial land for lease.
      8531 E Marginal Way S, Seattle, WA 98108
      View Details
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    Seattle, WA 98108
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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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