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For Lease
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633 Yesler Way, Seattle, WA 98104
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Property summary
AI-generated overview
This service-oriented commercial space is configured as an individual suite with high ceilings and 3-phase electrical power. The interior layout is suitable for service-related uses that benefit from overhead clearance and robust electrical capacity. The building provides direct street access, and the area is designed to support day-to-day operations with ample street parking, along with convenient access to nearby freeways.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1909
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
31,432 SF
Lot
0.3 ac (12,900 SF)
Zoning code
IDR 170
APN
524780-2080
UPID
US90-1493393
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Medical Clinic
-
Law Firm
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.84M
CAP Approach
CAP
$9.06M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$9.05M
Owner & transaction history
since 2025
7 recorded transactions
Zoning & alternative use
IDR 170 · Seattle, WA
Top alternative use upside
Auto repair, garage
$12.9M
+16.4%
Retail stores
$12.6M
+13.5%
Apartment house (5+ units)
$11.2M
+0.4%
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.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 5 comparables with addresses
6 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$9.05M
Value range
$8.15M – $9.96M
±10% around blend
Estimated value / SF
$288 / SF
Confidence
High
5 county-verified comps
Property data
100
Market benchmarks
67
Comparable evidence
50
Income certainty
100
$8.15M
blend $9.05M
$9.96M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
31,432 SF
Lot area
0.3 ac
Year built
1909
Stories
3
APN
524780-2080
Zoning
IDR 170
Assessed value
$9,572,500
Annual tax
$80,165
3
Income approach: direct capitalization
Partial preview
Income approach indication
$9.06M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$9.81M
@ 6.5% CAP return
$9.06M
@ 7% CAP return
$8.41M
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
$80,165
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$18.08M
Weighted, 5 comps · high confidence
Evidence
5 found · 5 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
7.4 mi away · 28,407 SF
9.5 mi away · 33,486 SF
10.7 mi away · 34,873 SF
14.4 mi away · 37,080 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$9.05M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 337 sales
$353
-19%
County 676 sales
$377
-24%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $288/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Auto Repair, Garage
Gross theoretical uplift
+16%
vs current-use indication
Retail Stores
Apartment House (5+ Units)
Office Building · current use
Medical Building
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.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 5 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
from $99/month
Overview
Selected market yield
6.50%
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 · 6.50%
9.0%
NOI (est.)
$129k *
* 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$1.99M
Move the market yield to see immediate price impact.
Value / SF
$63
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
6.00%6.50%7.00%
$116k
$1.94M
$1.79M
$1.66M
$129k
$2.15M
$1.99M
$1.85M
$142k
$2.37M
$2.19M
$2.03M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
5 found
High confidence · county-verified
Closest comparable
$22.50M
3.6 mi · Dec 2025 · $824/SF
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$80,165
Tax year 2022
Assessed value
$9,572,500
Assessed 2022
Previous assessed
$9,572,500
+0.0% YoY
Effective rate
0.84%
On assessed value
Assessed land
$4,644,000
Assessed improvement
$4,928,500
Land market value
$4,644,000
Improvement market value
$4,928,500
Total market value
$9,572,500
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
1909
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
3
Total area
31,432 SF
Lot
0.3 ac (12,900 SF)
Zoning code
IDR 170
APN
524780-2080
UPID
US90-1493393
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
IDR 170 · Seattle, WAZoning IDR 170 · permitted uses
IDR 170 · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
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
1909
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
3
Lot
0.3 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
IDR 170
Jurisdiction
Seattle, WA
Recorded code
IDR 170
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for IDR 170 in Seattle, WA.
What opens after registration
Zoning profile
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 · 30 · 300 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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