Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    701 23rd Ave Seattle, WA 98122-4813
    Property profile & analytics

    701 23rd Ave, Seattle, WA 98122-4813

    View on Map
    • Retail space
    • 3,335 SF
    • 0.08 lot acres
    Off-Market
    Last Sale Dec 31, 2020
    $1,200,000
    Property ID
    US90-3270845
    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.
    Value Estimations
    $1,145,000
    Show details
    Cap Rate Potential
    3.3%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • Flowers Just-4-U / (Bike/Boat/Book/etc) Store / Florist

    Property Details for 701 23rd Ave

    Year built
    1907
    Construction
    WOOD
    Lot size
    0.08 lot acres
    Zone code
    NC1-40 (M)
    Property type
    Retail space
    APN
    912610-1705
    APU
    9126101705

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 31, 2020 — Adal A Shimelis Update Property Quit Claim Deed · related —
    Dec 31, 2020 $1,200,000 Acer House LLC Adal A Shimelis Warranty Deed $840k · 1st Security Bank Of Washington
    Mar 30, 2012 — Daniel T Abaynhe Mesmer,amuna B Quit Claim Deed $422k · Craft3
    Feb 13, 2002 — Two By Four Associates LLC Sikov,peter & Helen Quit Claim Deed · related —
    Dec 29, 1999 $250,000 Peter H Sikov Ingram,john H Grant Deed $192k · Towne Bank
    — — John Ingram — Deed Of Trust · related $2k · Individual
    — — Two By Four Associates LLC — Deed Of Trust · related $230k · Asia Europe Americas Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,485,000
      ML approach
      $1,330,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $830,000
      6.5%
      $765,000
      7%
      $710,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $899,000
      Market price range: $632k - $2.30M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,335,000
      Current use
      COMMERCIAL (GENERAL)
      $1,855,000
      Change: +39% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,370,000
      Change: +3% Conversion: Difficult
      OFFICE BUILDING
      $1,180,000
      Change: -12% Conversion: Easy
      MEDICAL BUILDING
      $1,145,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.303
    Latitude
    47.6082
    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
    $15,596
    $842,800
    $1,000
    $843,800
    -
    $842,800
    $1,000
    $843,800

    Comparable in this City

    • Value Estimation
      $2,375,000
      15,600 SF

      1508 11th Ave

      RETAIL STORES (PERSONAL SERVICES)
      1508 11th Ave, Seattle, WA 98122-3904
      View Details
    • Value Estimation
      $3,490,000
      21,600 SF

      1512 11th Ave

      RETAIL STORES (PERSONAL SERVICES)
      1512 11th Ave, Seattle, WA 98122-3904
      View Details
    • Value Estimation by Request
      1,705 SF

      1400 23rd Ave

      RETAIL STORES (PERSONAL SERVICES)
      1400 23rd Ave, Seattle, WA 98122
      View Details
    • Value Estimation by Request
      1,848 SF

      2701 Cherry St

      RETAIL STORES (PERSONAL SERVICES)
      2701 Cherry St, Seattle, WA 98122-4935
      View Details
    • Value Estimation
      $985,000
      4,350 SF

      1525 Olive Way

      RETAIL STORES (PERSONAL SERVICES)
      1525 Olive Way, Seattle, WA 98122-2129
      View Details
    • Value Estimation by Request
      1,620 SF

      2115 Un St

      RETAIL STORES (PERSONAL SERVICES)
      2115 Un St, Seattle, WA 98122-2953
      View Details

    Similar Nearby for Sale

    • $1,975,000
      3,828 SF

      Broadway State Building For Sale

      Fully occupied retail and office building in desirable Seattle location.
      824 Pike St, Seattle, WA 98122
      View Details
    • Contact for pricing
      600 SF

      Seattle Retail Space For Sale

      Retail property in Seattle with redevelopment potential.
      2600 E Union St, Seattle, WA 98122
      View Details
    • Contact for pricing
      23,507 SF

      Versatile Leased Mixed-Use Property

      Fully leased mixed-use property with office, retail, and warehouse spaces.
      2201 15Th Ave W, Seattle, WA 98122
      View Details
    • Contact for pricing

      Seattle Residential Retail Property

      Residential property in vibrant retail neighborhood with excellent amenities.
      1104 34Th Ave, Seattle, WA 98122
      View Details
    • $3,750,000
      12,236 SF

      Versatile Mixed-Use Building in Seattle

      Flex/industrial building in dynamic location with redevelopment potential.
      1200 Fir St, Seattle, WA 98122
      View Details
    • Contact for pricing

      Capitol Hill Industrial Building For Sale

      Versatile industrial building in Capitol Hill, suitable for various uses.
      1420 Broadway, Seattle, WA 98122
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      605 SF

      Retail and Restaurant Space Available

      Retail and restaurant spaces near Seattle University, available Summer 2024.
      452 12Th Ave, Seattle, WA 98122
      View Details
    • Contact for pricing
      1,487 SF

      East Madison Retail Space Available

      Retail space in East Madison, suitable for various businesses.
      2020-2026 E Madison St, Seattle, WA 98122
      View Details
    • Contact for pricing
      3,580 SF

      Retail Space in Pike/Pine Corridor

      Retail space in a vibrant, high-traffic Seattle location.
      1407 14Th Ave, Seattle, WA 98122
      View Details
    • Contact for pricing
      14,668 SF

      Retail Space in Seattle

      Retail space for lease in a busy Seattle location.
      1401 Broadway, Seattle, WA 98122
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space at 12th Avenue

      3,000 SF corner retail space for lease.
      1223 E Cherry St, Seattle, WA 98122
      View Details
    • Contact for pricing
      1,882 SF

      Capitol Hill Retail Space Available

      Retail space in Capitol Hill with type 2 ventilation.
      1530 12Th Ave, Seattle, WA 98122
      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.
    701 23rd Ave
    Seattle, WA 98122-4813
    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

    Thank You for Inquiry
    701 23rd Ave, Seattle, WA, 98122
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!