Back to Search
Property profile & analytics
FOR LEASE
Distribution centers
7700 2Nd Ave S Seattle, WA 98108
Entity Owned
4-yr Hold
Free & Clear
Property ID
US90-1747814
For Lease
1 / 4
$9,020,000
7700 2Nd Ave S, Seattle, WA 98108
View Listing →
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1979
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
36,982 SF
Lot
1.27 ac (55,195 SF)
Zoning code
IG2 U/65
APN
732790-4585
UPID
US90-1747814
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Pacific Western Agencies Big Box & Wholesale Store Building Supply
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.02M
CAP Approach
CAP
$6.26M
Comparable Approach
Comparable
$8.22M
Blend (final)
Blend
$9.02M
Owner & transaction history
Iv1 7700 2nd Ave S LLC · 4 yrs held
Iv1 7700 2nd Ave S LLC
since 2022
Last sale
$11.3M
4 recorded transactions
Zoning & alternative use
IG2 U/65 · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Municipal Code
Top alternative use upside
Retail stores
$14.8M
+31.6%
Apartment house (5+ units)
$13.1M
+16.4%
Office building
$13.1M
+16.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Seattle submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Seattle submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$9,140,000
ML approach
$8,015,000
CAP Approach
CAP Return
Estimation
6%
$6,775,000
6.5%
$6,255,000
7%
$5,805,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$11,270,000
Current use
RETAIL STORES
$14,830,000
Change: +32% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$13,115,000
Change: +16% · Conversion: Difficult
OFFICE BUILDING
$13,070,000
Change: +16% · Conversion: Difficult
MEDICAL BUILDING
$12,715,000
Change: +13% · Conversion: Difficult
Blend value · Realmo final
$9.02M
Range $8.12M – $9.92M · ±10% · vs last sale $11.25M (Jan 14 2022)
Last sale anchor
$11.25M
Jan 14 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$244 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$52,995
Tax year 2022
Assessed value
$5,245,300
Assessed 2022
Previous assessed
$5,245,300
+0.0% YoY
Effective rate
1.01%
On assessed value
Assessed land
$2,207,800
Assessed improvement
$3,037,500
Land market value
$2,207,800
Improvement market value
$3,037,500
Total market value
$5,245,300
Applied tax rate
10.0000
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
For Lease
Year built
1979
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Total area
36,982 SF
Lot
1.27 ac (55,195 SF)
Zoning code
IG2 U/65
APN
732790-4585
UPID
US90-1747814
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
IG2 U/65 · Seattle, WAZoning IG2 U/65 · permitted uses
IG2 U/65 · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Municipal Code
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$11.3M
RETAIL STORES
Est. value
$14.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$13.1M
OFFICE BUILDING
Est. value
$13.1M
MEDICAL BUILDING
Est. value
$12.7M
WAREHOUSE, STORAGE Current
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1979
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Lot
1.27 ac
Current owner
From public records · entity-resolved
Iv1 7700 2nd Ave S LLC
Entity
Free & Clear · 4 yrs held
Mailing address
250 VESEY ST FL, NEW YORK, NY 10281-1052
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 27, 2023
—
Iv1 7700 2nd Ave S LLC
—
Deed
related
—
Jan 14, 2022
$11,250,000
Iv1 7700 2nd Ave S LLC
Rle Properties LLC
Warranty Deed
—
May 31, 2018
$4,398,500
Rle Properties LLC
Ginter,gary L
Warranty Deed
$4,148,500 · Gary L Ginter
May 31, 1996
$1,100,000
Gary L Ginter
Warehouse Associates
Grant Deed
$1,000,000 · Seller
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
