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

    7723 24th NW Ave Seattle, WA 98117-4412

    • Medical offices
    • 4,464 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Apr 13, 2020
    $1,125,000
    Value Estimations
    $1,110,000
    Show details
    Cap Rate Potential
    5.9%
    Medical offices
    Location Intelligence
    Property ID
    US90-0735383
    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

    • Dr. Alan M. Munk, DDS / Dentist
    • Cvs Vitamins / Vitamin & Supplements Store
    • Alan Merrill Munk / Dentist

    Property Details for 7723 24th NW Ave

    Year built
    1951
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.09 lot acres
    Property size
    4,464 SF
    Zone code
    NC2P-55 (M)
    Property type
    Medical offices
    Property subtype
    Medical space
    APN
    602150-3285
    APU
    6021503285

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,095,000
      ML approach
      $1,105,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,070,000
      6.5%
      $985,000
      7%
      $915,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,334,000
      Market price range: $803k - $2.08M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,535,000
      Current use
      RETAIL STORES
      $1,790,000
      Change: +17% Conversion: Difficult
      OFFICE BUILDING
      $1,575,000
      Change: +3% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,320,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.388
    Latitude
    47.6857
    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
    $10,346
    $891,200
    $289,000
    $1,180,200
    -
    $891,200
    $289,000
    $1,180,200

    Comparable in this City

    • Value Estimation
      $395,000
      5,922 SF

      7713 24th NW Ave

      MEDICAL BUILDING • 5,922 SF
      7713 24th NW Ave, Seattle, WA 98117
      View Details
    • Value Estimation
      $260,000
      7,470 SF

      1411 85th St

      DENTAL BUILDING • 7,470 SF
      1411 85th St, Seattle, WA 98117
      View Details
    • Value Estimation
      $340,000
      3,616 SF

      9720 Holman NW Rd

      DENTAL BUILDING • 3,616 SF
      9720 Holman NW Rd, Seattle, WA 98117-2038
      View Details
    • Value Estimation
      $355,000
      8,237 SF

      7548 15th NW Ave

      DENTAL BUILDING • 8,237 SF
      7548 15th NW Ave, Seattle, WA 98117-5409
      View Details
    • Value Estimation
      $360,000
      7,544 SF

      1407 85th St

      MEDICAL BUILDING • 7,544 SF
      1407 85th St, Seattle, WA 98117-4237
      View Details
    • Value Estimation
      $1,145,000
      2,952 SF

      8006 15th NW Ave

      MEDICAL BUILDING • 2,952 SF
      8006 15th NW Ave, Seattle, WA 98117-3601
      View Details

    Similar Nearby for Sale

    • $1,950,000

      Fully Leased Medical/Dental Building

      Fully leased medical/dental building with long-term tenants and parking.
      7713 24Th Ave NW, Seattle, WA 98117
      View Details
    • $950,000

      Crown Hill Mixed-Use Development Opportunity

      Multi-family property with mixed-use development potential in Crown Hill.
      652 NW 85Th St, Seattle, WA 98117
      View Details
    • $998,000
      2,350 SF

      Ballard Multifamily Property For Sale

      Located in the heart of Ballard, generating strong cash flow.
      6743 15Th Ave NW, Seattle, WA 98117
      View Details
    • $1,775,000

      Commercial Lot with Redevelopment Potential

      Fully leased commercial lot with redevelopment potential in Seattle, WA.
      8337 15Th Ave, Seattle, WA 98117
      View Details
    • $2,850,000
      9,720 SF

      Sunset Hill Multifamily Investment Opportunity

      Well-maintained multifamily property in Seattle's desirable Sunset Hill neighborhood.
      8500 32Nd Ave NW, Seattle, WA 98117
      View Details
    • $4,750,000
      14,871 SF

      Crown Hill Multifamily Investment Opportunity

      Multifamily property in a robust economic area with revenue potential.
      8500 16Th Ave NW, Seattle, WA 98117
      View Details

    Similar Nearby for Lease

    • $38 SF/Yr
      1,391 SF

      Prime Retail/Office Space Available

      New mixed-use development in vibrant Seattle neighborhood.
      412 NW 65Th St, Seattle, WA 98117
      View Details
    • $20 SF/Yr
      600 SF

      Seattle Office Space For Rent

      Office space available for lease in Seattle, Washington.
      9075 Holman Rd NW, Seattle, WA 98117
      View Details
    • $38 SF/Yr
      488 SF

      Retail Space with Natural Light

      Former hair salon space with high ceilings and street parking.
      8622-8630 3Rd Ave NW, Seattle, WA 98117
      View Details
    • $1,795 /Mo
      549 SF

      Retail Storefront in Ballard

      Small retail space in a modern Ballard apartment building.
      8311 15Th Ave NW, Seattle, WA 98117
      View Details
    • $30 SF/Yr
      768 SF

      Seattle Retail Space For Lease

      Grocery-anchored shopping center in Northwest Seattle with strong co-tenants.
      9735-10033 Holman Rd NW, Seattle, WA 98117
      View Details
    • $4,750 /Mo
      1,476 SF

      Retail/Office Building on Holman Road

      Highly visible retail/office space with signage and storage.
      9053 Holman Rd NW, Seattle, WA 98117
      View Details
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    7723 24th NW Ave
    Seattle, WA 98117-4412
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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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