Entity Owned Property summary
AI-generated overview
The Norton Building, a distinguished Class A office building, presents a rare opportunity in Seattle's vibrant Central Business District (CBD). Located at 801 2nd Ave, this iconic 17-story structure boasts a total of 331,695 square feet of prime office space. Originally constructed in 1958 and extensively renovated in 1983, the building offers a blend of classic elegance and modern functionality. Currently, eight executive office suites are available, ranging in size from 1,402 to 15,843 square feet, catering to diverse business needs. The building's prime location within King County ensures easy access to major transportation arteries, high-end amenities, and a thriving business community. This single-building property provides a unique opportunity for businesses seeking a prestigious address in the heart of Seattle. The building's impressive size and desirable location make it an ideal choice for companies looking to establish or expand their presence in the city's dynamic business landscape. The available suites offer flexible layouts adaptable to various business configurations. This is a chance to secure a place in one of Seattle's most sought-after commercial addresses. Inquire today to learn more about the available spaces and their specific features.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1958
Construction
STEEL FRAME
Total area
331,695 SF
Lot
0.65 ac (28,200 SF)
Zoning code
DMC 340/290-440
APN
093900-0355
UPID
US90-1638639
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
-
Financial Advisor
-
Law Firm
-
Law Firm
-
Law Firm
-
Vocational School Training Center
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$95.56M
Comparable Approach
Comparable
$170.79M
Blend (final)
Blend
$135.88M
Owner & transaction history
since 2021
Last sale
$147.3M
4 recorded transactions
Zoning & alternative use
DMC 340/290-440 · Seattle, WA
Top alternative use upside
Restaurant
$174.1M
+48.5%
Commercial (general)
$167.8M
+43.2%
Auto repair, garage
$136.5M
+16.4%
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.
8 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$135.88M
Value range
$122.29M – $149.46M
±10% around blend
Estimated value / SF
$410 / SF
Confidence
Property data
100
Market benchmarks
67
Comparable evidence
60
$122.29M
blend $135.88M
$149.46M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
331,695 SF
Lot area
0.65 ac
Year built
1958
Stories
17
APN
093900-0355
Zoning
DMC 340/290-440
Assessed value
$121,530,000
Annual tax
$992,017
3
Income approach: direct capitalization
Partial preview
Income approach indication
$95.56M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$103.52M
@ 6.5% CAP return
$95.56M
@ 7% CAP return
$88.74M
4
Sales comparison
Partial preview
Sales approach indication
$170.79M
Range $68.16M – $191.93M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$135.88M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 337 sales
$353
+16%
County 676 sales
$377
+9%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $410/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Restaurant
Gross theoretical uplift
+49%
vs current-use indication
Commercial (general)
Auto Repair, Garage
Retail Stores
Apartment House (5+ Units)
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
Not available
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
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
from $99/month
Overview
Implied cap rate
5.20%
Implied, in-place cap rate for this office buildings
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 5.20%
9.0%
NOI (est.)
$10.31M *
Last sale · Nov 2021
$147.25M
* 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$198.22M
Move the market yield to see immediate price impact.
Value / SF
$598
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
4.70%5.20%5.70%
$9.28M
$197.38M
$178.40M
$162.75M
$10.31M
$219.31M
$198.22M
$180.83M
$11.34M
$241.24M
$218.04M
$198.92M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$992,017
Tax year 2022
Assessed value
$121,530,000
Assessed 2022
Previous assessed
$121,530,000
+0.0% YoY
Effective rate
0.82%
On assessed value
Assessed land
$29,610,000
Assessed improvement
$91,920,000
Land market value
$29,610,000
Improvement market value
$91,920,000
Total market value
$121,530,000
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
Off-Market
Year built
1958
Construction
STEEL FRAME
Heating
HEAT PUMP
Stories
17
Total area
331,695 SF
Lot
0.65 ac (28,200 SF)
Zoning code
DMC 340/290-440
APN
093900-0355
UPID
US90-1638639
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
DMC 340/290-440 · Seattle, WAZoning DMC 340/290-440 · permitted uses
DMC 340/290-440 · 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
1958
Construction
STEEL FRAME
Heating
HEAT PUMP
Stories
17
Lot
0.65 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
DMC 340/290-440
Jurisdiction
Seattle, WA
Recorded code
DMC 340/290-440
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for DMC 340/290-440 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.
One complete report on every paid plan · 30 · 300 reports per month.
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.
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?”
You own 801 2nd Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
Get access to Data & Analytics
Choose membership plan that suits your needs
Unlock Full Report
$9
one-time
Single Property Report
Full report includes
- Full Property Data
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Calculation
- Ownership
- Location Insight
- Alternative use
- Local Zoning Insight
MOST POPULAR
Professional Plan
$99
/mo
30 property reports a month.
Cancel anytime.
Cancel anytime.
Your membership includes
- 30 reports a month
- Location Analytics
- Market Trends
- Full Property Data
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Calculation
- Ownership
- Location Insight
- Alternative use
- Local Zoning Insight
Enterprise Plan
$299
/mo
300 property reports a month.
Cancel anytime.
Cancel anytime.
Your membership includes
- 300 reports a month
- Location Analytics
- Market Trends
- Full Property Data
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Calculation
- Ownership
- Location Insight
- Alternative use
- Local Zoning Insight
Unlock Light Report
Free
Confirm your email
and get 1 Light Report
and get 1 Light Report
Light report includes
- Property Information
- Historical Records
- Value Estimation
- NOI Potential
- Cap Rate Potential
- Location Insight
- Alternative use
- Local Zoning Insight
Confirm your e-mail to get the report
