Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    8501 1st NW Ave Seattle, WA 98117
    Back to Search
    Property profile & analytics

    8501 1st NW Ave, Seattle, WA 98117

    View on Map
    • Outlet malls
    • 193,120 SF
    • 6.19 lot acres
    Off-Market
    Property ID
    US90-1232894
    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
    $30,705,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Outlet malls

    Property Details for 8501 1st NW Ave

    Year built
    2012
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    6.19 lot acres
    Zone code
    NC3P-75 (M1)
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    923190-0160
    APU
    9231900160

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 11, 2012 — Greenwood Fm Properties LLC Greenwood Shopping Center INC Quit Claim Deed $14M · New York Life Insurance
    Jul 24, 2012 — City Of Seattle Greenwood Shopping Center INC Grant Deed —
    Jan 22, 2008 — Greenwood Shopping Center INC — Trustees Deed · related $19k · Cascade Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $19,973,000
      Market price range: $12.7M - $54.4M

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.359
    Latitude
    47.6916
    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
    $560,806
    $59,320,800
    $3,499,040
    $62,819,840
    -
    $59,320,800
    $3,499,040
    $62,819,840

    Comparable in this City

    • Value Estimation
      $2,195,000
      13,520 SF

      8724 Holman NW Rd

      WHOLESALE OUTLET, DISCOUNT STORE
      8724 Holman NW Rd, Seattle, WA 98117
      View Details
    • Value Estimation
      $1,230,000
      4,314 SF

      9200 Holman NW Rd

      WHOLESALE OUTLET, DISCOUNT STORE
      9200 Holman NW Rd, Seattle, WA 98117-2247
      View Details
    • Value Estimation
      $1,160,000
      6,544 SF

      8055 15th NW Ave

      WHOLESALE OUTLET, DISCOUNT STORE
      8055 15th NW Ave, Seattle, WA 98117-3602
      View Details
    • Value Estimation by Request
      3,064 SF

      413 65th St

      WHOLESALE OUTLET, DISCOUNT STORE
      413 65th St, Seattle, WA 98117
      View Details
    • Value Estimation by Request

      9233 Holman Rd

      Neighborhood centers
      9233 Holman Rd, Seattle, WA 98117
      View Details
    • Value Estimation
      $7,690,000
      61,602 SF

      9999 Holman NW Rd

      GROCERY, SUPERMARKET
      9999 Holman NW Rd, Seattle, WA 98117-2041
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,525 SF

      Ballard Mixed-Use Investment Opportunity

      Leased mixed-use building in Ballard neighborhood with commercial and residential units.
      603 NW 65Th St, Seattle, WA 98117
      View Details
    • Contact for pricing
      8,229 SF

      Ballard Mixed-Use Investment Opportunity

      Mixed-use building in Ballard with high exposure and foot-traffic.
      1471-1481 NW 85Th St, Seattle, WA 98117
      View Details
    • Contact for pricing

      Development Site in Ballard

      Versatile development site in Crown Hill/Ballard with multi-use potential.
      2363 24Th Ave NW, Seattle, WA 98117
      View Details
    • $2,750,000
      8,229 SF

      Ballard Mixed-Use Investment Opportunity

      Mixed-use building in Ballard with high foot traffic and income potential.
      1471 85Th St, Seattle, WA 98117
      View Details
    • Contact for pricing

      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
    • Contact for pricing

      Seattle Vacant Land Opportunity

      Vacant land in growing area with high visibility.
      320 NW 85Th St, Seattle, WA 98117
      View Details

    Similar Nearby for Lease

    • $8,033 /Mo
      3,213 SF

      Ballard Restaurant/Retail Space Available

      Restaurant/retail spaces in Ballard's Whittier Heights neighborhood for lease.
      7730 15Th Ave NW, Seattle, WA 98117
      View Details
    • Contact for pricing

      Restaurant/Retail Space in Whittier Heights

      Restaurant/retail space in Ballard's Whittier Heights neighborhood.
      7750 15Th Ave NW, Seattle, WA 98117
      View Details
    • Contact for pricing
      549 SF

      Retail Storefront in Ballard

      Small retail space in a modern Ballard apartment building.
      8311 15Th Ave NW, Seattle, WA 98117
      View Details
    • $1,773 /Mo
      560 SF

      Retail Space with Natural Light

      Former hair salon space suitable for beauty service business.
      8622 3Rd Ave NW, Seattle, WA 98117
      View Details
    • $3,614 /Mo
      1,239 SF

      Retail Space in Vibrant Neighborhood

      Retail space in a dynamic Seattle neighborhood with high foot traffic.
      412 65Th St, Seattle, WA 98117
      View Details
    • $3,828 /Mo
      1,531 SF

      Ballard Retail Space For Lease

      Restaurant/retail spaces in Whittier Heights neighborhood, Seattle.
      7730 15Th Ave NW, Seattle, WA 98117
      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.
    8501 1st NW Ave
    Seattle, WA 98117
    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
    8501 1st NW Ave, Seattle, WA, 98117
    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!