Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    Seattle, WA 98121

    • Parking lots & garages
    • 25,920 SF
    • 0.32 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-2128015
    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

    • Isalis / Boutique / Women'S Clothing Store
    • Party City / Party Store / Balloon Store
    • Skunk Funk / Wholesaler / Clothing Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / Outdoor Clothing And Equipment Shop

    Property Details

    Year built
    1915
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.32 lot acres
    Property size
    25,920 SF
    Zone code
    DOC2 500/300-550
    Property type
    Parking lots & garages
    APN
    065900-0870
    APU
    659000870

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.338
    Latitude
    47.6152
    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
    $166,511
    $20,184,000
    $0.00
    $20,184,000
    -
    $20,184,000
    $0.00
    $20,184,000

    Comparable in this City

    • Value Estimation by Request
      0.31 Acres

      2610 1st Ave

      PARKING LOT • 0.31 Acres
      2610 1st Ave, Seattle, WA 98121-1305
      View Details
    • Value Estimation by Request
      0.30 Acres

      2100 6th Ave

      PARKING LOT • 0.30 Acres
      2100 6th Ave, Seattle, WA 98121-2513
      View Details
    • Value Estimation by Request
      0.29 Acres

      2001 2nd Ave

      PARKING LOT • 0.29 Acres
      2001 2nd Ave, Seattle, WA 98121-2205
      View Details
    • Value Estimation by Request
      0.29 Acres

      601 Wall St

      PARKING LOT • 0.29 Acres
      601 Wall St, Seattle, WA 98121
      View Details
    • Value Estimation by Request
      0.17 Acres

      Western Ave

      PARKING LOT • 0.17 Acres
      Western Ave, Seattle, WA 98121
      View Details
    • Value Estimation by Request
      0.15 Acres

      2122 1st Ave

      PARKING LOT • 0.15 Acres
      2122 1st Ave, Seattle, WA 98121-2103
      View Details

    Similar Nearby for Sale

    • $6,750,000
      36,271 SF

      Belltown Office Building with Parking

      Six-story office building with parking in Seattle's Belltown neighborhood.
      2112 3Rd Ave, Seattle, WA 98121
      View Details
    • $2,275,000

      Belltown Parking Garage with Upside

      72-stall parking garage in Belltown with income potential.
      3104 Western Ave, Seattle, WA 98121
      View Details
    • Contact for pricing
      2 SF

      Belltown Retail or Office Space

      Retail or office space for lease or sale in Belltown.
      2211 Seattle St, Seattle, WA 98121
      View Details
    • $3,900,000

      Event Venue with Rooftop Patio

      Urban venue suitable for restaurant, bar, or events.
      2218 1St Ave, Seattle, WA 98121
      View Details
    • $1,550,000
      2,712 SF

      Belltown Office/Retail Space

      Prime Belltown location, 2712 sq ft.
      2211 3Rd Ave, Seattle, WA 98121
      View Details
    • $860,000
      1,515 SF

      Belltown Office/Retail Space

      Seattle prime location, 1515 sq ft.
      2207 3Rd Ave, Seattle, WA 98121
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      87,014 SF

      Westlake Retail Center Opportunity

      Prime Seattle retail space, Whole Foods anchored.
      0 Westlake Ave. & Denny Way, Seattle, WA 98121
      View Details
    • Contact for pricing
      1,860 SF

      Retail Space in Seattle

      Retail space available for lease in Seattle, Washington.
      211 Lenora St, Seattle, WA 98121
      View Details
    • Contact for pricing
      661 SF

      Retail Space in Seattle Available

      Retail space available for lease in Seattle, Washington.
      2121 6Th Ave, Seattle, WA 98121
      View Details
    • $66 SF/Yr
      417 SF

      Retail Space Near Pike Place

      Highly visible retail space with great street presence and foot traffic.
      2020 Western Ave, Seattle, WA 98121
      View Details
    • Contact for pricing
      1,800 SF

      Turnkey Deli and Market Space

      Turnkey deli and market space in Seattle's Belltown neighborhood.
      2312-2314 3Rd Ave, Seattle, WA 98121
      View Details
    • $9 SF/Yr
      13,467 SF

      Seattle Retail Space For Lease

      Prime Seattle location, multiple units available.
      2315 4Th Ave, Seattle, WA 98121
      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.
    Seattle, WA 98121
    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.

    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.