700 3Rd AveSeattle, WA 98104

Property Details for 700 3Rd Ave

Year built

1916

Construction

CONCRETE

Lot size

0.33 AC

Property size (Sq ft)

104,352 SF

Zone code

DOC1 U/450/U

Property type

Hotels

Property subtype

Motels

APN

094200-0610

APU

942000610

Description

This exceptional opportunity presents two available restaurant spaces within the Arctic Club Hotel, a prominent building totaling 104,352 square feet. Located at 700 3rd Ave in the heart of Downtown Seattle, WA 98104, this property offers unparalleled access to Seattle's vibrant culinary scene. The spaces range from 2,042 to 3,000 square feet, providing flexibility for various restaurant concepts. The building's prime location places it adjacent to Seattle's first proposed supertall skyscraper, ensuring high visibility and foot traffic. Furthermore, its proximity to Seattle's thriving tech startup community, popular restaurants, Lumen Field, T-Mobile Park, and the Seattle Waterfront guarantees a diverse and substantial customer base. The estimated net operating expenses are $13.00 per square foot. This is a rare chance to establish a successful restaurant in one of Seattle's most desirable and high-traffic areas. King County location provides access to a large and diverse population. Please note that employees should not be disturbed.

• CAP approach

  CAP return

  Valuation

  6%

  $32,073,558

  6.5%

  $29,606,360

  7%

  $27,491,620

• Comparable approach

  Method

  Valuation

  Relative Method

  $65,761,096

  Geo Method

  $47,225,856

• Alternative Use

  Use

  Valuation

  Residential

  $32,321,544

  Hospitality

  $29,606,360

  Educational

  $24,632,144

  Medical

  $25,479,282

  Retail

  $38,316,668

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.6038

Longitude

-122.332

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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