1501 2nd Ave, Seattle, WA 98101

Commercial · Seattle · Seattle-Bellevue metro, WA

One of 1,805 reachable commercial buildings in Seattle. Larger than 77% of commercial buildings in Seattle (median 7,940 SF), derived from assessor records.

Usable building area
39,312 SF, King County Assessor
County gross area
44,928 SF, King County Assessor
Excluded area
5,616 SF outside primary usable area
Lot size
5,592 SF, King County Assessor
Year built
1904, King County Assessor
Stories
8, King County Assessor
Predominant use
Hotel/Motel, King County Assessor
Assessed value
$30,706,400, per the King County Assessor (not a market appraisal)
Assessed value per usable SF
$781.09/SF, derived from assessor records
Usable area / lot
7.03, derived from assessor records
Vintage
pre-war vintage
Zoning
DMC 240/290-440, King County
County use code
Hotel/Motel

Nearby comparable buildings

Same building type, by distance. Assessor facts only; not an opinion of value.

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Sale history and market context

MakeMe Estimate: $27M (estimated market value), with a likely range of $22.4M to $32.5M (half of recent verified sales in this segment landed inside that range). Based on 6 verified arm's-length comparable sales (through 2026-06-01). Not an appraisal. How this estimate works.

lower confidence: 3 comparable sales within 3 miles; nearest 0.1 mi. This property type carries wider measured error; treat the estimate as a starting point. Comparable-sale caveat: the estimate is 25% above the $547.77/SF median of the shown comparable sales.

Comparable sales used as evidence

Recorded arm's-length sales of similar buildings nearby; nearer and more recent sales rank first. Buyer and seller names are withheld. Get this data via API.

Market context: Commercial in Seattle

median verified sale $529.93/SF over the trailing 24 months; 37 sales in the last 12 months and 66 in 24 (newest verified sale 2026-05); the middle 80% of recent sales traded at 0.72x to 1.89x their county assessed value, median 1.08x (64 sales with usable county values).

  • 2022: $516.78/SF median (29 sales)
  • 2023: $485.41/SF median (28 sales)
  • 2024: $533.38/SF median (24 sales)
  • 2025: $478.16/SF median (37 sales)
  • 2026 YTD: $669.37/SF median (10 sales)

This estimate sits at 0.88x county assessed value, the 20th percentile of those recent sale premiums.

Computed from 1,281 verified arm's-length sales in King County public records (66 in the trailing 24 months). Free public records. Not an appraisal.

Last sold: 2015-11-18 for $5,350,000 (recorded arm's-length sale).

Current ownership dates to 2015 (about 11 years) per recorded transfers.

Source: King County recorded sales extract; buyer and seller shown only when a company or organization. Individual names are withheld.

Value over time

$0$20M$40M$60M201120142017202020232026Last sold $5.35M · 2015$27M$30.7MCounty assessed valueMakeMe Estimate rangeRecorded sale

Dark line: county assessed value per King County tax rolls. Blue line: our estimate; dashed years are a modeled backcast built from recorded arm's-length sales in the building's segment, not estimates published at the time, and years without enough sales stay unmodeled. The shaded range is the model's measured error band; about half of verified sales in the segment land inside it. Diamonds: recorded arm's-length sales. Not an appraisal. How this estimate works.

Land, site, and value history

Assessed value moved from $2,237,800 (2011) to $30,706,400 (2026), up 1272% over 15 years, per county tax rolls. The 2026 roll splits $30,706,400 into $6,710,400 land and $23,996,000 improvements.

Taxes

Permit history

Source: King County permit records (newest first).