509 NE Northlake Way, Seattle, WA 98105

Small-Bay Industrial · Seattle · Seattle-Bellevue metro, WA

One of 2,011 reachable small-bay industrial buildings in Seattle. Larger than 55% of small-bay industrial buildings in Seattle (median 10,000 SF), derived from assessor records.

Usable building area
11,352 SF, King County Assessor
Lot size
17,207 SF, King County Assessor
Year built
1954, King County Assessor
Stories
2, King County Assessor
Predominant use
Warehouse, King County Assessor
Assessed value
$3,544,700, per the King County Assessor (not a market appraisal)
Assessed value per usable SF
$312.25/SF, derived from assessor records
Usable area / lot
0.66, derived from assessor records
Vintage
1950s vintage
Zoning
UI U/45, King County
County use code
Industrial(Lignt)

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: $3.63M (estimated market value), with a likely range of $2.63M to $4.5M (half of recent verified sales in this segment landed inside that range). Based on 8 verified arm's-length comparable sales (through 2026-06-01). Not an appraisal. How this estimate works.

lower confidence: 7 comparable sales within 3 miles; nearest 2.1 mi. This property type carries wider measured error; treat the estimate as a starting point. Comparable-sale caveat: the estimate is 67% above the $191.72/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. The strongest 5 of 7 nearby verified sales are shown. Buyer and seller names are withheld. Get this data via API.

Market context: Industrial in Seattle

median verified sale $313.30/SF over the trailing 24 months; 40 sales in the last 12 months and 81 in 24 (newest verified sale 2026-05); the middle 80% of recent sales traded at 0.66x to 1.59x their county assessed value, median 1.06x (80 sales with usable county values).

  • 2022: $360.01/SF median (39 sales)
  • 2023: $354.62/SF median (33 sales)
  • 2024: $329.79/SF median (32 sales)
  • 2025: $289.77/SF median (46 sales)
  • 2026 YTD: $307.69/SF median (11 sales)

This estimate sits at 1.02x county assessed value, the 41st percentile of those recent sale premiums.

Computed from 1,501 verified arm's-length sales in King County public records (81 in the trailing 24 months). Free public records. Not an appraisal.

Ownership tenure is not asserted for this parcel: the most recent recorded transfer is a non-market conveyance.

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

Value over time

$0$2M$4M$6M201120142017202020232026$3.63M$3.54MCounty assessed valueMakeMe Estimate range

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. Not an appraisal. How this estimate works.

Land, site, and value history

Assessed value moved from $1,652,600 (2011) to $3,544,700 (2026), up 114% over 15 years, per county tax rolls. The 2026 roll splits $3,544,700 into $2,667,100 land and $877,600 improvements.

Taxes

Permit history

Source: King County permit records (newest first).