515 Madison St, Seattle, WA 98104

Commercial · Seattle · Seattle-Bellevue metro, WA

One of 1,805 reachable commercial buildings in Seattle. Larger than 98% of commercial buildings in Seattle (median 7,940 SF), derived from assessor records.

Usable building area
342,472 SF, King County Assessor
County gross area
427,472 SF, King County Assessor
Excluded area
85,000 SF outside primary usable area
Lot size
21,600 SF, King County Assessor
Year built
1983, King County Assessor
Stories
28, King County Assessor
Predominant use
Hotel/Motel, King County Assessor
Assessed value
$165,042,400, per the King County Assessor (not a market appraisal)
Assessed value per usable SF
$481.92/SF, derived from assessor records
Usable area / lot
15.86, derived from assessor records
Vintage
1980s vintage
Zoning
DOC1 U/450/U, 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: $135M (estimated market value), with a likely range of $112M to $162M (half of recent verified sales in this segment landed inside that range). Based on 5 verified arm's-length comparable sales (through 2026-06-01). Not an appraisal. How this estimate works.

lower confidence: 2 comparable sales within 3 miles; nearest 0.2 mi. This property type carries wider measured error; treat the estimate as a starting point.

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 0.82x county assessed value, the 14th 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.

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$100M$200M$300M201120142017202020232026$135M$165MCounty 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 $42,462,100 (2011) to $165,042,400 (2026), up 289% over 15 years, per county tax rolls. The 2026 roll splits $165,042,400 into $34,560,000 land and $130,482,400 improvements.

Taxes

Permit history

Source: King County permit records (newest first).