515 Madison St, Seattle, WA 98104

Commercial · Seattle · Seattle-Bellevue metro, WA

Imagery suggests: mid-rise office, appears multi-tenant. AI estimate from public imagery. In recent public imagery (2026-06), the building appears well maintained. AI estimate from public imagery; may be outdated.

One of 1,256 reachable commercial buildings in Seattle. Larger than 98% of commercial buildings in Seattle (median 13,352 SF), derived from assessor records.

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Building size: 427,472 SF, King County Assessor
Lot size: 21,600 SF, King County Assessor
Year built: 1983, King County Assessor
Stories: 28, King County Assessor
Predominant use: Renaissance Madison Hotel, King County Assessor
Assessed value: $165,042,400, per the King County Assessor (not a market appraisal)
Assessed value per building SF: $386.09/SF, derived from assessor records
Lot coverage: 1979%, derived from assessor records
Vintage: 1980s vintage
Zoning: DOC1 U/450/U, King County
County use code: Hotel/Motel
Construction (observed): masonry, AI estimate from public imagery
Parking (observed): street only, AI estimate from public imagery

Nearby comparable buildings

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

1010 5th Ave, Seattle · 0.1 mi · 190,000 SF · built 1940
1000 4th Ave, Seattle · 0.1 mi · 412,000 SF · built 2004
820 4th Ave, Seattle · 0.1 mi · 104,178 SF · built 1907 · assessed $145.85/SF
1105 6th Ave, Seattle · 0.1 mi · 39,320 SF · built 1922 · assessed $235.16/SF
1100 5th Ave, Seattle · 0.1 mi · 67,390 SF · built 1922 · assessed $561.69/SF
400 Spring St, Seattle · 0.1 mi · 65,009 SF · built 1928 · assessed $486.77/SF

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Sale history and market context

MakeMe Estimate: $137,030,381 (estimated market value), with a likely range of $116,119,261 to $165,793,707 (half of recent verified sales in this segment landed inside that range). Based on 34 verified arm's-length comparable sales (through 2026-05-29). Not an appraisal. How this estimate works.

Current ownership dates to 2013 (about 13 years) per recorded transfers.

2013-08-30: transfer from Cypress Family LLC to Madison Hotel LLC (non-market transfer), rec. 20130919001379

2012-03-20: $7,600 from Private party to Madison Hotel LLC (non-market transfer), rec. 20120417001355

2008-10-14: $1,500,000 from Cypress Partners LP to S/I Seattle Investments IV LLC (part of a 3-parcel sale; price is the whole deal), rec. 20081015001316

2 administrative transfers (no consideration), 1998 to 2007

1996-01-02: $1,050,000 from R C Hedreen CO to Cypress Partners LTD (non-market transfer), rec. 199601020614

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

Value over time

Solid line: county appraised value per King County tax rolls. Shaded range: our modeled estimate for each year, built from recorded arm's-length sales in the building's segment; years without enough sales stay unmodeled. Dots: recorded arm's-length sales. 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.

Zoning: DOC1 U/450/U (per King County)

Lot: 21,600 sq ft

Water: Water District (per King County)

Sewer: Public (per King County)

Access: Public

Street surface: Paved

Floor and use mix: Hotel, Full Service Upper Upscale 342,472 SF; Basement, Parking 85,000 SF (county building sections)

County districts report (schools, fire, sewer, council; on kingcounty.gov)

Permit history

2024-11-11: Electrical, declared value $13,000 (Complete), permit 7055674-EL

2023-09-29: Electrical, declared value $4,700 (Complete), permit 6988587-EL

2023-04-11: Remodel, declared value $1,000,000 (Complete), permit 6953935-CN

2017-10-19: Remodel, declared value $100,000 (Complete), permit 6624565

2017-03-09: Remodel, declared value $50,000 (Complete), permit 6585311

2016-07-01: Remodel, declared value $400,000 (Complete), permit 6543988

2014-12-29: Remodel, declared value $320,000 (Complete), permit 6443142

2013-08-21: Remodel, declared value $500,000 (Complete), permit 6302998

2008-12-26: Remodel, declared value $650,000 (Complete), permit 6194316

2008-01-30: Building, New, declared value $1,407,828 (Complete), permit 6108743

Source: King County permit records (newest first).