King County Department of Assessments

Setting values, serving the community, and promoting fairness and equity.

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Department of Assessments

201 South Jackson Street,
Seattle, WA 98104

Office Hours:
Mon - Fri
8:30 a.m. to 4:30 p.m.

TEL: 206-296-7300
TTY relay: 711 or 800-833-4388

PARCEL DATA

Parcel	723150-2185
Name	PENNEY LOFTS LLC
Site Address	700 S 3RD ST 98057
Geo Area	70-20
Spec Area
Property Name	PENNEY LOFTS

Jurisdiction	RENTON
Levy Code	2100
Property Type	C
Plat Block / Building Number	25
Plat Lot / Unit Number	9-10
Quarter-Section-Township-Range	SE-18-23-5

Legal Description

RENTON TOWN OF W 115 FT PORTION TAXABLE PER RCW 84.14 MFTE (MULTIFAMILY TAX EXEMPTION) PROGRAM.
PLat Block: 25
Plat Lot: 9-10

LAND DATA

Highest & Best Use As If Vacant	COMMERCIAL SERVICE
Highest & Best Use As Improved	PRESENT USE
Present Use	Retail Store
Land SqFt	11,500
Acres	0.26

Percentage Unusable
Unbuildable	NO
Restrictive Size Shape	NO
Zoning	CD
Water	WATER DISTRICT
Sewer/Septic	PUBLIC
Road Access	PUBLIC
Parking	ADEQUATE
Street Surface	PAVED

Views

Waterfront

Rainier
Territorial
Olympics
Cascades
Seattle Skyline
Puget Sound
Lake Washington
Lake Sammamish
Lake/River/Creek
Other View

Waterfront Location
Waterfront Footage	0
Lot Depth Factor	0
Waterfront Bank
Tide/Shore
Waterfront Restricted Access
Waterfront Access Rights	NO
Poor Quality	NO
Proximity Influence	NO

Designations

Nuisances

Historic Site
Current Use	(none)
Nbr Bldg Sites
Adjacent to Golf Fairway	NO
Adjacent to Greenbelt	NO
Other Designation	NO
Deed Restrictions	NO
Development Rights Purchased	NO
Easements	NO
Native Growth Protection Easement	NO
DNR Lease	NO

Topography
Traffic Noise
Airport Noise
Power Lines	NO
Other Nuisances	NO

Problems

Water Problems	NO
Transportation Concurrency	NO
Other Problems	NO

Environmental

BUILDING

Building Number	1
Building Description	AMERICAN DRAPERY
Number Of Buildings Aggregated	1
Predominant Use	MIXED RETAIL W/RES. UNITS (459)
Shape	Rect or Slight Irreg
Construction Class	MASONRY
Building Quality	AVERAGE
Stories	3
Building Gross Sq Ft	36,490
Building Net Sq Ft	21,966
Year Built	1955
Eff. Year	2011
Percentage Complete	100
Heating System	HOT WATER
Sprinklers	No
Elevators

Picture of Building 1
Current Picture

Section(s) Of Building Number: 1

Section Number	Section Use	Description	Stories	Height	Floor Number	Gross Sq Ft	Net Sq Ft
3	APARTMENT (300)	New 24 unit apartments.	1	14	2ND	11,500	8,476
6	APARTMENT (300)	Loft area	1	10	3rd	1,990	1,990
5	BASEMENT, STORAGE (708)	Storage area	1	11	0	11,500	0
1	RETAIL STORE (353)	1ST FLOOR RETAIL	1	14	1ST	11,500	11,500

Unit Breakdown

Unit Type	Number of This Type	Sq Ft	# of Bedrooms	# of Baths
Flat	14	390	0	1
Flat	10	614	1	1

TAX ROLL HISTORY

Account	Valued Year	Tax Year	Levy Code	Appraised Land Value ($)	Appraised Imps Value ($)	Appraised Total Value ($)	Taxable Land Value ($)	Taxable Imps Value ($)	Taxable Total Value ($)	Tax Value Reason
723150218508	2026	2027	2100	488,700	1,574,900	2,063,600	488,700	1,574,900	2,063,600
723150218599	2026	2027	2100	0	3,421,600	3,421,600	0	0	0	EX
723150218508	2025	2026	2100	488,700	1,574,900	2,063,600	488,700	1,574,900	2,063,600
723150218599	2025	2026	2100	0	3,421,600	3,421,600	0	0	0	EX
723150218508	2024	2025	2100	488,700	1,560,900	2,049,600	488,700	1,560,900	2,049,600
723150218599	2024	2025	2100	0	3,390,900	3,390,900	0	0	0	EX
723150218508	2023	2024	2100	483,000	1,452,800	1,935,800	483,000	1,452,800	1,935,800
723150218599	2023	2024	2100	0	3,156,100	3,156,100	0	0	0	EX
723150218508	2022	2023	2100	483,000	1,421,700	1,904,700	483,000	1,421,700	1,904,700
723150218599	2022	2023	2100	0	3,088,800	3,088,800	0	0	0	EX
723150218508	2021	2022	2100	483,000	1,245,303	1,728,303	483,000	1,245,303	1,728,303
723150218599	2021	2022	2100	0	2,706,097	2,706,097	0	0	0	EX
723150218508	2020	2021	2100	483,000	1,286,200	1,769,200	483,000	1,286,200	1,769,200
723150218599	2020	2021	2100	0	0	0	0	0	0
723150218508	2019	2020	2100	483,000	1,362,200	1,845,200	483,000	1,362,200	1,845,200
723150218508	2018	2019	2100	483,000	1,380,000	1,863,000	483,000	1,380,000	1,863,000
723150218508	2017	2018	2100	460,000	1,366,100	1,826,100	460,000	1,366,100	1,826,100
723150218508	2016	2017	2100	460,000	1,817,600	2,277,600	460,000	1,817,600	2,277,600
723150218508	2015	2016	2100	414,000	1,876,200	2,290,200	414,000	1,876,200	2,290,200
723150218508	2014	2015	2100	414,000	1,811,000	2,225,000	414,000	1,811,000	2,225,000
723150218508	2013	2014	2100	414,000	1,811,000	2,225,000	414,000	2,483,200	2,897,200
723150218508	2012	2013	2100	414,000	1,811,000	2,225,000	414,000	2,397,000	2,811,000
723150218508	2011	2012	2100	414,000	2,176,000	2,590,000	414,000	2,176,000	2,590,000
723150218508	2010	2011	2100	460,000	2,130,000	2,590,000	460,000	2,130,000	2,590,000
723150218508	2009	2010	2100	460,000	2,250,700	2,710,700	460,000	2,250,700	2,710,700
723150218508	2008	2009	2100	460,000	2,253,500	2,713,500	460,000	2,253,500	2,713,500
723150218508	2007	2008	2100	287,500	2,287,900	2,575,400	287,500	2,287,900	2,575,400
723150218508	2006	2007	2100	230,000	1,399,700	1,629,700	230,000	1,399,700	1,629,700
723150218508	2005	2006	2100	230,000	1,178,000	1,408,000	230,000	1,178,000	1,408,000
723150218508	2004	2005	2100	161,000	1,051,000	1,212,000	161,000	1,051,000	1,212,000
723150218508	2003	2004	2100	161,000	1,010,100	1,171,100	161,000	1,010,100	1,171,100
723150218508	2002	2003	2100	161,000	1,010,100	1,171,100	161,000	1,010,100	1,171,100
723150218508	2001	2002	2100	115,000	1,053,700	1,168,700	115,000	1,053,700	1,168,700
723150218508	2000	2001	2100	115,000	1,022,000	1,137,000	115,000	1,022,000	1,137,000
723150218508	1999	2000	2100	103,500	641,800	745,300	103,500	641,800	745,300
723150218508	1998	1999	2100	103,500	641,800	745,300	103,500	641,800	745,300
723150218508	1997	1998	2100	0	0	0	92,000	639,400	731,400
723150218508	1996	1997	2100	0	0	0	92,000	639,400	731,400
723150218508	1995	1996	2100	0	0	0	92,000	639,400	731,400

SALES HISTORY

Excise Number	Recording Number	Document Date	Sale Price	Seller Name	Buyer Name	Instrument	Sale Reason
2878832		7/24/2017	$1,850,000.00	700 S THIRD ASSOCIATES LLC	PENNEY LOFTS LLC	Statutory Warranty Deed	None
2247713	20061102001457	10/27/2006	$2,800,000.00	GAVIN REAL ESTATE L L C	700 S THIRD ASSOCIATES L L C	Statutory Warranty Deed	None
1805262	20010313001674	1/31/2001	$0.00	GAVIN ROGER J	GAVIN REAL ESTATE LLC	Quit Claim Deed	Other

REVIEW HISTORY

Tax Year	Review Number	Review Type	Appealed Value	Hearing Date	Settlement Value	Decision	Status
2019	1800695	Local Appeal	$1,863,000	1/1/1900	$0		Completed
2015	1406705	Local Appeal	$2,897,200	8/3/2015	$2,225,000	REVISE, ASSESSOR RECOMMENDED	Completed
2014	86455	State Appeal	$2,897,200	1/1/1900	$0	DISMISS	Completed
2014	86175	State Appeal	$2,897,200	1/1/1900	$2,225,000	STIPULATED	Completed
2014	1300620	Local Appeal	$2,897,200	11/20/2013	$2,897,200	SUSTAIN	Completed
1993	9211715	Local Appeal	$731,400	1/1/1900	$0		Completed

PERMIT HISTORY

Permit Number	Permit Description	Type	Issue Date	Permit Value	Issuing Jurisdiction	Reviewed Date
S22002517	RAIN CITY CATERING AT PENNEY LOFTS- INSTALL (1) 62 SQ FT NON ILLUMATED WALL SIGN FOR MARKET,		5/25/2022	$4,800	RENTON	5/17/2023
M22000918	Installation of walk in cooler with compressor and parts.,	Other	2/23/2022	$6,700	RENTON	7/8/2022
M21006038	Heating Cooling Unit,	Other	12/16/2021	$2,000	RENTON	7/8/2022
M21006013	Penney Lofts-Installation of an ERV unit and associated ducting. Inspector: No plan review required based on description of work. Attachment was not reviewed for approval and is for reference only.- Permit Team,	Other	12/15/2021	$4,000	RENTON	7/8/2022
E21006012	New air handler wiring,		12/15/2021	$1,500	RENTON	7/8/2022
M21004637	Penney Lofts - Spotlight Dance-Install HRV and associated air ducts for fresh air. Inspector: No plan review required based on description of work. Attachment was not reviewed for approval and is for reference only.- Permit Team,	Other	9/27/2021	$4,999	RENTON	7/8/2022
M21004575	2 Mini Split Units with multiple heads for heating and cooling,	Other	9/21/2021	$4,999	RENTON	5/17/2023
P21004155	1 Bathroom 1 washer 1 mop sink and future sink provison(s) per bldg permit #21003419,		8/26/2021	$2,500	RENTON	7/8/2022
B21003419	PENNEY LOFTS WORK SUITES- INSTALL NON-BEARING PARTITION WALLS TO CREATE VARIOUS WORK STUDIOS STORAGE AREAS NEW RESTROOM AND HALLWAY IN A PORTION OF THE BASEMENT PER PLAN. SEE PERMIT CONDITIONS FOR RFA COMMENTS.,	Remodel	8/13/2021	$85,000	RENTON	7/8/2022
P21003530	Plumbing for property per building permit B21002781 for a commercial kitchen.,		7/23/2021	$10,000	RENTON	7/8/2022
E21003126	Tenant Improvement for Dance Studio,		7/6/2021	$15,000	RENTON	7/8/2022
E21003034	New 200 amp panel and a few circuits. No tenants yet,		6/29/2021	$6,500	RENTON	5/17/2023
E21003033	Tenant improvement for New Deli/Market,		6/29/2021	$20,000	RENTON	7/8/2022
B21002546	SPOTLIGHT DANCE STE A. TENANT IMPROVEMENT-CONSTRUCT DEMISNG WALLS AND DOORWAYS LOBBY 3 DANCE ROOMS AND STORAGE ROOM.,	Remodel	6/11/2021	$25,000	RENTON	7/8/2022
B21002431	BLACK RIVER TATTOO. CONSTRUCT TWO HALF WALLS AND INSTALL TWO SINKS FOR TATTOO SHOP INSIDE PENNEY LOFTS. OWNER ACTING AS CONTRACTOR.,	Remodel	6/9/2021	$2,000	RENTON	7/8/2022
P21001716	Rough in and install 2 sinks.,		4/21/2021	$500	RENTON	7/7/2021
E21001695	Tenant improvement,		4/20/2021	$6,500	RENTON	7/8/2022
E21001643	Tenant Improvement,		4/19/2021	$10,000	RENTON	7/7/2021
M21000047	INSTALL ONE 14'-0" TYPE-I & ONE 12'-0" TYPE-I HOOD IN RESTAURANT KITCHEN. EXHAUST FAN AND MAKE-UP AIR UNIT ON BUILDING ROOF.,	Other	2/4/2021	$40,000	RENTON	9/2/2021
P20004796	Plumbing for the addition of a bathroom and additional sink.,		10/19/2020	$800	RENTON	9/2/2021
S20001390	PENNEY LOFTS-INSTALL 63 SQ FT ILLUMINATED PROJECTING WALL SIGN,		8/17/2020	$19,750	RENTON	9/2/2021
E20001391	PENNEY LOFTS-INSTALL 63 SQ FT ILLUMINATED PROJECTING WALL SIGN,		8/17/2020	$700	RENTON	9/2/2021
E20002584	Fire Alarm system installation,		6/19/2020	$30,000	RENTON	7/7/2021
E20001970	24 new apartments 10 possible future commercial tenant spaces,		6/1/2020	$235,000	RENTON	9/2/2021
M20002239	Venting for bathroom fans stoves and laundry vents. 3 ERV's Units 2 Min-splits,	Other	5/31/2020	$7,500	RENTON	7/7/2021
P20001855	Install waste vent and water for 24 new dwelling units at PENNEY LOFTS Install hot water system for new units.,		5/7/2020	$300,000	RENTON	7/7/2021
E20001087	PENNEY LOFTS. TEMPORARY POWER.,		3/6/2020	$2,000	RENTON	7/7/2021
B13001711	AMERICAN BLINDS - DEMO EXISTING PLATFORM & CONSTRUCT NON-BEARING INTERIOR PARTITION	Remodel	4/5/2013	$1,000	RENTON	8/8/2013

HOME IMPROVEMENT EXEMPTION

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Notice mailing date: 10/29/2026

King County Department of Assessments

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