Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Space in Covington Place Title is generated by Realmo AI

    27116 168th Ave SE, Covington, WA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Prime retail space in a high-traffic Covington location.

    Type:RETAIL
    Property size:
    1,400 SF
    Lot size:
    4.61 Acres
    Added:
    Oct 2, 2025
    Days on Market:
    234
    Last Refresh:
    Apr 5 at 8:23 pm

    Property Features for 27116 168th Ave SE

    General Information

    Standard status
    Active
    Size
    1,400 SF
    Lot size
    4.61 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 27116 168th Ave SE Contact us

    We can help!

    Listing Contact
    Amanda Blackwood
    Amanda Blackwood

    Listing agent Amanda Blackwood

    Listing office First Western Properties - Tacoma, Inc.

    Listing date Oct 2, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of First Western Properties - Tacoma, Inc.

    HighLights

    • Prime location in Covington's growing commercial district.
    • High traffic area surrounded by retailers, dining, and residential neighborhoods.
    • Excellent visibility and easy access from 168th Ave SE.
    • Flexible space suitable for various uses.
    • Situated in Covington Place retail center.
    • Estimated NNN - $12.54 PSF

    Overview

    Located in Covington Place, this retail space benefits from a central position within Covington’s expanding commercial area. The property offers flexible space suitable for various business operations, featuring high visibility and convenient access from 168th Ave SE. Its location is characterized by substantial customer traffic, enhanced by the presence of well-known retailers, diverse dining establishments, and densely populated residential areas. The property has an estimated NNN of $12.54 per square foot and a property size of 1400 square feet.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    King
    State
    Washington
    Longitude
    -122.118374
    Latitude
    47.354199

    Nearby Similar for Lease

    • $38 SF/Yr
      5,002 SF

      Restaurant Space with Full Buildout

      Former restaurant space with hood, bar, and mezzanine.
      17300 SE 272nd St, Covington, WA
      View Details
    • Contact for pricing
      96,100 SF

      Highway 18 Accessible Industrial Site

      19.74 acre industrial site near Highway 18 available for lease.
      27631 Covington Way SE, Covington, WA 98042
      View Details
    • $3,100/Mo
      1,130 SF

      High-Traffic Covington Office Space

      Office space in high-traffic area near major retailers.
      17244 SE Wax Rd, Covington, WA
      View Details
    • $40 SF/Yr
      1,500 SF

      Retail Space Available For Rent

      Single tenant retail space available, approximately 1,500 square feet.
      16717 Se 272nd St, Covington, WA 98042
      View Details
    • Contact for pricing
      4,500 SF

      Retail Space in Covington Center

      Well-maintained retail center with available space for lease.
      17115 SE 270th Pl, Covington, WA
      View Details
    • Contact for pricing
      2,940 SF

      Retail Space in Covington, WA

      Retail space available for lease in Covington, Washington.
      17023 SE 272nd St, Covington, WA
      View Details
    • Contact for pricing
      5,002 SF

      Retail Spaces Available For Rent

      Retail spaces available, ranging from 1,026 to 5,002 SqFt.
      17309 SE 270th Pl, Covington, WA 98042
      View Details
    • $11,000/Mo
      2,400 SF

      Retail Space in Covington, WA

      Retail space available for lease in Covington, Washington.
      16263 SE 272nd St, Covington, WA
      View Details
    • Contact for pricing

      Commercial Space in Covington, WA

      Accessible commercial space in a growing Covington community.
      27116 167th Pl SE, Covington, WA 98042
      View Details
    • Contact for pricing
      247,409 SF

      Class A Industrial Building

      247,409 SF industrial building with excellent highway access.
      28009 Covington Way SE, Covington, WA
      View Details
    • Contact for pricing
      2,043 SF

      Retail Space in Covington, WA

      Retail property available for lease in Covington, Washington.
      27027-27193 185th Ave SE, Covington, WA
      View Details
    • $35 SF/Yr
      2,126 SF

      Retail Space in High-Growth Covington

      Retail space available in high-traffic, anchored shopping center.
      17307-17415 SE 272nd St, Covington, WA
      View Details

    FAQs

    What type of property is this?
    Retail space - Prime retail space in a high-traffic Covington location.
    Where is this retail space located?
    The property is located at 27116 168th Ave SE Covington, WA.
    What is the lease rate?
    The lease rate is $40 SF/Yr.
    What are key features of this property?
    This property features: Prime location in Covington's growing commercial district.; High traffic area surrounded by retailers, dining, and residential neighborhoods.; Excellent visibility and easy access from 168th Ave SE.
    (425) 531-3345 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Amanda Blackwood
    Amanda Blackwood
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    27116 168th Ave SE, Covington, WA
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!