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    Property profile & analytics

    515 High Ave Sultan, WA 98294

    • High-rise multifamily apartments
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1321480
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • High-rise multifamily apartments

    Property Details for 515 High Ave

    Property type
    High-rise multifamily apartments
    APN
    28083200300500

    Description

    This exceptional .69-acre parcel, located at 515 High Ave, Sultan, WA 98294 (APN 28083200300500), presents a remarkable opportunity for high-density residential development. The property boasts a prime location fronting High Street in Snohomish County, offering excellent visibility and accessibility. Its flat terrain simplifies construction, and utilities are readily available either on the property or directly adjacent on the street, minimizing upfront infrastructure costs. Zoned for high-density development, this land is perfectly suited for the creation of multi-family dwellings, townhouses, or other high-density residential projects. The proximity to local schools and other amenities ensures a desirable living environment for future residents, maximizing the potential rental income or resale value. This is a rare chance to acquire a substantial piece of development land in a sought-after Sultan location, offering significant potential for a strong return on investment. The property's flat topography and convenient access to utilities make it an exceptionally attractive proposition for developers seeking a straightforward and profitable project. Don't miss this chance to build in a thriving community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Sultan
    County
    Snohomish
    State
    Washington
    Longitude
    -121.81365027578
    Latitude
    47.86918817007

    Comparable in this City

    • $4,500,000

      Large Acreage Development Opportunity

      Fifty acres inside city limits, development potential.
      1528 Gohr Rd, Sultan, WA 98294
      View Details
    • $439,450

      Residential Land in Sultan, Washington

      Large residential lot with development potential in Sultan, Washington.
      14055 Sultan Basin Rd, Sultan, WA 98294
      View Details
    • $119,000

      6.27 Acres Wooded Recreational Land

      Undeveloped 6.27 acres near outdoor activities and Wild Sky Wilderness.
      Galena City #109, Sultan, WA 98294
      View Details
    • $899,000
      103,673 SF

      Sultan Land with Development Potential

      Large lot in Sultan, WA, with existing house and development potential.
      32531 138Th St SE, Sultan, WA 98294
      View Details
    • $1,000,000

      0.88 Acres Usable Land

      0.88 acres of usable, fenced, and secure land.
      32623 149Th St SE, Sultan, WA 98294
      View Details
    • $1,200,000
      864 SF

      Mixed-Use Property with Highway Frontage

      Two houses, commercial space, rental property, and vacant land.
      31503 Us 2, Sultan, WA 98294
      View Details

    Similar Nearby for Sale

    • $4,500,000

      Large Acreage Development Opportunity

      Fifty acres inside city limits, development potential.
      1528 Gohr Rd, Sultan, WA 98294
      View Details
    • $439,450

      Residential Land in Sultan, Washington

      Large residential lot with development potential in Sultan, Washington.
      14055 Sultan Basin Rd, Sultan, WA 98294
      View Details
    • $119,000

      6.27 Acres Wooded Recreational Land

      Undeveloped 6.27 acres near outdoor activities and Wild Sky Wilderness.
      Galena City #109, Sultan, WA 98294
      View Details
    • $899,000
      103,673 SF

      Sultan Land with Development Potential

      Large lot in Sultan, WA, with existing house and development potential.
      32531 138Th St SE, Sultan, WA 98294
      View Details
    • $1,000,000

      0.88 Acres Usable Land

      0.88 acres of usable, fenced, and secure land.
      32623 149Th St SE, Sultan, WA 98294
      View Details
    • $1,200,000
      864 SF

      Mixed-Use Property with Highway Frontage

      Two houses, commercial space, rental property, and vacant land.
      31503 Us 2, Sultan, WA 98294
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      14,460 SF

      Downtown Sultan Retail Space Available

      Retail spaces with high visibility and frontage on Highway 2.
      507 W Stevens Ave, Sultan, WA 98294
      View Details
    • Contact for pricing
      11,520 SF

      Sultan Warehouse with Fenced Site

      Divisible warehouse space with fenced site, convenient highway access.
      33809 S 2Nd St, Sultan, WA 98294
      View Details
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    Sultan, WA 98294
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    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
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