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    27631 Covington Way Covington, WA 98042

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    For Sale
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    93,600 SF Industrial Building, 19.74 Acres

    Property size:
    93,600 SF

    Property Features for 27631 Covington Way

    General Information

    Property type
    Land
    Square Feet
    93,600 SF
    Lot Size
    859,874 SF

    We can help!

    Listing Contact
    Arie Salomon
    Arie Salomon

    Listing Agency: NAI Puget Sound Properties Listing Agent: Arie Salomon

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

    Learn more

    Overview

    This exceptional Covington, WA industrial property offers a substantial 93,600-square-foot building on a sprawling 19.74-acre lot. The building features 2,500 square feet of spec office space, plus an additional 2,500 square feet of mezzanine space, expandable up to 5,000 square feet. A significant 7.85-acre yard (342,146 square feet) provides ample space for operations. The property boasts impressive loading capabilities with 32 dock-high doors and 2 ground-level doors, and a 32-foot clear height. Parking is abundant, with 358 trailer stalls and 115 auto stalls. The site is strategically located with excellent visibility from Highway 18. Building features include a 6-inch concrete slab, an ESFR sprinkler system, and LEED certification. The property benefits from a 52' x 60' typical column spacing. The entire site can be fenced for enhanced security. No local B&O tax applies. Owner-user sale may be considered. This property is ideal for businesses seeking a large, well-equipped industrial space in a prime location. The property is zoned for industrial use and is located in King County, WA, zip code 98042, at 27631 Covington Way SE.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    King
    State
    Washington
    Longitude
    -122.1251772
    Latitude
    47.3536354

    Nearby Similar for Sale

    • Contact for pricing

      Covington Industrial Land for Development

      19.74 acres near Highway 18, South King County.
      27631 Covington Way SE, Covington, WA 98042
      View Details
    • Contact for pricing

      Covington Industrial Land for Sale

      19.74 acres near Highway 18, South King County.
      27631 Covington Way SE, Covington, WA 98042
      View Details

    FAQs

    What type of property is this?
    Land - 93,600 SF Industrial Building, 19.74 Acres
    Where is this land located?
    The property is located at 27631 Covington Way Covington, WA.
    What are key features of this property?
    This property features: 93,600 SF building (96,100 SF including 2,500 SF spec office & 2,500 SF expandable mezzanine).; 7.85-acre yard (342,146 SF).; 32 dock-high doors and 2 ground-level doors.
    (425) 586-5600 Call to check price and availability
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    27631 Covington Way Covington, WA 98042
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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
    27631 Covington Way Covington, WA 98042
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Arie Salomon
    Arie Salomon
    (425) 586-5600 (425) 246-9280
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