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    Property profile & analytics

    21428 International Blvd SeaTac, WA 98198

    • Commercial real estate
    • 1.51 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-3262285
    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

    • Commercial real estate

    Property Details for 21428 International Blvd

    Year built
    2011
    Lot size
    1.51 lot acres
    Property type
    Commercial real estate
    APN
    092204-9061

    Description

    This stabilized Class B apartment building, built in 2011, presents a compelling investment opportunity. The property boasts 90 units across three four-story buildings situated on a spacious 1.51-acre lot in SeaTac, Washington. Unit sizes range from studios to two-bedroom apartments, with 36% being two-bedroom units. The property includes 148 parking spaces in a secured garage with direct elevator access, generating over $75,000 in annual income. Two large rooftop decks offer stunning Puget Sound views, and many units feature western-facing patios with water views. Amenities include in-unit washers and dryers, and two playgrounds. The property's location is highly desirable, with convenient access to SeaTac Airport, light rail, major employers, and nearby amenities such as a grocery store, restaurants, and coffee shops. The existing unit finishes offer significant potential for value-add renovations. The property's strong submarket fundamentals, including high renter demand and projected rent growth, further enhance its investment appeal. The permitted zoning is UH-900, and the APN is 092204-9061. The net rentable square footage is 56,111. Current occupancy is expected to reach 95.3% by year-end, representing a 70 basis point gain. Annual rent growth is projected at 4.7% over the next two years.

    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
    SeaTac
    County
    King
    State
    Washington
    Longitude
    -122.29793300049
    Latitude
    47.409570525369

    Comparable in this City

    • $1,100,000

      Des Moines Multifamily Investment Opportunity

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    • $1,725,000
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      Vashon Vue Apartments Opportunity

      11-unit apartment building with in-place 6.5% cap rate.
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    • $1,995,000
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      Mixed-Use Development Opportunity

      Mixed-use development site with completed drawings for apartments and retail.
      22725 Pacific Hwy S, Des Moines, WA 98198
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    • $2,900,000
      124,582 SF

      Prime Development Land For Sale

      Three acres of level land with extensive street frontage.
      26505 Pacific Hwy S, Des Moines, WA 98198
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    • Contact for pricing
      18 SF

      Industrial Space with Secured Yard

      Industrial space with fenced yard, suitable for assembly or distribution.
      20820 International Blvd, Seattle, WA 98198
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    • Contact for pricing

      Development Site Near Light Rail

      Opportunity Zone development site near transit and airport.
      21010 International Blvd, Seatac, WA 98198
      View Details

    Similar Nearby for Sale

    • $1,100,000

      Des Moines Multifamily Investment Opportunity

      6-unit apartment building near future light rail station.
      22707 30Th Ave S, Seattle, WA 98198
      View Details
    • $1,725,000
      7,300 SF

      Vashon Vue Apartments Opportunity

      11-unit apartment building with in-place 6.5% cap rate.
      22805 30Th Ave S, Seattle, WA 98198
      View Details
    • $1,995,000
      46,609 SF

      Mixed-Use Development Opportunity

      Mixed-use development site with completed drawings for apartments and retail.
      22725 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • $2,900,000
      124,582 SF

      Prime Development Land For Sale

      Three acres of level land with extensive street frontage.
      26505 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • Contact for pricing
      18 SF

      Industrial Space with Secured Yard

      Industrial space with fenced yard, suitable for assembly or distribution.
      20820 International Blvd, Seattle, WA 98198
      View Details
    • Contact for pricing

      Development Site Near Light Rail

      Opportunity Zone development site near transit and airport.
      21010 International Blvd, Seatac, WA 98198
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      1,470 SF

      Des Moines Retail Space Available

      Retail space available for lease in Des Moines, Washington.
      23100 Pacific Hwy S, Des Moines, WA 98198
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    • $42 SF/Yr
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      Redondo Square Retail Spaces

      Des Moines retail center, multiple spaces available.
      27005 Pacific Hwy, Des Moines, WA 98198
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    • $22 SF/Yr
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      Waterfront-Adjacent Professional Office Space

      Professional office space with ocean views in Des Moines.
      22007 Marine View Dr S, Des Moines, WA 98198
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      Turnkey Office Space Near Marina

      Professional office suite in walkable marina-front district with parking.
      612 S 227Th St, Des Moines, WA 98198
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    • $22 SF/Yr
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      New Mixed-Use Development Retail Space

      Commercial spaces available in a new mixed-use development.
      21800 Pacific Hwy S, Des Moines, WA 98198
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    • $1.50 SF/Yr
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      SeaTac Industrial Space with Yard

      Industrial space with secured yard, suitable for various uses.
      20812-20820 International Blvd, Seatac, WA 98198
      View Details
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    SeaTac, WA 98198
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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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