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    272nd 185Th Ave Kent, WA 98042
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    272nd 185Th Ave Kent, WA 98042

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    • Retail properties & Spaces
    • 187,388 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 272nd 185Th Ave

    Property size
    187,388 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    Covington Esplanade offers exceptional retail and restaurant opportunities in the thriving Covington/Maple Valley submarket of King County, Washington. This Home Depot-anchored center boasts a total of 187,388 square feet, with 9,784 square feet currently vacant and divisible into spaces ranging from 2,043 to 4,569 contiguous square feet. Three spaces are immediately available, ideal for a variety of commercial uses. The property is strategically located at the intersection of SE 272nd St. and 185th Ave in Kent, WA, zip code 98042, providing excellent visibility and accessibility. Its location on SE 272nd St (Highway 516), less than a mile from Highway 18, ensures convenient access for customers and employees. The center benefits from a strong consumer base with high discretionary income, fueled by the proximity to major employers such as Boeing, REI, and Alaska Airlines. Ample parking is available with 751 spaces. This is a rare opportunity to establish a presence in a vibrant, high-traffic retail center within a rapidly growing area. Former restaurant space is available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Kent
    County
    King
    State
    Washington
    Longitude
    -122.097
    Latitude
    47.3588

    Comparable in this City

    • Value Estimation by Request
      8,178 SF

      15610 272Nd St

      Retail properties & Spaces • 8,178 SF
      15610 272Nd St, Kent, WA 98042
      View Details
    • Value Estimation
      $675,000
      6,570 SF

      17431 272nd St

      DRIVE-THRU RESTAURANT, FAST FOOD • 6,570 SF
      17431 272nd St, Covington, WA 98042-4950
      View Details
    • Value Estimation by Request
      2,674 SF

      17239 272nd St

      RESTAURANT • 2,674 SF
      17239 272nd St, Covington, WA 98042-4900
      View Details
    • Value Estimation
      $685,000
      7,195 SF

      16717 272nd St

      RESTAURANT • 7,195 SF
      16717 272nd St, Covington, WA 98042-8417
      View Details
    • Value Estimation by Request
      400 SF

      24220 132nd SE Ave

      RESTAURANT • 400 SF
      24220 132nd SE Ave, Kent, WA 98042-5115
      View Details
    • Value Estimation by Request
      5,164 SF

      27193 185th SE Ave

      RESTAURANT • 5,164 SF
      27193 185th SE Ave, Covington, WA 98042-8419
      View Details

    Similar Nearby for Sale

    • 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
    • Contact for pricing
      93,600 SF

      19.74 Acres Land For Sale

      19.74 acres of land available for sale.
      27631 Covington Way SE, Covington, WA 98042
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    • Contact for pricing

      Land in Town Center Zoning

      Land suitable for day care, office, or mixed-use development.
      17018 SE Wax Rd, Covington, WA 98042
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      20,568 SF

      Professional Office Land Available

      Land with permits imminent, adjacent to Walmart entrance.
      27013-27019 176Th Pl SE, Covington, WA 98042
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      Land Near Lake Meridian

      Land in Covington, WA, near Lake Meridian and local amenities.
      27013 176Th Pl SE, Covington, WA 98042
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      Kent Land with Development Potential

      3.82 acres of CC zoned land with development potential.
      15326 SE 272Nd St, Kent, WA 98042
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    Similar Nearby for Lease

    • Contact for pricing

      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
    • 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
      5,002 SF

      Restaurant Space with Full Buildout

      Former restaurant space with hood, bar, and mezzanine.
      17300 SE 272Nd St, Covington, WA 98042
      View Details
    • Contact for pricing
      1,812 SF

      New Retail Space with Drive-Thru

      New construction retail space with drive-thru option available for lease.
      15610 SE 272Nd St, Kent, WA 98042
      View Details
    • Contact for pricing

      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
      1,453 SF

      Retail Space in Covington, WA

      Retail space available for lease in Covington, Washington.
      17023 SE 272Nd St, Covington, WA 98042
      View Details
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    Kent, 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
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