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    15203 8Th Ave Burien, WA 98148

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    15203 8Th Ave Burien, WA 98148

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    • Office properties & Spaces
    • 14,768 SF
    • 0.31 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 15203 8Th Ave

    Year built
    1963
    Lot size
    0.31 lot acres
    Property size
    14,768 SF
    Property type
    Office properties & Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional two-story medical office building, located at 15203-15211 8th Ave S in Burien, WA 98148, offers a fantastic opportunity for medical professionals and other compatible businesses. The building, constructed in 1963, boasts a total of 14,768 square feet and sits on a 0.31-acre lot. Currently, there are multiple suites available, ranging from a minimum of 1,200 square feet to a maximum contiguous space of 4,370 square feet. The building is zoned RM-24 and is classified as Class C. Ideal for medical or dental practices, the space features existing exam rooms, making it move-in ready for many uses. Other suitable uses could include salons, spas, or esthetician offices. The property benefits from ample free on-site parking, a significant advantage in this area. Its strategic location provides convenient access to major freeways, SeaTac Airport, and the Tukwila Station Commuter Rail, ensuring excellent accessibility for both staff and clients. Nearby medical centers include St. Anne Hospital, Franciscan Health, and Kaiser Permanente, creating a synergistic environment for healthcare professionals. Water, sewer, and garbage services are included in the triple net (NNN) lease terms. The property's APN is 202304-9272. This is a rare opportunity to acquire a well-located, established medical office building in a thriving community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Burien
    County
    King
    State
    Washington
    Longitude
    -122.324
    Latitude
    47.4665

    Comparable in this City

    • Value Estimation
      $8,800,000
      48,707 SF

      16045 1st S Ave

      MEDICAL BUILDING • 48,707 SF
      16045 1st S Ave, Burien, WA 98148-1401
      View Details
    • Value Estimation
      $540,000
      3,384 SF

      124 Normandy Rd

      MEDICAL BUILDING • 3,384 SF
      124 Normandy Rd, Burien, WA 98148-1708
      View Details
    • Value Estimation
      $680,000
      4,227 SF

      18537 1st S Ave

      DENTAL BUILDING • 4,227 SF
      18537 1st S Ave, Normandy Park, WA 98148-1888
      View Details
    • Value Estimation
      $1,070,000
      7,384 SF

      15409 1st S Ave

      OFFICE (GENERAL) • 7,384 SF
      15409 1st S Ave, Seattle, WA 98148
      View Details
    • Value Estimation
      $2,645,000
      17,346 SF

      19655 1st S Ave

      OFFICE (GENERAL) • 17,346 SF
      19655 1st S Ave, Normandy Park, WA 98148-2166
      View Details
    • Value Estimation
      $1,260,000
      45,135 SF

      16625 1st S Ave

      HOMES (RETIRED, NURSING) • 45,135 SF
      16625 1st S Ave, Burien, WA 98148-1427
      View Details

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    15203 8Th Ave
    Burien, WA 98148
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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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