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    Property profile & analytics

    240 Gilman Blvd Issaquah, WA 98027

    • Commercial real estate
    • 18,312 SF
    • 1.59 lot acres
    For Lease
    View listing
    Last Sale
    Oct 16, 2024
    $8,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1432604
    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 240 Gilman Blvd

    Year built
    1984
    Construction
    WOOD
    Lot size
    1.59 lot acres
    Property size
    18,312 SF
    Zone code
    MU
    Property type
    Commercial real estate
    APN
    282406-9194
    APU
    2824069194

    Description

    This exceptional retail space, located at 240 NW Gilman Blvd in Issaquah, Washington, presents a fantastic opportunity for a discerning business. Part of the Gilman Station complex, this storefront offers 680 square feet of readily available space within a larger 18,312 square foot building. Built in 1989, the two-story building is situated in King County and boasts a convenient multiple-tenancy setup, fostering a vibrant and collaborative atmosphere. The property's address is easily accessible and benefits from high visibility, making it ideal for attracting customers. The available space is perfect for a variety of retail uses, offering ample room for showcasing products and providing excellent customer service. The property's location in Issaquah, WA, 98027 provides access to a thriving community with a strong local economy and significant foot traffic. This is a rare opportunity to secure a well-located retail space in a desirable area. The building's solid construction and established presence in the community ensure a stable and reliable investment. Interested parties are encouraged to inquire promptly to secure this exceptional retail opportunity. The property is currently listed for lease.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,855,000
      6.5%
      $5,405,000
      7%
      $5,020,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,323,000
      Market price range: $3.67M - $17.8M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $9,335,000
      Current use
      RESTAURANT
      $9,715,000
      Change: +4% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $8,405,000
      Change: -10% Conversion: Difficult
      OFFICE BUILDING
      $8,045,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Issaquah
    County
    King
    State
    Washington
    Longitude
    -122.04
    Latitude
    47.5407
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $31,797
    $2,772,600
    $1,419,400
    $4,192,000
    -
    $2,772,600
    $1,419,400
    $4,192,000

    Comparable in this City

    • Value Estimation
      $1,625,000
      6,345 SF

      690 Gilman Blvd

      COMMERCIAL (GENERAL) • 6,345 SF
      690 Gilman Blvd, Issaquah, WA 98027-4903
      View Details
    • Value Estimation
      $2,165,000
      10,715 SF

      355 Gilman Blvd

      COMMERCIAL (GENERAL) • 10,715 SF
      355 Gilman Blvd, Issaquah, WA 98027-2401
      View Details
    • Value Estimation
      $3,660,000
      26,211 SF

      Issaquah, WA 98027

      COMMERCIAL (GENERAL) • 26,211 SF
      Issaquah, WA 98027
      View Details
    • Value Estimation
      $1,055,000
      5,464 SF

      1440 Gilman Blvd

      COMMERCIAL (GENERAL) • 5,464 SF
      1440 Gilman Blvd, Issaquah, WA 98027-5332
      View Details
    • Value Estimation
      $1,800,000
      4,800 SF

      99 Frnt N St

      COMMERCIAL (GENERAL) • 4,800 SF
      99 Frnt N St, Issaquah, WA 98027-3237
      View Details
    • Value Estimation
      $815,000
      5,367 SF

      1620 Gilman Blvd

      COMMERCIAL (GENERAL) • 5,367 SF
      1620 Gilman Blvd, Issaquah, WA 98027-5338
      View Details

    Similar Nearby for Sale

    • $4,650,000

      Issaquah Office Building For Sale

      Office building with long-term tenant and owner-user opportunity in Issaquah.
      185 Gilman Blvd, Issaquah, WA 98027
      View Details
    • $250,000

      Squak Mountain Land with Views

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      Issaquah Executive Suites

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      Downtown Issaquah Restaurant Opportunity

      Turn-key restaurant, prime location, full bar.
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    • $5,500,000

      Two-Story Building in Issaquah

      8,289 SF building suitable for daycare, school, or church.
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      Issaquah Land Parcel Ready Build

      4.35-acre parcel ready for custom dream home construction.
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    Similar Nearby for Lease

    • $3,250 /Mo
      1,153 SF

      Serene Townhome with Forest Views

      End-unit townhome with vaulted ceilings, natural light, and forest views.
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      View Details
    • Contact for pricing
      3,200 SF

      Retail Space in Issaquah

      Retail space available for lease in Issaquah, Washington.
      1065-1185 NW Gilman Blvd, Issaquah, WA 98027
      View Details
    • Contact for pricing
      2,490 SF

      Class A Office Suite

      2,490 SF office suite with mountain views and high ceilings.
      1700 NW Gilman Blvd, Issaquah, WA 98027
      View Details
    • Contact for pricing
      1,239 SF

      Corner Office with Natural Light

      Office space with private offices, kitchenette, and ample parking.
      1495 Northwest Gilman Blvd, Issaquah, WA 98027
      View Details
    • $26 SF/Yr
      2,130 SF

      Industrial Space in Issaquah

      2130 square feet of industrial space available for rent.
      1085 Newport Way NW, Issaquah, WA 98027
      View Details
    • $2 SF/Yr
      2,186 SF

      Issaquah Warehouse Space Available

      2,186 SF warehouse space for rent in Issaquah, WA.
      1145 SE Newport Way, Issaquah, WA 98027
      View Details
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    240 Gilman Blvd
    Issaquah, WA 98027
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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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