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Property profile & analytics
FOR LEASE
Office buildings
120 E George Hopper Rd Burlington, WA 98233
Entity Owned
17-yr Hold
Free & Clear
Property ID
US90-0450958
For Lease
Contact for pricing
120 E George Hopper Rd, Burlington, WA 98233
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1997
Total area
20,262 SF
Lot
1.25 ac (54,406 SF)
APN
340408-2-018-0103
UPID
US90-0450958
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Private Lending Investments, Inc. Loan Service Bank
-
Community & Family Services Foundation Social Service Agency Charitable Organization
-
Whims Insurance and Financial Services Insurance Agency
-
Marion Hernon Dental Office
-
Northwest Indian Fisheries Commission - North Sound Office Sustainability Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.11M
Blend (final)
Blend
$3.56M
Owner & transaction history
Piazza Holdings LLC · 17 yrs held
Piazza Holdings LLC
since 2009
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$5.3M
+13.4%
Auto repair, garage
$4.9M
+5.1%
Retail stores
$4.9M
+4.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Burlington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Burlington submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$4,650,000
Current use
COMMERCIAL (GENERAL)
$5,270,000
Change: +13% · Conversion: Easy
AUTO REPAIR, GARAGE
$4,885,000
Change: +5% · Conversion: Difficult
RETAIL STORES
$4,880,000
Change: +5% · Conversion: Moderate
RESTAURANT
$4,265,000
Change: -8% · Conversion: Moderate
Blend value · Realmo final
$3.56M
Range $3.20M – $3.92M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$176 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$30,585
Tax year 2022
Assessed value
$3,232,800
Assessed 2021
Previous assessed
$3,232,800
+0.0% YoY
Effective rate
0.95%
On assessed value
Assessed land
$687,400
Assessed improvement
$2,545,400
Land market value
$687,400
Improvement market value
$2,545,400
Total market value
$3,232,800
Applied tax rate
905.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1997
Heating
NONE
Stories
1
Total area
20,262 SF
Lot
1.25 ac (54,406 SF)
APN
340408-2-018-0103
UPID
US90-0450958
Jurisdiction
SKAGIT
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$4.7M
COMMERCIAL (GENERAL)
Est. value
$5.3M
AUTO REPAIR, GARAGE
Est. value
$4.9M
RETAIL STORES
Est. value
$4.9M
RESTAURANT
Est. value
$4.3M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RETAIL STORES
RESTAURANT
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1997
Heating
NONE
Stories
1
Lot
1.25 ac
Current owner
From public records · entity-resolved
Piazza Holdings LLC
Entity
Free & Clear · 17 yrs held
Mailing address
120 E GEORGE HOPPER RD STE #200, BURLINGTON, WA 98233-3125
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2009
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 7, 2025
—
Piazza Holdings LLC
—
Deed
related
$1,200,000 · Mountain Pacific Bank
Jul 12, 2024
—
Piazza Holdings LLC
—
Deed
related
$1,280,094 · Mountain Pacific Bank
Mar 20, 2009
—
Piazza Holdings LLC
Piazza,john J
Quit Claim Deed
related
—
Sep 4, 1996
—
John J Piazza
—
Grant Deed
related
$1,800,000 · Frontier Bank
Apr 15, 1996
$487,500
John J Piazza
Pickett Investments LLC
Grant Deed
$387,500 · Simplified Exchange Accounting
—
—
Piazza Holdings LLC
—
Deed Of Trust
related
$1,675,000 · Banner Bk
—
—
John J Piazza
—
Deed Of Trust
related
$122,000 · Frontier Bank
—
—
John J Piazza
—
Deed Of Trust
related
$1,926,311 · Horizon Bank
—
—
John J Piazza
—
Deed Of Trust
related
$1,718,588 · Washington Federal Savings
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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