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Property profile & analytics
OFF-MARKET
Estimated value
$10,475,000
Office buildings
12138 Mukilteo Speedway Mukilteo, WA 98275-5738
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US90-1069129
Property summary
AI-generated overview
This three-story, 32,861 square foot medical office building, constructed in 2005, offers prime leasing opportunities in Snohomish County. Located on Mukilteo Speedway, the property boasts excellent visibility and accessibility. Five individual suites are currently available, ranging in size from 2,331 to 6,479 square feet, providing flexibility for various medical practices. Ample parking is provided for patients and staff. The building's exterior signage is negotiable, offering excellent branding opportunities. The strategic location offers convenient access to Paine Field and Harbour Pointe, while also benefiting from the proximity to a vibrant array of retail and restaurant amenities. This is an exceptional opportunity for medical professionals seeking a modern, well-located space to establish or expand their practice. The single building features multiple tenancies and presents a strong investment opportunity in a thriving area. The building's modern design and convenient location make it an ideal choice for medical practices seeking a high-profile presence in a desirable community. Interested parties should inquire about available suite sizes and lease terms.
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
2005
Construction
CONCRETE
Total area
32,376 SF
Lot
2.53 ac (110,207 SF)
Zoning code
LI
APN
441200001800
UPID
US90-1069129
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
-
Mukilteo Dental Center Dental Office
-
Plaza Pointe Dental Specialists Dental Office
-
Risha Khan Dental Office
-
Dr. Kristen Morris Dental Office
-
Tiffany Luu-Tran Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$9.47M
Comparable Approach
Comparable
$10.87M
Blend (final)
Blend
$10.48M
Owner & transaction history
Kovi Properties Hpc LLC · 8 yrs held
Kovi Properties Hpc LLC
since 2017
7 recorded transactions
Zoning & alternative use
LI · Mukilteo, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$16.8M
+45.3%
Auto repair, garage
$14.0M
+21.7%
Apartment house (5+ units)
$13.4M
+16.0%
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 Mukilteo submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mukilteo 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%
$10,250,000
6.5%
$9,465,000
7%
$8,785,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$11,545,000
Current use
RESTAURANT
$16,780,000
Change: +45% · Conversion: Moderate
AUTO REPAIR, GARAGE
$14,045,000
Change: +22% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$13,390,000
Change: +16% · Conversion: Easy
MEDICAL BUILDING
$12,640,000
Change: +9% · Conversion: Easy
COMMERCIAL (GENERAL)
$9,815,000
Change: -15% · Conversion: Easy
RETAIL STORES
$9,425,000
Change: -18% · Conversion: Moderate
WAREHOUSE, STORAGE
$9,350,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$10.48M
Range $9.43M – $11.52M · ±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
$324 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$51,594
Tax year 2023
Assessed value
$7,355,000
Assessed 2023
Previous assessed
$6,566,400
+12.0% YoY
Effective rate
0.70%
On assessed value
Assessed land
$902,400
Assessed improvement
$6,452,600
Land market value
$902,400
Improvement market value
$6,452,600
Total market value
$7,355,000
Applied tax rate
673.0000
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
PROFESSIONAL BUILDING
Status
Off-Market
Year built
2005
Construction
CONCRETE
Heating
YES
Cooling
NONE
Stories
3
Total area
32,376 SF
Lot
2.53 ac (110,207 SF)
Zoning code
LI
APN
441200001800
UPID
US90-1069129
Jurisdiction
SNOHOMISH
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
LI · Mukilteo, WA
Zoning LI · permitted uses
LI · Mukilteo, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Mukilteo. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$11.5M
RESTAURANT
Est. value
$16.8M
AUTO REPAIR, GARAGE
Est. value
$14.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$13.4M
MEDICAL BUILDING
Est. value
$12.6M
COMMERCIAL (GENERAL)
Est. value
$9.8M
RETAIL STORES
Est. value
$9.4M
WAREHOUSE, STORAGE
Est. value
$9.4M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
COMMERCIAL (GENERAL)
RETAIL STORES
WAREHOUSE, STORAGE
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
2005
Construction
CONCRETE
Heating
YES
Cooling
Yes
Stories
3
Lot
2.53 ac
Current owner
From public records · entity-resolved
Kovi Properties Hpc LLC
Entity
Mailing address
4928 MUKILTEO SPEEDWAY STE #202, MUKILTEO, WA 98275
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 31, 2018
—
Kovi Properties Hpc LLC
—
Deed
related
$4,320,000 · Keybank USA
Dec 28, 2017
$5,307,312
Kovi Properties Hpc LLC
Robinson Properties & Invs LLC
Warranty Deed
$4,320,000 · Keybank USA
Oct 21, 2002
—
Properties Robinson
—
Trustees Deed
related
$6,075,000 · Frontier Bank
Dec 21, 1999
—
Washington State
Robinson Properties & Inv
Grant Deed
related
—
Dec 31, 1998
—
Properties Robinson
Robinson Trust
Quit Claim Deed
related
—
—
—
Properties Robinson
—
Deed Of Trust
related
$4,790,000 · Coastal Community Bank
—
—
Kovi Properties Hpc LLC
—
Deed Of Trust
related
$4,320,000 · Keybank USA
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.
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