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    123 Lake St S Kirkland, WA 98033
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    Property profile & analytics

    123 Lake St S, Kirkland, WA 98033

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    • Retail space
    • 9,402 SF
    • 0.24 lot acres
    For Lease
    $55 SF/Yr
    View Listing →
    Kirkland Retail Space For Rent For Lease
    $55 SF/Yr
    4,090 SF

    Kirkland Retail Space For Rent

    Newly renovated retail space near Kirkland amenities and transit.

    123 Lake St S, Kirkland, WA
    View Listing
    Property ID
    US90-1040298
    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.
    Value Estimations
    $9,060,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Jen Cameron / Real Estate Agency
    • The Agency Seattle- Piper Troxler / Real Estate Agency
    • James Campbell, Broker, The Agency Seattle / Real Estate Agency
    • The Agency Seattle / Real Estate Agency
    • Dickinson Group - The Agency / Real Estate Agency

    Property Details for 123 Lake St S

    Year built
    1954
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.24 lot acres
    Zone code
    CBD 2
    Property type
    Retail space
    APN
    082505-9196
    APU
    825059196

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 12, 2021 $9,600,000 Cascade Medical Associates LLC 123 Lake LP Warranty Deed $2.5M · Sound Community Bank
    Dec 7, 2011 $5,770,000 123 Lake LP Castleberry Living Trust Warranty Deed —
    Mar 1, 2006 — Castleberry Trust Equity Preservation Co INC Grant Deed —
    Apr 29, 2005 $2,450,000 Castleberry Trust Fpl Properties LLC Warranty Deed $1.3M · Golf Savings Bank
    Jul 11, 2003 — Fpl Properties LLC Shih,tr Quit Claim Deed · related —
    Jul 26, 2002 $1,850,000 Flora J Wong Stabbert,donald J & Sharalyn S Grant Deed $1.2M · Sterling Savings Bank
    Nov 7, 1986 $4,000,000 135 Lake Street Ass Mos Bay Associates Warranty Deed · related —
    — — O Ray Willey — Deed Of Trust · related $20k · Hoff Dennis C

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,860,000
      ML approach
      $8,175,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Kirkland
    County
    King
    State
    Washington
    Longitude
    -122.207
    Latitude
    47.6746
    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
    $35,773
    $2,090,800
    $2,610,200
    $4,701,000
    -
    $2,090,800
    $2,610,200
    $4,701,000

    Comparable in this City

    • Value Estimation
      $2,580,000
      13,867 SF

      200 Kirkland Ave

      RETAIL STORES (PERSONAL SERVICES)
      200 Kirkland Ave, Kirkland, WA 98033
      View Details
    • Value Estimation
      $1,750,000
      7,783 SF

      106 Lk S St

      RETAIL STORES (PERSONAL SERVICES)
      106 Lk S St, Kirkland, WA 98033
      View Details
    • Value Estimation
      $1,280,000
      7,956 SF

      13 Lk St

      RETAIL STORES (PERSONAL SERVICES)
      13 Lk St, Kirkland, WA 98033
      View Details
    • Value Estimation
      $1,490,000
      6,820 SF

      120 2nd S St

      RETAIL STORES (PERSONAL SERVICES)
      120 2nd S St, Kirkland, WA 98033
      View Details
    • Value Estimation
      $580,000
      3,323 SF

      113 Lk S St

      RETAIL STORES (PERSONAL SERVICES)
      113 Lk S St, Kirkland, WA 98033-6450
      View Details
    • Value Estimation
      $1,605,000
      7,825 SF

      142 Park Ln

      RETAIL STORES (PERSONAL SERVICES)
      142 Park Ln, Kirkland, WA 98033
      View Details

    Similar Nearby for Sale

    • $7,500,000

      Kirkland Retail Building with Renovation

      Downtown Kirkland retail building featuring recent renovations and historic charm.
      116 Central Way, Kirkland, WA 98033
      View Details
    • Contact for pricing
      6,000 SF

      Kirkland Development Opportunity For Sale

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      4,145 SF

      Turn-Key Sports Bar Opportunity

      Fully operational sports bar in Kirkland's busy commercial corridor.
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    • $11,000,000

      Office Building with Prominent Signage

      Office building with high visibility and ample parking.
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    • $2,100,000
      3,700 SF

      Medical Commercial Condominium Opportunity

      Medical commercial condominium for sale, suitable for owner/user or investment.
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      Kirkland Office Branding Opportunity

      Office building with prominent branding and signage opportunities.
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    Similar Nearby for Lease

    • Contact for pricing
      1,658 SF

      Retail Space in Kirkland, WA

      Retail space available in upcoming residential project in Kirkland.
      13033 NE 70Th Pl, Kirkland, WA 98033
      View Details
    • Contact for pricing
      1,618 SF

      Downtown Kirkland Retail Space Available

      Retail space for lease in downtown Kirkland's mixed-use property.
      111-117 Lake St South, Kirkland, WA 98033
      View Details
    • Contact for pricing
      3,200 SF

      Kirkland Retail with Drive-Thru

      Retail space with drive-thru and high traffic visibility.
      12801 NE 85Th St, Kirkland, WA 98033
      View Details
    • Contact for pricing
      4,090 SF

      Kirkland Retail Space For Rent

      Newly renovated retail space near Kirkland amenities and transit.
      123 Lake St S, Kirkland, WA 98033
      View Details
    • Contact for pricing
      1,830 SF

      Kirkland Retail Space Available

      Retail space available for lease in Kirkland, Washington.
      140 Lake St S, Kirkland, WA 98033
      View Details
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    Kirkland, WA 98033
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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.

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