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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    12521 Evergreen Dr Mukilteo, WA 98275

    • Warehouses
    • 19,500 SF
    • 1.54 lot acres
    For Lease
    View listing
    $1.35 SF/Yr
    Last Sale
    Nov 04, 2021
    $4,250,000
    Value Estimations
    $4,455,000
    Cap Rate Potential
    5%
    Warehouses
    Location Intelligence
    Property ID
    US90-0737004
    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

    • Industrial Coatings & Sealants / Building Materials Supplier
    • Centennial Glass / Window Supplier / Glass Shop
    • Eagles Nest Foundation / Social Services Organization

    Property Details for 12521 Evergreen Dr

    Year built
    1982
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.54 lot acres
    Property size
    19,500 SF
    Zone code
    LI
    Property type
    Warehouses
    APN
    441300003400
    APU
    441300003400

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,935,000
      ML approach
      $5,055,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,110,000
      6.5%
      $3,795,000
      7%
      $3,520,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,927,000
      Market price range: $2.53M - $8.84M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $5,630,000
      Current use
      OFFICE BUILDING
      $6,955,000
      Change: +23% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $5,910,000
      Change: +5% Conversion: Difficult
      RETAIL STORES
      $5,675,000
      Change: +1% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Mukilteo
    County
    Snohomish
    State
    Washington
    Longitude
    -122.284
    Latitude
    47.8844
    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
    2023
    $23,295
    $1,228,300
    $2,091,700
    $3,320,000
    -
    $1,228,300
    $2,091,700
    $3,320,000

    Comparable in this City

    • Value Estimation
      $3,830,000
      25,448 SF

      11629 49th W Pl

      WAREHOUSE, STORAGE • 25,448 SF
      11629 49th W Pl, Mukilteo, WA 98275-4255
      View Details
    • Value Estimation
      $2,930,000
      756 SF

      13102 Beverly Park Rd

      WAREHOUSE, STORAGE • 756 SF
      13102 Beverly Park Rd, Mukilteo, WA 98275
      View Details
    • Value Estimation
      $2,640,000
      5,120 SF

      4119 Harbour Pointe SW Blvd

      WAREHOUSE, STORAGE • 5,120 SF
      4119 Harbour Pointe SW Blvd, Mukilteo, WA 98275-5409
      View Details
    • Value Estimation by Request
      3,240 SF

      12308 Mukilteo Speedway

      MINI-WAREHOUSE, STORAGE • 3,240 SF
      12308 Mukilteo Speedway, Mukilteo, WA 98275-5732
      View Details
    • Value Estimation by Request
      1,920 SF

      801 Mukilteo Ln

      WAREHOUSE, STORAGE • 1,920 SF
      801 Mukilteo Ln, Mukilteo, WA 98275
      View Details
    • Value Estimation by Request
      3,600 SF

      12600 Evergreen Dr

      WAREHOUSE, STORAGE • 3,600 SF
      12600 Evergreen Dr, Mukilteo, WA 98275-5712
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Industrial Property in Mukilteo

      Prime industrial and office investment opportunity in thriving Mukilteo Business Park.
      Mukilteo, WA 98275
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      25,100 SF

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      Well-maintained manufacturing building near Boeing Everett and Paine Field.
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    • $2,750,000
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      Large Fenced Yard Near Boeing

      Fenced and gated asphalt yard suitable for parking or storage.
      4007 78Th St SW, Mukilteo, WA 98275
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    • $290,000

      Buildable Lot in Desirable Neighborhood

      Vacant lot in Mukilteo near ferry, beach, parks, shops.
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      Standalone Office Building with Parking

      Unique office building with parking and Puget Sound views.
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    Similar Nearby for Lease

    • $1.00 SF/Yr
      3,536 SF

      Industrial Space Near Boeing Field

      Industrial space with office and warehouse components for lease.
      7929 44Th Ave W, Mukilteo, WA 98275
      View Details
    • $1.35 SF/Yr
      5,685 SF

      Mukilteo Flex Space Available

      Flex space with warehouse and office components available for lease.
      12521 Evergreen Dr, Mukilteo, WA 98275
      View Details
    • Contact for pricing
      10,123 SF

      Mukilteo Warehouse with Flexible Layout

      Adaptable warehouse space available for lease in Mukilteo, Washington.
      8225 44Th Ave W, Mukilteo, WA 98275
      View Details
    • Contact for pricing
      33,552 SF

      New Construction Warehouse Space Available

      New construction warehouse space with dock and grade loading.
      4301 78Th St SW, Mukilteo, WA 98275
      View Details
    • Contact for pricing
      9,020 SF

      Mukilteo Warehouse Space Available

      9,020 SF warehouse space available for sublease in Mukilteo.
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      View Details
    • Contact for pricing
      108,661 SF

      Mukilteo Business Park Flex Space

      Office and office/warehouse suites available in Mukilteo Business Park.
      8217-8229 44Th Ave W | Mukilteo, Mukilteo, WA 98275
      View Details
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    Mukilteo, WA 98275
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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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