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Property profile & analytics
OFF-MARKET
Estimated value
$10,375,000
Warehouses
1531 Central S Ave Kent, WA 98032-7419
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-0728221
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1965
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
49,404 SF
Lot
4.12 ac (179,670 SF)
Zoning code
CM
APN
346280-0155
UPID
US90-0728221
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
-
Tile Lines Hardware & Home Improvement Carpet & Flooring Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.60M
CAP Approach
CAP
$8.80M
Comparable Approach
Comparable
$10.88M
Blend (final)
Blend
$10.38M
Owner & transaction history
Cref3 Totem Industrial Owner LLC · 4 yrs held
Cref3 Totem Industrial Owner LLC
since 2022
Last sale
$11.8M
5 recorded transactions
Zoning & alternative use
CM · Kent, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$17.1M
+44.9%
Commercial (general)
$15.2M
+28.8%
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 Kent submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Kent 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
$10,465,000
ML approach
$8,600,000
CAP Approach
CAP Return
Estimation
6%
$9,530,000
6.5%
$8,800,000
7%
$8,170,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$11,820,000
Current use
APARTMENT HOUSE (5+ UNITS)
$17,130,000
Change: +45% · Conversion: Difficult
COMMERCIAL (GENERAL)
$15,225,000
Change: +29% · Conversion: Difficult
Blend value · Realmo final
$10.38M
Range $9.34M – $11.41M · ±10% · vs last sale $11.75M (Jun 1 2022)
Last sale anchor
$11.75M
Jun 1 2022
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
$210 / 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
$87,976
Tax year 2022
Assessed value
$7,591,300
Assessed 2022
Previous assessed
$7,591,300
+0.0% YoY
Effective rate
1.16%
On assessed value
Assessed land
$2,695,000
Assessed improvement
$4,896,300
Land market value
$2,695,000
Improvement market value
$4,896,300
Total market value
$7,591,300
Applied tax rate
1,526.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1965
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Buildings
3
Stories
1
Total area
49,404 SF
Lot
4.12 ac (179,670 SF)
Zoning code
CM
APN
346280-0155
UPID
US90-0728221
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
CM · Kent, WA
Zoning CM · permitted uses
CM · Kent, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Kent. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$11.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$17.1M
COMMERCIAL (GENERAL)
Est. value
$15.2M
WAREHOUSE, STORAGE Current
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
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
1965
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Buildings
3
Lot
4.12 ac
Current owner
From public records · entity-resolved
Cref3 Totem Industrial Owner LLC
Entity
Mailing address
5221 N O CONNOR BLVD STE #700, IRVING, TX 75039-4428
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 15, 2025
—
Cref3 Totem Industrial Owner LLC
—
Deed
related
$141,220,000 · Sumitomo Mitsui Banking Corp
Jun 1, 2022
$11,750,000
Cref3 Totem Industrial Owner LLC
Totem Business Center LLC
Warranty Deed
—
May 22, 2018
—
Totem Business Center LLC
—
Deed
related
$2,500,000 · Jpmorgan Chase Bank NA
Sep 15, 2017
$5,500,000
Totem Business Center LLC
Totem Business Park LLC
Warranty Deed
$1,900,000 · Totem Business Park LLC
—
—
Jean L Mcdermott
—
Deed Of Trust
related
$100,000 · Key Bank NA
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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