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    16425 Cleveland St Redmond, WA 98052
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    Property profile & analytics

    16425 Cleveland St, Redmond, WA 98052

    View on Map
    • Retail space
    • 11,230 SF
    • 0.22 lot acres
    Off-Market
    Last Sale Nov 20, 2024
    $3,500,000
    Property ID
    US90-0965722
    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
    $3,155,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 16425 Cleveland St

    Year built
    1984
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.22 lot acres
    Zone code
    AP
    Property type
    Retail space
    APN
    122505-9055
    APU
    1225059055

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 25, 2025 — 16421 Cleveland Street LLC — Deed · related $5.5M · First Western Trust Bank
    Feb 20, 2025 $3,500,000 16421 Cleveland Street LLC Mgrm LLC Bargain & Sale Deed —
    Apr 27, 2021 — Mgrm LLC Cleveland Square LLC Re-recorded Document · related —
    Nov 10, 2016 — Rc Tc Meridian Ridge LLC Cleveland Square LLC Grant Deed —
    Nov 10, 2016 $31,000,000 Mgrm LLC Cleveland Square LLC Grant Deed —
    Nov 5, 2015 — Cleveland Square LLC Twosons Corp Grant Deed —
    Feb 16, 2006 $21,346,000 Rc Tc Meridian Ridge LLC Cleveland Street Square LLC Grant Deed $16M · Artesia Mortgage Capital Corp
    Mar 25, 2003 — Cleveland Street Mortgage INC — Deed Of Trust · related $9.8M · Column Financial INC
    Dec 24, 1996 — Cleveland Street Square LLC Olson,leroy & Vera A Grant Deed $6.1M · First Union Nat'l Bank No Caro
    — — Rc Tc Meridian Ridge LLC — Deed Of Trust · related $16M · Bank Of The Cascades

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,350,000
      6.5%
      $3,090,000
      7%
      $2,870,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,527,000
      Market price range: $2.03M - $7.64M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $4,405,000
      Current use
      AUTO REPAIR, GARAGE
      $5,155,000
      Change: +17% Conversion: Difficult
      MEDICAL BUILDING
      $4,435,000
      Change: +1% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $4,285,000
      Change: -3% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,895,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Redmond
    County
    King
    State
    Washington
    Longitude
    -122.121
    Latitude
    47.6725
    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
    $16,123
    $1,599,500
    $594,600
    $2,194,100
    -
    $1,599,500
    $594,600
    $2,194,100

    Comparable in this City

    • Value Estimation
      $7,060,000
      27,694 SF

      17181 Redmond Way

      RETAIL STORES (PERSONAL SERVICES)
      17181 Redmond Way, Redmond, WA 98052-4401
      View Details
    • Value Estimation
      $545,000
      3,070 SF

      16717 Redmond Way

      RETAIL STORES (PERSONAL SERVICES)
      16717 Redmond Way, Redmond, WA 98052-4450
      View Details
    • Value Estimation
      $2,940,000
      14,596 SF

      7495 159th NE Pl

      RETAIL STORES (PERSONAL SERVICES)
      7495 159th NE Pl, Redmond, WA 98052-4313
      View Details
    • Value Estimation
      $1,795,000
      7,800 SF

      16725 Cleveland St

      RETAIL STORES (PERSONAL SERVICES)
      16725 Cleveland St, Redmond, WA 98052-4892
      View Details
    • Value Estimation by Request
      1,517 SF

      16272 Cleveland St

      RETAIL STORES (PERSONAL SERVICES)
      16272 Cleveland St, Redmond, WA 98052-4316
      View Details
    • Value Estimation by Request
      2,168 SF

      7975 Leary NE Way

      RETAIL STORES (PERSONAL SERVICES)
      7975 Leary NE Way, Redmond, WA 98052-3841
      View Details

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    • Contact for pricing
      5,800 SF

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      5,800 SF

      Redmond Industrial/Automotive Building For Sale

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      26,830 SF

      Redmond Manufacturing/Industrial Property For Sale

      Manufacturing/Industrial property with recent upgrades and convenient location.
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      Redmond Acreage with Stream Borders

      2.32-acre Redmond parcel perfect for building a dream home.
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    • $6,000,000

      Redmond Development Site Opportunity

      18,000 SF corner development site in the heart of Redmond.
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      3,439 SF

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      Two-story office building in Redmond, walkable to downtown and parks.
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    Similar Nearby for Lease

    • Contact for pricing
      11,000 SF

      Redmond Retail Space Available

      Retail spaces available for lease in Redmond, Washington.
      16771-16851 Redmond Way, Redmond, WA 98052
      View Details
    • Contact for pricing
      719 SF

      Downtown Redmond Retail Space Available

      Retail space in the heart of Downtown Redmond.
      16717 Redmond Way, Redmond, WA 98052
      View Details
    • Contact for pricing
      2,217 SF

      Redmond Retail Space For Rent

      Retail spaces with Type 1 Hood vent shaft, ideal for varioususes.
      8020 161St Ave Northeast, Redmond, WA 98052
      View Details
    • Contact for pricing
      1,796 SF

      Redmond Retail Space Available

      Retail space with 15' ceilings and outdoor seating.
      17565 NE 67Th Ct, Redmond, WA 98052
      View Details
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      4,401 SF

      Redmond Retail Space Available

      Retail space available for lease in Redmond, Washington.
      17220 Redmond Way, Redmond, WA 98052
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    • Contact for pricing
      4,960 SF

      Redmond Retail Space Available

      Retail space available for lease in Redmond, Washington.
      15740-15932 Redmond Way, Redmond, WA 98052
      View Details
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    16425 Cleveland St
    Redmond, WA 98052
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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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