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

    16720 271st St Covington, WA 98042-7342

    • Office buildings
    • 31,917 SF
    • 1.74 lot acres
    OFF-MARKET
    Value Estimations
    $8,540,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0783488
    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

    • Office buildings

    Property Details for 16720 271st St

    Year built
    2002
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.74 lot acres
    Property size
    31,917 SF
    Zone code
    MC
    Property type
    Office buildings
    APN
    179633-0040
    APU
    1796330040

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,135,000
      6.5%
      $10,275,000
      7%
      $9,545,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,691,000
      Market price range: $6.12M - $11.9M
      AI Estimate
      $5,653,000
      Market price range: $1.20M - $7.60M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,895,000
      Current use
      MEDICAL BUILDING
      $12,605,000
      Change: +60% Conversion: Easy
      RETAIL STORES
      $12,520,000
      Change: +59% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $12,170,000
      Change: +54% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $11,065,000
      Change: +40% Conversion: Easy
      COMMERCIAL (GENERAL)
      $11,025,000
      Change: +40% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    King
    State
    Washington
    Longitude
    -122.118
    Latitude
    47.3594
    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
    $100,460
    $1,896,000
    $7,495,400
    $9,391,400
    -
    $1,896,000
    $7,495,400
    $9,391,400

    Comparable in this City

    • Value Estimation
      $1,030,000
      6,345 SF

      13210 240th St

      OFFICE BUILDING • 6,345 SF
      13210 240th St, Kent, WA 98042-5182
      View Details
    • Value Estimation
      $600,000
      3,070 SF

      19001 272nd St

      OFFICE BUILDING • 3,070 SF
      19001 272nd St, Kent, WA 98042-5415
      View Details
    • Value Estimation by Request
      1,720 SF

      16204 272nd St

      OFFICE BUILDING • 1,720 SF
      16204 272nd St, Covington, WA 98042-8213
      View Details
    • Value Estimation
      $3,905,000
      19,940 SF

      17300 270th Pl

      OFFICE BUILDING • 19,940 SF
      17300 270th Pl, Covington, WA 98042-5018
      View Details
    • Value Estimation by Request
      900 SF

      27825 Covington SE Way

      OFFICE BUILDING • 900 SF
      27825 Covington SE Way, Kent, WA 98042
      View Details
    • Value Estimation by Request
      1,970 SF

      18521 300th Pl

      OFFICE BUILDING • 1,970 SF
      18521 300th Pl, Kent, WA 98042-9294
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      19.74 Acres

      Covington Industrial Center

      93,600 SF Industrial Building, 19.74 Acres
      27631 Covington Way, Covington, WA 98042
      View Details
    • $1,500,000
      20,568 SF

      Professional Office Land Available

      Land with permits imminent, adjacent to Walmart entrance.
      27013-27019 176Th Pl SE, Covington, WA 98042
      View Details
    • $769,000

      Land in Town Center Zoning

      Land suitable for day care, office, or mixed-use development.
      17018 SE Wax Rd, Covington, WA 98042
      View Details
    • $99,950
      721 SF

      Remodeled Single-Wide Home with Sunroom

      Remodeled single-wide home featuring new appliances, sunroom, and walking trail.
      15232 SE 272Nd St, Kent, WA 98042
      View Details
    • $279,500
      2.51 Acres

      Kent 2.51-Acre Residential Land

      Build your dream home on this peaceful, fenced lot.
      228xx 178Th Ave, Kent, WA 98042
      View Details
    • Contact for pricing

      Covington Industrial Land for Sale

      19.74 acres near Highway 18, South King County.
      27631 Covington Way SE, Covington, WA 98042
      View Details

    Similar Nearby for Lease

    • $37 SF/Yr
      1,812 SF

      New Retail Space with Drive-Thru

      New construction retail space with drive-thru option available for lease.
      15610 SE 272Nd St, Kent, WA 98042
      View Details
    • $36 SF/Yr
      2,064 SF

      Kent Commercial Suites For Lease

      Newly constructed commercial suites perfect for retail, office, and more.
      12828 SE 272Nd St, Kent, WA 98042
      View Details
    • Contact for pricing
      3,539 SF

      Kent Office Space Available

      Sublease office space with furniture through April 2027.
      27304 152Nd Ave SE, Kent, WA 98042
      View Details
    • $3,100 /Mo
      1,130 SF

      High-Traffic Covington Office Space

      Office space in high-traffic area near major retailers.
      17244 SE Wax Rd, Covington, WA 98042
      View Details
    • Contact for pricing
      247,409 SF

      Class A Industrial Building

      247,409 SF industrial building with excellent highway access.
      28009 Covington Way SE, Covington, WA 98042
      View Details
    • Contact for pricing
      2,043 SF

      Retail Space in Covington, WA

      Retail property available for lease in Covington, Washington.
      27027-27193 185Th Ave SE, Covington, WA 98042
      View Details
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    Covington, WA 98042-7342
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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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