16735 272nd St Covington, WA 98042-4942
This exceptional retail property, located at 16735 SE 272nd St in Kent, WA 98042, offers 174,877 square feet of gross leasable area (GLA) within a single, one-story building constructed in 1997 and renovated in 2000. The property sits on a 14.5-acre lot and boasts ample parking with a 4/1000 ratio. Its strategic location at the intersection of SE 272nd Street and 168th PL SE benefits from a combined daily traffic count of 48,610 vehicles. The center enjoys convenient access to WA-18, providing excellent visibility and accessibility for customers. This Class C property is zoned MC and features a Fred Meyer anchor tenant, ensuring a strong base of existing traffic. The property is ideal for retail and service-oriented tenants seeking a high-traffic location with established neighboring businesses including Costco, Safeway, and Kohl's. The maximum contiguous space available is 174,877 square feet, making it suitable for a variety of uses. The property includes all necessary power but does not have elevators. The APN is 362205-9007. This is a prime opportunity for investors seeking a well-located, established retail center in a thriving area.
(2) The mixed commercial district (MC) is applied to the majority of the Covington downtown zone. This district encourages a mix of commercial and multi-story residential uses, public uses, and allows for large-format and auto-oriented retail, provided they meet pedestrian-oriented design standards that are more flexible than those applied to the town center…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
MC · Covington, WA(2) The mixed commercial district (MC) is applied to the majority of the Covington downtown zone. This district encourages a mix of commercial and multi-story residential uses, public uses, and allows for large-format and auto-oriented retail, provided they meet pedestrian-oriented design standards that are more flexible than those applied to the town center district. Achieving a high level of connectivity with new and improved streets and trails is a major goal in this district. (3) The general commercial district (GC) is applied to a limited area of the downtown and is intended to allow the widest range of uses, coupled with more limited design standards than other areas of downtown. Permitted uses include commercial and light industrial uses, offices, major transporta- tion and utility facilities, and residential uses that are appropriately buffered to ensure compatibility. Development and design standards are less pre- scriptive and provide greater flexibility to accom- modate the intended uses. (4) The mixed housing/o ffice district (MHO) is applied to areas where infill development and rede- velopment of low intensity areas with multifamily housing and office is encouraged. Residential uses Covington Municipal Code 18.15.140 18-9 (Revised 12/14) that are encouraged in this district include town- houses, cottages, and lo w-rise multifamily. Office development and limited intensity neighborhood retail is also permitted. Development and design standards applied to this district require buffers, lower height limits and building scale that is appro- priate to the size of the lot. Trail connections are also emphasized in this district. (Ord. 10-10 § 3 (Exh. C); Ord. 42-02 § 2 (21A.04.100)) 18.15.090 Regional commercial mixed-use zone. (1) The purpose of the regional commercial
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
