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Property profile & analytics
FOR LEASE
Retail space
17023 SE 272Nd St Covington, WA 98042
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US90-0831486
For Lease
$30,465,000
17023 SE 272Nd St, Covington, WA 98042
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
131,765 SF
Lot
13.22 ac (575,836 SF)
Zoning code
TC
APN
362205-9185
UPID
US90-0831486
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$29.76M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$30.47M
Owner & transaction history
Ds Covington Square LP · 8 yrs held
Ds Covington Square LP
since 2018
7 recorded transactions
Zoning & alternative use
TC · Covington, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Covington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Covington 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$32,240,000
6.5%
$29,760,000
7%
$27,635,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$50,250,000
Change: -3% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$45,680,000
Change: -12% · Conversion: Difficult
COMMERCIAL (GENERAL)
$45,525,000
Change: -12% · Conversion: Easy
Blend value · Realmo final
$30.47M
Range $27.42M – $33.51M · ±10%
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
$231 / 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
$463,115
Tax year 2022
Assessed value
$39,333,700
Assessed 2022
Previous assessed
$39,333,700
+0.0% YoY
Effective rate
1.18%
On assessed value
Assessed land
$9,213,300
Assessed improvement
$30,120,400
Land market value
$9,213,300
Improvement market value
$30,120,400
Total market value
$39,333,700
Applied tax rate
1,064.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Lease
Year built
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Buildings
4
Stories
1
Total area
131,765 SF
Lot
13.22 ac (575,836 SF)
Zoning code
TC
APN
362205-9185
UPID
US90-0831486
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
TC · Covington, WA
Zoning TC · permitted uses
TC · Covington, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Covington. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL)
Est. value
$50.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$45.7M
COMMERCIAL (GENERAL)
Est. value
$45.5M
INDUSTRIAL (GENERAL)
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
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
1
Buildings
4
Lot
13.22 ac
Current owner
From public records · entity-resolved
Ds Covington Square LP
Entity
Mailing address
7200 WISCONSIN AVE STE #600, BETHESDA, MD 20814-4845
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 15, 2018
$42,290,300
Ds Covington Square LP
Covington Square LLC
Grant Deed
$22,300,000 · Miscellaneous Ins Co
Oct 11, 2016
—
Covington Square LLC
Trc Mm LLC
Quit Claim Deed
related
$22,300,000 · Miscellaneous Ins Co
Feb 2, 2009
—
Covington City Of
Trc Mm LLC
Warranty Deed
related
—
Aug 14, 2001
—
Gms Five LLC
Gms Realty LLC
Quit Claim Deed
related
$90,400,000 · Massachusetts Mutual Life Ins
May 22, 2001
—
Gms Realty LLC
—
Deed Of Trust
related
$250,000,000 · Wells Fargo Bank NA Ttee
Dec 15, 2000
$16,200,000
Gms Realty LLC
Ct Operating Partnership LP
Grant Deed
—
Aug 21, 1998
—
Alexander Haagen Properties
—
Deed Of Trust
related
$250,000,000 · Chase Manhattan Bank
Jan 20, 1998
$15,900,000
Alexander Haagen Properties
Covington Square LP
Grant Deed
—
—
—
Trc Mm LLC
—
Loan Modification
related
$39,500,000 · Miscellaneous Ins Co
—
—
Trc Mm LLC
—
Loan Modification
related
$160,500,000 · Miscellaneous Ins Co
—
—
Trc Mm LLC
—
Deed Of Trust
related
$200,000,000 · Massachusetts Mutual Life Ins
—
—
Trc Mm LLC
—
Deed Of Trust
related
$200,000,000 · Massachusetts Mutual Life Ins
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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