18449 1St Ave S Normandy Park, WA 98166
Commercial real estate
Google Maps
Entity Owned
5-yr Hold
~
Est. High Equity
No photos on file
For Sale
$2,300,000
18449 1St Ave S, Normandy Park, WA 98166
View Listing →
Estimated value (blended)
$2.28M
Range $2.05M – $2.51M (±10%)
Implied cap rate
4.10%
In-place · NOI ÷ last sale
Property ID
US90-2841391
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
2019
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
6,996 SF
Lot
0.31 ac (13,673 SF)
Zoning code
MU
APN
050200-0200
UPID
US90-2841391
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.20M
CAP Approach
CAP
$1.42M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.28M
Owner & transaction history
since 2020
Last sale
$2.1M
7 recorded transactions
Zoning & alternative use
MU · Normandy Park, WA
Zoning description
The purpose of the MU zone is to combine professional office, medical clinics, and business office, limited personal services, multiple family residential, cottage style housing and related uses Locations should be in pr…
General category
MIXED_USE
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 5 comparables with addresses
2 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$2.28M
Value range
$2.05M – $2.51M
±10% around blend
Estimated value / SF
$326 / SF
Confidence
High
5 county-verified comps
Property data
88
Market benchmarks
67
Comparable evidence
50
$2.05M
blend $2.28M
$2.51M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
6,996 SF
Lot area
0.31 ac
Year built
2019
Stories
3
APN
050200-0200
Assessed value
$1,875,400
Annual tax
$27,418
3
Income approach: direct capitalization
Partial preview
Income approach indication
$1.42M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$1.54M
@ 6.5% CAP return
$1.42M
@ 7% CAP return
$1.32M
4
Sales comparison
Partial preview
Sales approach indication
$2.31M
Weighted, 5 comps · high confidence
Evidence
5 found · 5 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
4.4 mi away · 7,172 SF
4.6 mi away · 6,020 SF
5.3 mi away · 5,070 SF
8.7 mi away · 5,362 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$2.28M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 269 sales
$506
-36%
County 433 sales
$510
-36%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $326/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
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Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 5 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
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Overview
Implied cap rate
4.10%
Implied, in-place cap rate for this commercial real estate
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 4.10%
9.0%
NOI (est.)
$147k *
Last sale · Feb 2026
$2.10M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$3.59M
Move the market yield to see immediate price impact.
Value / SF
$512
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
3.60%4.10%4.60%
$132k
$3.67M
$3.23M
$2.88M
$147k
$4.08M
$3.59M
$3.20M
$162k
$4.49M
$3.94M
$3.52M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
5 found
High confidence · county-verified
Closest comparable
$1.50M
2.4 mi · Nov 2025 · $234/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$27,418
Tax year 2024
Assessed value
$1,875,400
Assessed 2023
Previous assessed
$1,875,400
+0.0% YoY
Effective rate
1.46%
On assessed value
Assessed land
$300,800
Assessed improvement
$1,574,600
Land market value
$300,800
Improvement market value
$1,574,600
Total market value
$1,875,400
Applied tax rate
1,898.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
For Sale
Year built
2019
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
3
Units
6
Total area
6,996 SF
Lot
0.31 ac (13,673 SF)
Zoning code
MU
APN
050200-0200
UPID
US90-2841391
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
MU · Normandy Park, WAZoning MU · permitted uses
MU · Normandy Park, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Zoning description
The purpose of the MU zone is to combine professional office, medical clinics, and business office, limited personal services, multiple family residential, cottage style housing and related uses Locations should be in pr…
General category
MIXED_USE
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
2019
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
3
Units
6
Lot
0.31 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Matched to the official district catalog
MU
MIXED_USE
Jurisdiction
Normandy Park, WA
Recorded code
MU
Official district
MU
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for MU in Normandy Park, WA.
What opens after registration
Zoning profile
Official descriptionThe district text from the municipal code
District factsZone name, category and district area
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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