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

    18520 33rd W Ave Lynnwood, WA 98037-4726

    • Retail space
    • 39,153 SF
    • 16.47 lot acres
    OFF-MARKET
    Last Sale
    Apr 02, 2025
    Value Estimations
    $7,145,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0833155
    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

    • SKECHERS Warehouse Outlet / Women'S Clothing Store / Shoe Store
    • Alderwood Plaza / Shopping Mall
    • Ross Dress for Less / Clothing Store / Men'S Clothing Store
    • Amazon Locker - Token / Mailing Service / E-Commerce Service

    Property Details for 18520 33rd W Ave

    Year built
    1980
    Construction
    TYPE NOT SPECIFIED
    Lot size
    16.47 lot acres
    Property size
    39,153 SF
    Zone code
    PRC
    Property type
    Retail space
    APN
    27041500101000
    APU
    27041500101000

    Description

    Alderwood Plaza offers exceptional retail and restaurant opportunities in Snohomish County. This 175,387 square foot strip center boasts a prime location directly across from Alderwood Mall, a major 1.5 million square foot regional shopping destination, and a Loews 16-screen cinema. The property benefits from strong anchor tenants such as HomeGoods, Guitar Center, Big 5 Sporting Goods, Ross Dress for Less, and Albert Lee Appliance, ensuring high foot traffic and brand recognition. A robust restaurant presence is already established with Red Robin, Buffalo Wild Wings, and 85°C Bakery Cafe. Three suites are currently available, ranging from a minimum of 1,050 square feet to a maximum contiguous space of 22,255 square feet. The property sits on a 16.71-acre lot and offers excellent visibility and accessibility. The center draws customers from a wide area, serving over 140,000 households within a 5-mile radius, boasting an average household income exceeding $153,000. Currently, 24,670 square feet of space is vacant, presenting a unique opportunity for businesses seeking high-visibility locations in a thriving retail environment. This is an ideal location for businesses seeking to capitalize on the strong demographics and established retail presence of this premier shopping destination.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $9,195,000
      6.5%
      $8,490,000
      7%
      $7,880,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $10,995,000
      Current use
      COMMERCIAL (GENERAL)
      $11,870,000
      Change: +8% Conversion: Easy
      WAREHOUSE, STORAGE
      $11,305,000
      Change: +3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lynnwood
    County
    Snohomish
    State
    Washington
    Longitude
    -122.279
    Latitude
    47.8303
    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
    2023
    $313,479
    $23,177,800
    $18,501,600
    $41,679,400
    -
    $23,177,800
    $18,501,600
    $41,679,400

    Comparable in this City

    • Value Estimation
      $3,425,000
      24,000 SF

      16809 Hwy 99

      RETAIL STORES (PERSONAL SERVICES) • 24,000 SF
      16809 Hwy 99, Lynnwood, WA 98037-3103
      View Details
    • Value Estimation
      $1,630,000
      10,472 SF

      18601 Hwy 99

      RETAIL STORES (PERSONAL SERVICES) • 10,472 SF
      18601 Hwy 99, Lynnwood, WA 98037-4576
      View Details
    • Value Estimation
      $1,580,000
      12,355 SF

      16716 Hwy 99

      RETAIL STORES (PERSONAL SERVICES) • 12,355 SF
      16716 Hwy 99, Lynnwood, WA 98037-3100
      View Details
    • Value Estimation
      $3,350,000
      20,250 SF

      18415 33rd W Ave

      RETAIL STORES (PERSONAL SERVICES) • 20,250 SF
      18415 33rd W Ave, Lynnwood, WA 98037-4702
      View Details
    • Value Estimation
      $1,220,000
      12,000 SF

      18609 76th W Ave

      RETAIL STORES (PERSONAL SERVICES) • 12,000 SF
      18609 76th W Ave, Lynnwood, WA 98037-4149
      View Details
    • Value Estimation
      $10,975,000
      76,772 SF

      3301 184th SW St

      RETAIL STORES (PERSONAL SERVICES) • 76,772 SF
      3301 184th SW St, Lynnwood, WA 98037-4797
      View Details

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    Similar Nearby for Lease

    • $31 SF/Yr
      2,506 SF

      Retail Space in Lynnwood

      Retail space available for lease in Lynnwood, Washington.
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    Lynnwood, WA 98037-4726
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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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