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Property profile & analytics
OFF-MARKET
Estimated value
$1,220,000
Office Spaces
2008 123rd NE Ave Lake Stevens, WA 98258-9503
Entity Owned
13-yr Hold
~
Est. High Equity
Property ID
US90-1220691
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
2005
Construction
WOOD
Total area
7,620 SF
Lot
0.34 ac (14,810 SF)
Zoning code
MU(MU)
APN
29060800210700
UPID
US90-1220691
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
$1.62M
Comparable Approach
Comparable
$932k
Blend (final)
Blend
$1.22M
Owner & transaction history
Jl Larsen LLC · 13 yrs held
Jl Larsen LLC
since 2012
7 recorded transactions
Zoning & alternative use
MU(MU) · Lake Stevens, 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 Lake Stevens submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lake Stevens 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%
$1,755,000
6.5%
$1,620,000
7%
$1,500,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,795,000
Current use
Blend value · Realmo final
$1.22M
Range $1.10M – $1.34M · ±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
$160 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$15,120
Tax year 2023
Assessed value
$1,756,000
Assessed 2023
Previous assessed
$1,710,000
+2.7% YoY
Effective rate
0.86%
On assessed value
Assessed land
$394,000
Assessed improvement
$1,362,000
Land market value
$394,000
Improvement market value
$1,362,000
Total market value
$1,756,000
Applied tax rate
408.0000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
2005
Construction
WOOD
Heating
YES
Cooling
CENTRAL
Stories
3
Total area
7,620 SF
Lot
0.34 ac (14,810 SF)
Zoning code
MU(MU)
APN
29060800210700
UPID
US90-1220691
Jurisdiction
SNOHOMISH
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
MU(MU) · Lake Stevens, WA
Zoning MU(MU) · permitted uses
MU(MU) · Lake Stevens, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lake Stevens. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.8M
COMMERCIAL (GENERAL) Current
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
2005
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
3
Lot
0.34 ac
Current owner
From public records · entity-resolved
Jl Larsen LLC
Entity
Mailing address
PO BOX 669, LAKE STEVENS, WA 98258-0669
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 20, 2012
—
Jl Larsen LLC
Larsen,jan & Lorrie
Quit Claim Deed
related
—
Jan 11, 2012
—
Jl Larsen LLC
Larsen,jan & Lorrie
Quit Claim Deed
related
—
Dec 29, 2004
—
City Of Lake Stevens
Larsen,jun & Lorrie
Warranty Deed
related
—
Jul 27, 2004
—
Jan Larsen
—
Grant Deed
related
$1,030,000 · Horizon Bank
May 5, 2003
$132,500
Jan Larsen
Anderson,tr
Grant Deed
—
—
—
Jan Larsen
—
Deed Of Trust
related
—
—
—
Jan Larsen
—
Deed Of Trust
related
—
—
—
Jan Larsen
—
Deed Of Trust
related
$300,000 · Horizon Bank
—
—
Jan Larsen
—
Deed Of Trust
related
$5,294 · Horizon Bank
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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