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Property profile & analytics
OFF-MARKET
Estimated value
$4,530,000
Retail space
2228 Market St Seattle, WA 98107
Entity Owned
15-yr Hold
Free & Clear
Property ID
US90-1287795
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1928
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
30,000 SF
Lot
0.52 ac (22,500 SF)
Zoning code
NC3P-75 (M)
APN
276770-1080
UPID
US90-1287795
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
Current use
Occupant on record · Public records
-
Republic Parking 30-190 Ballard Square Parking Lot & Garage
-
Ballar Square Lot - Park Seattle Parking Lot & Garage
-
Russell Hall Garage - Park Seattle Parking Lot & Garage
-
Ballar Square Lot Parking Lot & Garage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.53M
Owner & transaction history
Mjwking LLC · 15 yrs held
Mjwking LLC
since 2011
6 recorded transactions
Zoning & alternative use
NC3P-75 (M) · Seattle, 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 Seattle submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Seattle 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$151 / 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
$75,506
Tax year 2022
Assessed value
$8,776,000
Assessed 2022
Previous assessed
$8,776,000
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed land
$8,775,000
Assessed improvement
$1,000
Land market value
$8,775,000
Improvement market value
$1,000
Total market value
$8,776,000
Applied tax rate
10.0000
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
Off-Market
Year built
1928
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Stories
2
Total area
30,000 SF
Lot
0.52 ac (22,500 SF)
Zoning code
NC3P-75 (M)
APN
276770-1080
UPID
US90-1287795
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
NC3P-75 (M) · Seattle, WA
Zoning NC3P-75 (M) · permitted uses
NC3P-75 (M) · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Seattle. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1928
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Stories
2
Lot
0.52 ac
Current owner
From public records · entity-resolved
Mjwking LLC
Entity
Free & Clear · 15 yrs held
Mailing address
923 POWELL AVE SW STE #101, RENTON, WA 98057-2943
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 5, 2019
—
Mjwking LLC
—
Deed
related
$4,600,000 · Islanders Bank
Nov 9, 2018
—
Mjwking LLC
—
Deed
related
$800,000 · Heritage Bank
Feb 17, 2011
—
Mjwking LLC
Howard,verne W
Quit Claim Deed
related
—
Feb 6, 1998
$2,250,000
Verne W Howard
Olsen,reidar O & Ebba
Grant Deed
—
—
—
Verne W Howard
—
Deed Of Trust
related
$1,500,000 · Us Bank
—
—
Verne W Howard
—
Deed Of Trust
related
$1,360,000 · Whidbey Island 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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