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Property profile & analytics
FOR LEASE
Retail space
223 Lewis St Monroe, WA 98272
Entity Owned
5-yr Hold
Free & Clear
Property ID
US90-0840156
No photos on file
For Lease
$6,400/Mo
223 Lewis St, Monroe, WA 98272
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1905
Construction
WOOD
Total area
4,800 SF
Lot
0.15 ac (6,534 SF)
Zoning code
DC
APN
517404201900
UPID
US90-0840156
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
-
Platinum Dance Center East Training Center
-
NorthWest Sport Taekwondo Training Center Sports School
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.04M
CAP Approach
CAP
$1.04M
Comparable Approach
Comparable
$1.08M
Blend (final)
Blend
$1.05M
Owner & transaction history
Lewis Street Commercial LLC · 5 yrs held
Lewis Street Commercial LLC
since 2021
Last sale
$878,000
6 recorded transactions
Zoning & alternative use
DC · Monroe, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of the downtown commercial zone is to integrate civic, commercial, entertainment, cultural, and residential uses and increase economic and urban activity levels within the zone. Development standards or guidelines applicable to the downtown commercial zone enhance opportunities for significant growth of office, commercial, and residential project…
Zone name
Downtown Commercial
General category
CIVIC_INSTITUTIONAL
Zone area
69.62 ac
Source
Realmo
Top alternative use upside
Office building
$1.7M
+22.5%
Commercial (general)
$1.5M
+4.1%
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 Monroe submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Monroe 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
$1,020,000
ML approach
$1,040,000
CAP Approach
CAP Return
Estimation
6%
$1,125,000
6.5%
$1,040,000
7%
$965,000
Alternative Use
Use
Estimation
RETAIL STORES
$1,400,000
Current use
OFFICE BUILDING
$1,710,000
Change: +22% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,455,000
Change: +4% · Conversion: Easy
WAREHOUSE, STORAGE
$1,385,000
Change: -1% · Conversion: Difficult
Blend value · Realmo final
$1.05M
Range $941k – $1.15M · ±10% · vs last sale $878k (Mar 4 2021)
Last sale anchor
$878k
Mar 4 2021
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
$218 / 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
$5,445
Tax year 2023
Assessed value
$731,200
Assessed 2023
Previous assessed
$640,000
+14.2% YoY
Effective rate
0.74%
On assessed value
Assessed land
$260,400
Assessed improvement
$470,800
Land market value
$260,400
Improvement market value
$470,800
Total market value
$731,200
Applied tax rate
530.0000
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
1905
Construction
WOOD
Heating
YES
Cooling
NONE
Stories
2
Total area
4,800 SF
Lot
0.15 ac (6,534 SF)
Zoning code
DC
APN
517404201900
UPID
US90-0840156
Jurisdiction
SNOHOMISH
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
DC · Monroe, WAZoning DC · permitted uses
DC · Monroe, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of the downtown commercial zone is to integrate civic, commercial, entertainment, cultural, and residential uses and increase economic and urban activity levels within the zone. Development standards or guidelines applicable to the downtown commercial zone enhance opportunities for significant growth of office, commercial, and residential projects in the city’s core
Zone name
Downtown Commercial
General category
CIVIC_INSTITUTIONAL
Zone area
69.62 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.4M
OFFICE BUILDING
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$1.5M
WAREHOUSE, STORAGE
Est. value
$1.4M
RETAIL STORES Current
OFFICE BUILDING
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
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
1905
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
2
Lot
0.15 ac
Current owner
From public records · entity-resolved
Lewis Street Commercial LLC
Entity
Free & Clear · 5 yrs held
Mailing address
15622 SE 43RD PL, BELLEVUE, WA 98006-2514
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2021
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
Mar 4, 2021
$878,000
Lewis Street Commercial LLC
Kck Investments LLC
Warranty Deed
—
Nov 18, 2010
—
Kck Investments LLC
King,kelly E
Quit Claim Deed
related
—
Jan 19, 2010
—
Kelly E King
King,cheri L
Quit Claim Deed
related
—
Jan 23, 2003
$400,000
Kelly E King
Morgan,william D & Melanie E
Grant Deed
$320,000 · Bank Of America
Sep 8, 1997
$134,000
William D Morgan
Melnyk,brent W
Grant Deed
—
Apr 19, 1995
$120,000
Brent W Melnyk
Streutker,jerald & Tina
Grant Deed
$113,279 · Seller
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.
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