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    23003 Pacific S Hwy Des Moines, WA 98198-7269
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    Property profile & analytics

    23003 Pacific S Hwy, Des Moines, WA 98198-7269

    View on Map
    • Retail space
    • 14,685 SF
    • 1.47 lot acres
    Off-Market
    Property ID
    US90-1918481
    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.
    Value Estimations
    $3,540,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 23003 Pacific S Hwy

    Year built
    2006
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.47 lot acres
    Zone code
    PR-C
    Property type
    Retail space
    APN
    250060-0100
    APU
    2500600100

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 11, 2006 $1,391,556 State Of Wa Dept/natural Rsrcs Mordevco LLC Warranty Deed —
    Apr 11, 2006 — Mordevco LLC Wg At Des Moines LLC Warranty Deed —
    Apr 11, 2006 $6,508,443 State Of Wa Dept/natural Rsrcs Wg At Des Moines LLC Warranty Deed —
    Oct 4, 2004 $335,405 Wg Of Des Moines LLC Pacific Financial Center LLC Warranty Deed $4.5M · Zions First National Bank
    Dec 1, 1999 — Pacific Financial Center LLC Steenrod,robert M & Margaret A Grant Deed · related —
    Feb 13, 1997 $725,000 Robert M Steenrod Keith Uddenberg INC Grant Deed $747k · Money Store INC
    Aug 2, 1995 — Keith Uddenberg INC — Deed Of Trust · related $1.4M · Key Bank Of Washington
    — — Pacific Financial Center LLC — Deed Of Trust · related $750k · Commerce Bank Of Washington
    — — Robert M Steenrod — Deed Of Trust · related $750k · Commerce Bank Of Washington

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $5,890,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $5,210,000
      Change: -12% Conversion: Difficult
      OFFICE BUILDING
      $5,190,000
      Change: -12% Conversion: Easy
      MEDICAL BUILDING
      $5,050,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    King
    State
    Washington
    Longitude
    -122.296
    Latitude
    47.3952
    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
    2022
    $5,311
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $780,000
      4,876 SF

      22311 Marine Vw S Dr

      RETAIL STORES (PERSONAL SERVICES)
      22311 Marine Vw S Dr, Des Moines, WA 98198-6833
      View Details
    • Value Estimation
      $17,675,000
      91,026 SF

      27005 Pacific S Hwy

      RETAIL STORES (PERSONAL SERVICES)
      27005 Pacific S Hwy, Des Moines, WA 98198-9250
      View Details
    • Value Estimation
      $4,265,000
      24,020 SF

      21615 Pacific S Hwy

      RETAIL STORES (PERSONAL SERVICES)
      21615 Pacific S Hwy, Des Moines, WA 98198-7703
      View Details
    • Value Estimation by Request
      2,240 SF

      23639 Pacific S Hwy

      RETAIL STORES (PERSONAL SERVICES)
      23639 Pacific S Hwy, Des Moines, WA 98198-8739
      View Details
    • Value Estimation by Request
      2,230 SF

      21912 Marine Vw S Dr

      RETAIL STORES (PERSONAL SERVICES)
      21912 Marine Vw S Dr, Des Moines, WA 98198-6158
      View Details
    • Value Estimation by Request
      204 SF

      21925 Marine Vw S Dr

      RETAIL STORES (PERSONAL SERVICES)
      21925 Marine Vw S Dr, Des Moines, WA 98198-6159
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,253 SF

      Des Moines Retail Opportunity

      Retail space in Des Moines, Washington, near Puget Sound.
      28201 Redondo Beach Dr S, Des Moines, WA 98198
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    • $4,750,000

      Mixed-Use Development Opportunity Near Waterfront

      Two buildings on 2.34 acres near Des Moines waterfront.
      22705 Marine View Dr S, Des Moines, WA 98198
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      Des Moines Commercial Buildings For Sale

      Two commercial buildings for sale in Des Moines, Washington.
      22302-22308 Marine View Dr S, Des Moines, WA 98198
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    • Contact for pricing
      4,533 SF

      International Boulevard Flex/Retail Space

      Flexible retail/flex/assembly/shop/showroom space on International Boulevard.
      20812-20816 International Blvd, Seatac, WA 98198
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    • $1,450,000

      Des Moines Commercial Buildings For Sale

      Two commercial buildings for sale in Des Moines, Washington.
      22302 Marine View Dr S, Des Moines, WA 98198
      View Details
    • Contact for pricing
      3,680 SF

      Two Buildings in Des Moines

      Two buildings on 25,080 SF lot near Des Moines Marina.
      21616-21630 7Th Pl S, Des Moines, WA 98198
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,470 SF

      Des Moines Retail Space Available

      Retail space available for lease in Des Moines, Washington.
      23100 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • Contact for pricing
      1,065 SF

      New Mixed-Use Development Retail Space

      Commercial spaces available in a new mixed-use development.
      21800 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • Contact for pricing
      1,513 SF

      Prime Retail Frontage on Marine

      Retail space for rent in Des Moines, Washington.
      22509-22517 Marine View Dr S, Des Moines, WA 98198
      View Details
    • Contact for pricing
      1,762 SF

      Des Moines Retail Space Available

      New commercial retail spaces in the heart of Des Moines.
      22525 7Th Ave S, Des Moines, WA 98198
      View Details
    • Contact for pricing
      575 SF

      Des Moines Office/Retail/Yard Space

      Office, retail, and yard space available in Des Moines.
      20710 1St Ave S, Des Moines, WA 98198
      View Details
    • $3,031 /Mo
      1,653 SF

      Mixed-Use Development with Commercial Spaces

      New development with retail, office, and flex space available.
      21800 Pacific Hwy S, Des Moines, WA 98198
      View Details
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    Des Moines, WA 98198-7269
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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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