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    Property profile & analytics

    23200 Pacific S Hwy Des Moines, WA 98198

    • Office buildings
    • 12,704 SF
    • 0.98 lot acres
    OFF-MARKET
    Value Estimations
    $2,875,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0414656
    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

    • Office buildings

    Property Details for 23200 Pacific S Hwy

    Year built
    1984
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.98 lot acres
    Property size
    12,704 SF
    Zone code
    PR-C
    Property type
    Office buildings
    APN
    250060-0260
    APU
    2500600260

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,965,000
      6.5%
      $3,660,000
      7%
      $3,400,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,887,000
      Market price range: $611k - $2.40M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,490,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $4,505,000
      Change: +0% Conversion: Easy
      MEDICAL BUILDING
      $4,370,000
      Change: -3% Conversion: Easy
      WAREHOUSE, STORAGE
      $3,755,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    King
    State
    Washington
    Longitude
    -122.294
    Latitude
    47.3938
    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
    $31,305
    $1,191,300
    $1,371,900
    $2,563,200
    -
    $1,191,300
    $1,371,900
    $2,563,200

    Comparable in this City

    • Value Estimation by Request
      293,349 SF

      2200 216th St

      OFFICE BUILDING • 293,349 SF
      2200 216th St, Des Moines, WA 98198-6547
      View Details
    • Value Estimation
      $1,580,000
      6,700 SF

      22815 Pacific S Hwy

      OFFICE BUILDING • 6,700 SF
      22815 Pacific S Hwy, Des Moines, WA 98198-7264
      View Details
    • Value Estimation
      $4,135,000
      20,988 SF

      22323 Pacific S Hwy

      OFFICE BUILDING • 20,988 SF
      22323 Pacific S Hwy, Des Moines, WA 98198-5104
      View Details
    • Value Estimation by Request
      1,038 SF

      22002 Pacific S Hwy

      OFFICE BUILDING • 1,038 SF
      22002 Pacific S Hwy, Des Moines, WA 98198-7769
      View Details
    • Value Estimation by Request
      300 SF

      2701 200th St

      OFFICE BUILDING • 300 SF
      2701 200th St, Seatac, WA 98198-5206
      View Details
    • Value Estimation
      $1,290,000
      11,590 SF

      22014 7th S Ave

      OFFICE BUILDING • 11,590 SF
      22014 7th S Ave, Des Moines, WA 98198-6235
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Class A Office Suites Available

      Prime SeaTac location with plentiful parking and nearby amenities.
      21400 International Blvd, Seatac, WA 98198
      View Details
    • $2,300,000

      New Office Building with Views

      New office building with Puget Sound views for sale.
      22608 Marine View Dr, Des Moines, WA 98198
      View Details
    • Contact for pricing

      Class A Office Suites Available

      Prime SeaTac location with nearby retail and transportation.
      21400 International Blvd, Seatac, WA 98198
      View Details
    • $1,700,000

      Shovel-Ready Land with Approved Plans

      1.16-acre parcel with approved plans for a 5,000 SF warehouse.
      26601 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • $5,950,000
      9,574 SF

      28201 Redondo Beach Dr S, Des Moines, WA

      Restaurants • 9,574 SF
      28201 Redondo Beach Dr S, Des Moines, WA 98198
      View Details

    Similar Nearby for Lease

    • $3,100 /Mo
      1,550 SF

      SeaTac Office Space Available

      Office space for rent in a prime SeaTac location.
      21400 International Blvd S, Seatac, WA 98198
      View Details
    • $1,953 /Mo
      1,065 SF

      Mixed-Use Development with Commercial Spaces

      New development with retail, office, and flex spaces available.
      21800 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • $3,500 /Mo
      1,750 SF

      SeaTac Office Space Available

      Office space for rent in a prime SeaTac location.
      21400 International Blvd S, Seatac, WA 98198
      View Details
    • $36 SF/Yr
      2,156 SF

      Marine View Drive Retail Space

      High-traffic retail/office suites available.
      21804 Marine View Dr, Des Moines, WA 98198
      View Details
    • $22 SF/Yr

      Des Moines Waterfront Office Space

      Professional office space with ocean views in thriving Marina District.
      22007 Marine View Dr S, Des Moines, WA 98198
      View Details
    • $4,527 /Mo
      1,509 SF

      Office Space on Marine View

      Office space for lease in high-traffic area.
      21804 Marine View Dr S, Des Moines, WA 98198
      View Details
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    23200 Pacific S Hwy
    Des Moines, WA 98198
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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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