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Property profile & analytics
OFF-MARKET
Estimated value
$2,875,000
Office buildings
23200 Pacific S Hwy Des Moines, WA 98198
Entity Owned
20-yr Hold
Free & Clear
Property ID
US90-0414656
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1984
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
12,704 SF
Lot
0.98 ac (42,547 SF)
Zoning code
PR-C
APN
250060-0260
UPID
US90-0414656
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
$3.66M
Comparable Approach
Comparable
$1.89M
Blend (final)
Blend
$2.88M
Owner & transaction history
Rel Holdings LLC · 20 yrs held
Rel Holdings LLC
since 2005
3 recorded transactions
Zoning & alternative use
PR-C · Des Moines, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
after referred to as zones, have unique land use and development regulations, and some general regulations apply to each zone. The three Pacific Ridge zones are as follows: (a) PR-R, Pacific Ridge Residential. (b) PR -C 1, Pacific Ridge Commercial 1. (c) PR -C2, Pacific Ridge Commercial 2. (2) Other zones may be applied to existing and planned public facilit…
Zone name
Pacific Ridge Commercial
General category
COMMERCIAL
Zone area
140.05 ac
Source
Title 18 Zoning
Top alternative use upside
Apartment house (5+ units)
$4.5M
+0.4%
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 Des Moines submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Des Moines 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%
$3,965,000
6.5%
$3,660,000
7%
$3,400,000
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
Blend value · Realmo final
$2.88M
Range $2.59M – $3.16M · ±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
$226 / 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
$31,305
Tax year 2022
Assessed value
$2,563,200
Assessed 2022
Previous assessed
$2,563,200
+0.0% YoY
Effective rate
1.22%
On assessed value
Assessed land
$1,191,300
Assessed improvement
$1,371,900
Land market value
$1,191,300
Improvement market value
$1,371,900
Total market value
$2,563,200
Applied tax rate
1,126.0000
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 buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1984
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Buildings
2
Stories
2
Total area
12,704 SF
Lot
0.98 ac (42,547 SF)
Zoning code
PR-C
APN
250060-0260
UPID
US90-0414656
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
PR-C · Des Moines, WAZoning PR-C · permitted uses
PR-C · Des Moines, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
after referred to as zones, have unique land use and development regulations, and some general regulations apply to each zone. The three Pacific Ridge zones are as follows: (a) PR-R, Pacific Ridge Residential. (b) PR -C 1, Pacific Ridge Commercial 1. (c) PR -C2, Pacific Ridge Commercial 2. (2) Other zones may be applied to existing and planned public facilities, parks, utilities, and similar land uses. (3) For application of the g
Zone name
Pacific Ridge Commercial
General category
COMMERCIAL
Zone area
140.05 ac
Source
Title 18 Zoning
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$4.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.5M
MEDICAL BUILDING
Est. value
$4.4M
WAREHOUSE, STORAGE
Est. value
$3.8M
OFFICE BUILDING Current
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
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
1984
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
2
Buildings
2
Lot
0.98 ac
Current owner
From public records · entity-resolved
Rel Holdings LLC
Entity
Free & Clear · 20 yrs held
Mailing address
2010 156TH AVE NE STE #100, BELLEVUE, WA 98007-3826
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 21, 2005
—
Rel Holdings LLC
Kenmore Twin Springs LLC
Quit Claim Deed
related
—
Sep 26, 2002
—
Des Moines City (wa)
Titterud,tr
Grant Deed
related
—
Nov 23, 1992
—
Titterud,& Titterud
Titterud,marvin
Grant Deed
related
—
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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