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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    23475 Novelty Hl Rd Redmond, WA 98053-5501

    • Grocery and convenience stores
    • 54,374 SF
    • 5.38 lot acres
    OFF-MARKET
    Value Estimations
    $7,805,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1820952
    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

    • higi / Physician
    • QFC Pharmacy / Pharmacy
    • KeyMe Locksmiths / Locksmith / (Bike/Boat/Book/etc) Store
    • Murray's Cheese / Bakery / Specialty Food Shop
    • Western Union / Bank / Credit Union

    Property Details for 23475 Novelty Hl Rd

    Year built
    2005
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    5.38 lot acres
    Property size
    54,374 SF
    Zone code
    CBP
    Property type
    Grocery and convenience stores
    APN
    868224-0030
    APU
    8682240030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Redmond
    County
    King
    State
    Washington
    Longitude
    -122.026
    Latitude
    47.6989
    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
    $122,121
    $6,092,800
    $5,219,300
    $11,312,100
    -
    $6,092,800
    $5,219,300
    $11,312,100

    Comparable in this City

    • Value Estimation by Request
      2,142 SF

      23530 Redmond Fall City Rd

      CONVENIENCE STORE • 2,142 SF
      23530 Redmond Fall City Rd, Redmond, WA 98053-8372
      View Details
    • Value Estimation
      $12,955,000
      48,573 SF

      3925 236th NE Ave

      GROCERY, SUPERMARKET • 48,573 SF
      3925 236th NE Ave, Redmond, WA 98053-8455
      View Details
    • Value Estimation
      $695,000
      3,645 SF

      Novelty Hl Rd

      CONVENIENCE STORE • 3,645 SF
      Novelty Hl Rd, Redmond, WA 98053
      View Details
    • Value Estimation
      $680,000
      2,520 SF

      24821 Redmond Fall City Rd

      CONVENIENCE STORE • 2,520 SF
      24821 Redmond Fall City Rd, Redmond, WA 98053-3318
      View Details
    • Value Estimation
      $685,000
      3,780 SF

      20871 Redmond Fall City Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,780 SF
      20871 Redmond Fall City Rd, Redmond, WA 98053-2423
      View Details
    • Value Estimation by Request
      4,889 SF

      22340 Marketplace Dr

      FINANCIAL BUILDING • 4,889 SF
      22340 Marketplace Dr, Redmond, WA 98053-2036
      View Details

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    Similar Nearby for Lease

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      1,739 SF

      Redmond Industrial Space For Rent

      Industrial space with front office, one GL door.
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    • Contact for pricing
      554,083 SF

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    Property Visit Statistics

    • Visits by month
      74.1k
    • Visitors by month
      31.7k
    • Avg Time on site
      20 min
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    23475 Novelty Hl Rd
    Redmond, WA 98053-5501
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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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