23475 Novelty Hl Rd Redmond, WA 98053-5501
Grocery and convenience stores
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Individually Owned
Absentee Owner
Free & Clear
No photos on file
For Sale
Contact for pricing
23475 Novelty Hl Rd, Redmond, WA 98053-5501
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Estimated value (blended)
$7.81M
Range $7.02M – $8.59M (±10%)
Property ID
US90-1820952
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
2005
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
54,374 SF
Lot
5.38 ac (234,339 SF)
Zoning code
CBP
APN
868224-0030
UPID
US90-1820952
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Physician
-
Pharmacy
-
Locksmith (Bike/Boat/Book/etc) Store
-
Bakery Specialty Food Shop
-
Bank Credit Union
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$7.81M
Owner & transaction history
Zoning & alternative use
CBP · Redmond, WA
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$7.81M
Value range
$7.02M – $8.59M
±10% around blend
Estimated value / SF
$144 / SF
Confidence
None
1 county-verified comps
Property data
88
Market benchmarks
33
Comparable evidence
10
$7.02M
blend $7.81M
$8.59M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
54,374 SF
Lot area
5.38 ac
Year built
2005
Stories
1
APN
868224-0030
Assessed value
$11,312,100
Annual tax
$122,121
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Too few qualifying comparables for a sales-approach estimation.
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$7.81M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
County 399 sales
$392
-63%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $144/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 1 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$11.31M
Move the market yield to see immediate price impact.
Value / SF
$208
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$713k
$14.25M
$10.18M
$7.92M
$792k
$15.84M
$11.31M
$8.80M
$871k
$17.42M
$12.44M
$9.68M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
1 found
None confidence · county-verified
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$122,121
Tax year 2022
Assessed value
$11,312,100
Assessed 2022
Previous assessed
$11,312,100
+0.0% YoY
Effective rate
1.08%
On assessed value
Assessed land
$6,092,800
Assessed improvement
$5,219,300
Land market value
$6,092,800
Improvement market value
$5,219,300
Total market value
$11,312,100
Applied tax rate
7,260.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
For Sale
Year built
2005
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Total area
54,374 SF
Lot
5.38 ac (234,339 SF)
Zoning code
CBP
APN
868224-0030
UPID
US90-1820952
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
CBP · Redmond, WAZoning CBP · permitted uses
CBP · Redmond, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Building & site characteristics
From public records
Year built
2005
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
1
Lot
5.38 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
CBP
Jurisdiction
Redmond, WA
Recorded code
CBP
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for CBP in Redmond, WA.
What opens after registration
Zoning profile
3 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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