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

    23611 Hwy 99 Edmonds, WA 98026

    • Office buildings
    • 15,860 SF
    • 0.60 lot acres
    OFF-MARKET
    Last Sale
    Mar 22, 2021
    $1,550,000
    Value Estimations
    $1,915,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1761323
    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 23611 Hwy 99

    Year built
    1979
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.60 lot acres
    Property size
    15,860 SF
    Zone code
    CG
    Property type
    Office buildings
    APN
    451900100203
    APU
    451900100203

    Description

    The Sunset Building, located at 23611 Hwy 99 in Edmonds, WA 98026, offers exceptional executive office space for lease. This Class B building, totaling 22,251 square feet, underwent renovations in 2000 and sits on a 1.8-acre lot. The building features three stories and provides ample parking with 82 spaces (a ratio of 3.5 per 1,000 square feet). Modern conveniences include elevators. Currently, 5,189 square feet of space is available, divisible into units ranging from 2,210 to 2,979 contiguous square feet, making it ideal for businesses of various sizes. The building is zoned CG and situated in the CBA Mountlake Terrace submarket of Snohomish County. Built in 1979, The Sunset Building offers a blend of established infrastructure and updated amenities. Its convenient location on Highway 99 provides excellent accessibility. The property is perfect for businesses seeking a well-maintained, functional office space in a desirable Edmonds location. Interested parties should inquire about available lease terms and conditions.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,145,000
      ML approach
      $2,165,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,153,000
      Market price range: $1.51M - $4.71M

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

    Location Insight

    • Map
    • Local Demand
    City
    Edmonds
    County
    Snohomish
    State
    Washington
    Longitude
    -122.342
    Latitude
    47.7846
    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
    2023
    $20,584
    $978,700
    $1,889,300
    $2,868,000
    -
    $978,700
    $1,889,300
    $2,868,000

    Comparable in this City

    • Value Estimation
      $7,680,000
      12,734 SF

      18603 76th W Ave

      PROFESSIONAL BUILDING • 12,734 SF
      18603 76th W Ave, Edmonds, WA 98026-5808
      View Details
    • Value Estimation
      $2,535,000
      14,368 SF

      8130 240th SW St

      PROFESSIONAL BUILDING • 14,368 SF
      8130 240th SW St, Edmonds, WA 98026-5030
      View Details
    • Value Estimation
      $885,000
      4,063 SF

      21010 76th W Ave

      PROFESSIONAL BUILDING • 4,063 SF
      21010 76th W Ave, Edmonds, WA 98026-7104
      View Details
    • Value Estimation by Request
      1,200 SF

      23710 Edmonds Way

      PROFESSIONAL BUILDING • 1,200 SF
      23710 Edmonds Way, Edmonds, WA 98026-8978
      View Details
    • Value Estimation by Request
      1,298 SF

      23815 Edmonds Way

      PROFESSIONAL BUILDING • 1,298 SF
      23815 Edmonds Way, Edmonds, WA 98026-9023
      View Details
    • Value Estimation
      $750,000
      1,784 SF

      23901 Edmonds Way

      PROFESSIONAL BUILDING • 1,784 SF
      23901 Edmonds Way, Edmonds, WA 98026-9024
      View Details

    Similar Nearby for Sale

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      Commercial Rambler Near Swedish Hospital

      Commercial rambler in excellent condition, close to Swedish Hospital.
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    Similar Nearby for Lease

    • $24 SF/Yr
      12,968 SF

      Medical Office Space Near Hospital

      Medical office space adjacent to Swedish Edmonds Hospital and UW Medicine.
      21827 76Th Ave W | Edmonds, Edmonds, WA 98026
      View Details
    • Contact for pricing
      2,529 SF

      Office Space in Edmonds

      Office space available for rent in Edmonds, Washington.
      21727 76Th Ave W, Edmonds, WA 98026
      View Details
    • $24 SF/Yr
      2,281 SF

      Medical/Office Space Near Swedish Edmonds

      Well-maintained medical/office space near Swedish Edmonds Campus and UW Medicine.
      21827 76Th Ave W, Edmonds, WA 98026
      View Details
    • $25 SF/Yr
      1,945 SF

      Office Space For Rent

      Office space available for lease in Edmonds, Washington.
      21600 Highway 99, Edmonds, WA 98026
      View Details
    • $30 SF/Yr
      3,057 SF

      Edmonds Medical Office Space for Lease

      Prime Edmonds medical office suite available.
      21911 76Th Ave, Edmonds, WA 98026
      View Details
    • $30 SF/Yr
      3,052 SF

      Medical Office Space For Lease

      Class A medical office space adjacent to Swedish Edmonds Campus.
      21911-21919 76Th Ave W, Edmonds, WA 98026
      View Details
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    23611 Hwy 99
    Edmonds, WA 98026
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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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