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Property profile & analytics
OFF-MARKET
Estimated value
$1,150,000
Office buildings
23914 56th W Ave Mountlake Terrace, WA 98043-5263
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US90-0522855
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
2006
Construction
WOOD
Total area
5,083 SF
Lot
0.19 ac (8,276 SF)
Zoning code
BC/D
APN
520500302200
UPID
US90-0522855
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
Current use
Occupant on record · Public records
-
Northwest Veterinary Imaging Veterinary Clinic
-
I L Gross Structural Engineers Structural Engineer
-
Veterinary Radiology & Rdtn Veterinary Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.49M
Comparable Approach
Comparable
$763k
Blend (final)
Blend
$1.15M
Owner & transaction history
Ipsters LLC · 7 yrs held
Ipsters LLC
since 2019
7 recorded transactions
Zoning & alternative use
BC/D · Mountlake Terrace, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Mountlake Terrace submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mountlake Terrace 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%
$1,610,000
6.5%
$1,485,000
7%
$1,380,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,815,000
Current use
COMMERCIAL (GENERAL)
$1,540,000
Change: -15% · Conversion: Easy
RETAIL STORES
$1,480,000
Change: -18% · Conversion: Moderate
WAREHOUSE, STORAGE
$1,470,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$1.15M
Range $1.04M – $1.27M · ±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 2023Property tax & assessments
Tax year 2023
Tax billed
$11,910
Tax year 2023
Assessed value
$1,658,200
Assessed 2023
Previous assessed
$1,508,000
+10.0% YoY
Effective rate
0.72%
On assessed value
Assessed land
$446,400
Assessed improvement
$1,211,800
Land market value
$446,400
Improvement market value
$1,211,800
Total market value
$1,658,200
Applied tax rate
610.0000
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
PROFESSIONAL BUILDING
Status
Off-Market
Year built
2006
Construction
WOOD
Heating
YES
Cooling
CENTRAL
Stories
2
Bathrooms
1
Total area
5,083 SF
Lot
0.19 ac (8,276 SF)
Zoning code
BC/D
APN
520500302200
UPID
US90-0522855
Jurisdiction
SNOHOMISH
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
BC/D · Mountlake Terrace, WA
Zoning BC/D · permitted uses
BC/D · Mountlake Terrace, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Mountlake Terrace. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.8M
COMMERCIAL (GENERAL)
Est. value
$1.5M
RETAIL STORES
Est. value
$1.5M
WAREHOUSE, STORAGE
Est. value
$1.5M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
RETAIL STORES
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
2006
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
2
Bathrooms
1
Lot
0.19 ac
Current owner
From public records · entity-resolved
Ipsters LLC
Entity
Mailing address
2233 FEDERAL AVE E, SEATTLE, WA 98102-4143
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 24, 2020
—
Ipsters LLC
—
Deed
related
$714,423 · Heritage Bank
Jun 19, 2019
$1,515,000
Ipsters LLC
Rwk Holdings LLC
Warranty Deed
$1,080,000 · Heritage Bank
Jun 23, 2005
—
Rwk Holdings LLC
Kramer,robert W
Quit Claim Deed
related
$480,000 · Kitsap Bank
Nov 26, 2002
$178,989
Robert Kramer
Kane,jennifer
Grant Deed
—
Oct 12, 2001
$173,000
Jennifer L Kane
Kane,christopher
Grant Deed
related
$164,350 · Liberty Financial
Aug 16, 2001
$120,750
Christopher Kane
Carrie J Johnson Estate
Grant Deed
$90,500 · Liberty Financial
Aug 16, 2001
—
Christopher Kane
Kulp,andrea N
Quit Claim Deed
related
—
—
—
Rwk Holdings LLC
—
Deed Of Trust
related
$832,000 · Whidbey Island Bank
—
—
Robert Kramer
—
Deed Of Trust
related
$131,850 · Bank Of America
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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