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

    23914 56th W Ave Mountlake Terrace, WA 98043-5263

    • Office buildings
    • 5,083 SF
    • 0.19 lot acres
    OFF-MARKET
    Value Estimations
    $1,150,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0522855
    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

    • Northwest Veterinary Imaging / Veterinary Clinic
    • I L Gross Structural Engineers / Structural Engineer
    • Veterinary Radiology & Rdtn / Veterinary Clinic

    Property Details for 23914 56th W Ave

    Year built
    2006
    Construction
    WOOD
    Lot size
    0.19 lot acres
    Property size
    5,083 SF
    Zone code
    BC/D
    Property type
    Office buildings
    APN
    520500302200
    APU
    520500302200

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,610,000
      6.5%
      $1,485,000
      7%
      $1,380,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $763,000
      Market price range: $246k - $1.07M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Mountlake Terrace
    County
    Snohomish
    State
    Washington
    Longitude
    -122.309
    Latitude
    47.781
    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
    $11,910
    $446,400
    $1,211,800
    $1,658,200
    -
    $446,400
    $1,211,800
    $1,658,200

    Comparable in this City

    • Value Estimation
      $4,745,000
      21,058 SF

      6405 218th SW St

      PROFESSIONAL BUILDING • 21,058 SF
      6405 218th SW St, Mountlake Terrace, WA 98043-2180
      View Details
    • Value Estimation
      $1,450,000
      3,058 SF

      5720 220th SW St

      PROFESSIONAL BUILDING • 3,058 SF
      5720 220th SW St, Mountlake Terrace, WA 98043-3137
      View Details
    • Value Estimation
      $1,855,000
      8,088 SF

      6603 220th SW St

      PROFESSIONAL BUILDING • 8,088 SF
      6603 220th SW St, Mountlake Terrace, WA 98043-2186
      View Details
    • Value Estimation
      $1,285,000
      2,954 SF

      5903 244th SW St

      PROFESSIONAL BUILDING • 2,954 SF
      5903 244th SW St, Mountlake Terrace, WA 98043-5451
      View Details
    • Value Estimation
      $1,350,000
      4,640 SF

      22725 44th W Ave

      PROFESSIONAL BUILDING • 4,640 SF
      22725 44th W Ave, Mountlake Terrace, WA 98043-4500
      View Details
    • Value Estimation by Request
      1,790 SF

      5803 232nd SW St

      PROFESSIONAL BUILDING • 1,790 SF
      5803 232nd SW St, Mountlake Terrace, WA 98043-4637
      View Details

    Similar Nearby for Sale

    • $13,800,000

      Mountlake Terrace Office Building

      Office building for sale in Mountlake Terrace, Washington.
      6920 220Th St Southwest, Mountlake Terrace, WA 98043
      View Details
    • $4,900,000
      16,124 SF

      Mountlake Terrace Specialty Property

      Specialty property featuring a gym, offices, and classrooms.
      23607 54Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • $4,900,000
      16,124 SF

      Mountlake Terrace Fitness and Office

      Fitness center with gym, weight room, offices, and classrooms.
      23607 54Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • $995,000

      Spacious Flat Lot Near Transit

      Large, flat 50,530 SF lot near transit center.
      24205 56Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • Contact for pricing

      Mountlake Terrace Development Assemblage Opportunity

      Unique development opportunity near future light rail station.
      6002-6006 232Nd Pl SW, Mountlake Terrace, WA 98043
      View Details
    • Contact for pricing
      2.95 Acres

      New Flex Space, I-90 Exit 11

      Modern flex warehouse, ±20,000 SF, I-90 access.
      6002 232Nd Pl, Mountlake Terrace, WA 98043
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      9,741 SF

      Mountlake Terrace Office Space Available

      Three-story office building with recent upgrades and ample parking.
      6912 220Th St SW, Mountlake Terrace, WA 98043
      View Details
    • $33 SF/Yr
      890 SF

      Mountlake Terrace Office Space Available

      Office space for rent in Mountlake Terrace, Washington.
      21905 64Th Ave W, Mountlake Terrace, WA 98043
      View Details
    • $22 SF/Yr
      14,213 SF

      Regus Redstone: Prime Mountlake Terrace Office

      Class A Office Suites, Coworking Spaces Available
      6100 219Th St, Mountlake Terrace, WA 98043
      View Details
    • $15 SF/Yr
      3,244 SF

      Mountlake Terrace Office Space Available

      Office space available for lease in Mountlake Terrace, WA.
      6405 218Th St SW, Mountlake Terrace, WA 98043
      View Details
    • $25 SF/Yr
      222,916 SF

      Redstone Corporate Center Two Office Space

      Class A Office Suites in Mountlake Terrace
      6100 219Th St, Mountlake Terrace, WA 98043
      View Details
    • $15 SF/Yr
      211,042 SF

      Mountlake Terrace Retail Space

      Restaurant Space Available, Prime Location
      23505 56Th Ave, Mountlake Terrace, WA 98043
      View Details
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    Mountlake Terrace, WA 98043-5263
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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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