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

    2400 240th St Des Moines, WA 98198-2714

    • Schools
    • 14,330 SF
    • 38.99 lot acres
    OFF-MARKET
    Value Estimations
    $3,360,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-2494656
    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

    • Schools

    Property Details for 2400 240th St

    Year built
    2004
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    38.99 lot acres
    Property size
    14,330 SF
    Zone code
    I-C
    Property type
    Schools
    APN
    162204-9016
    APU
    1622049016

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COLLEGE, UNIVERSITY, VOCATIONAL SCHOOL - PRIVATE
      $5,340,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $5,080,000
      Change: -5% Conversion: Difficult
      OFFICE BUILDING
      $5,065,000
      Change: -5% Conversion: Difficult
      MEDICAL BUILDING
      $4,925,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    King
    State
    Washington
    Longitude
    -122.3
    Latitude
    47.3883
    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
    $120,759
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $705,000
      3,003 SF

      28203 Redondo Bch S Dr

      COLLEGE, UNIVERSITY, VOC SCHOOL • 3,003 SF
      28203 Redondo Bch S Dr, Des Moines, WA 98198-8244
      View Details
    • Value Estimation by Request
      0.19 Acres

      Seattle, WA 98198

      ZOO • 0.19 Acres
      Seattle, WA 98198
      View Details
    • Value Estimation by Request
      8.72 Acres

      Seattle, WA 98198

      ZOO • 8.72 Acres
      Seattle, WA 98198
      View Details
    • Value Estimation by Request
      0.92 Acres

      Seatac, WA 98198

      CREMATORIUM, MORTUARY • 0.92 Acres
      Seatac, WA 98198
      View Details
    • Value Estimation by Request
      0.52 Acres

      Seattle, WA 98198

      ZOO • 0.52 Acres
      Seattle, WA 98198
      View Details
    • Value Estimation by Request
      5,533 SF

      21935 Pacific S Hwy

      VETERINARY, ANIMAL HOSPITAL • 5,533 SF
      21935 Pacific S Hwy, Des Moines, WA 98198-7719
      View Details

    Similar Nearby for Sale

    • $1,200,000

      Lakewood Church Building For Sale

      Church building in Lakewood, renovated in 2011, with parking.
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      Prime Development Land For Sale

      Three acres of level land with extensive street frontage.
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    • Contact for pricing
      18 SF

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      Industrial space with fenced yard, suitable for assembly or distribution.
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    • $1,100,000

      Des Moines Multifamily Investment Opportunity

      6-unit apartment building near future light rail station.
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      View Details
    • Contact for pricing

      Development Site Near Light Rail

      Opportunity Zone development site near transit and airport.
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    • $525,000

      Puget Sound Waterfront Land

      Waterfront land with private beach and sunset views.
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    Similar Nearby for Lease

    • $17 SF/Yr
      1,470 SF

      Des Moines Retail Space Available

      Retail space available for lease in Des Moines, Washington.
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      View Details
    • $42 SF/Yr
      56,741 SF

      Redondo Square Retail Spaces

      Des Moines retail center, multiple spaces available.
      27005 Pacific Hwy, Des Moines, WA 98198
      View Details
    • $22 SF/Yr
      8,057 SF

      Waterfront-Adjacent Professional Office Space

      Professional office space with ocean views in Des Moines.
      22007 Marine View Dr S, Des Moines, WA 98198
      View Details
    • $42 SF/Yr
      3,282 SF

      Turnkey Office Space Near Marina

      Professional office suite in walkable marina-front district with parking.
      612 S 227Th St, Des Moines, WA 98198
      View Details
    • $22 SF/Yr
      1,065 SF

      New Mixed-Use Development Retail Space

      Commercial spaces available in a new mixed-use development.
      21800 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • $1.50 SF/Yr
      4,533 SF

      SeaTac Industrial Space with Yard

      Industrial space with secured yard, suitable for various uses.
      20812-20820 International Blvd, Seatac, WA 98198
      View Details
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    2400 240th St
    Des Moines, WA 98198-2714
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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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