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Property profile & analytics
OFF-MARKET
Estimated value
$4,070,000
Medical Office Space
27005 168th SE Pl Covington, WA 98042-4902
Individually Owned
20-yr Hold
~
Est. High Equity
Property ID
US90-1261439
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2008
Construction
STEEL FRAME
Total area
17,975 SF
Lot
0.72 ac (31,333 SF)
Zoning code
MC
APN
076600-0150
UPID
US90-1261439
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.00M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.07M
Owner & transaction history
Covington Medical Building · 20 yrs held
Covington Medical Building
since 2005
7 recorded transactions
Zoning & alternative use
MC · Covington, 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 Covington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Covington 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%
$4,330,000
6.5%
$3,995,000
7%
$3,710,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$6,230,000
Change: -12% · Conversion: Moderate
COMMERCIAL (GENERAL)
$6,210,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$4.07M
Range $3.66M – $4.48M · ±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 2022Property tax & assessments
Tax year 2022
Tax billed
$58,485
Tax year 2022
Assessed value
$5,655,700
Assessed 2022
Previous assessed
$5,655,700
+0.0% YoY
Effective rate
1.03%
On assessed value
Assessed land
$563,900
Assessed improvement
$5,091,800
Land market value
$563,900
Improvement market value
$5,091,800
Total market value
$5,655,700
Applied tax rate
1,064.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2008
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
CENTRAL
Stories
3
Bathrooms
1
Total area
17,975 SF
Lot
0.72 ac (31,333 SF)
Zoning code
MC
APN
076600-0150
UPID
US90-1261439
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
MC · Covington, WA
Zoning MC · permitted uses
MC · Covington, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Covington. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS)
Est. value
$6.2M
COMMERCIAL (GENERAL)
Est. value
$6.2M
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
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
2008
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
3
Bathrooms
1
Lot
0.72 ac
Current owner
From public records · entity-resolved
Covington Medical Building
Individual
Mailing address
8451 SE 68TH ST STE #200, MERCER ISLAND, WA 98040-5240
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 14, 2018
—
Covington Medical Building LLC
—
Deed
related
$5,000,000 · Miscellaneous Ins Co
Jul 29, 2005
$247,500
Covington Medical Building
Hughes,louis E II & Tammie
Warranty Deed
—
—
—
Covington Medical Building LLC
—
Deed Of Trust
related
$4,500,000 · State Farm Life Insurance Co
—
—
Louis E Hughes II
—
Deed Of Trust
related
$46,694 · American Mortgage Corp
—
—
Covington Medical Building LLC
—
Deed Of Trust
related
$5,000,000 · Miscellaneous Ins Co
—
—
Covington Medical Building LLC
—
Deed Of Trust
related
$750,000 · Us Bank NA
—
—
Covington Medical Building LLC
—
Deed Of Trust
related
$750,000 · Us Bank NA
—
—
Louis E Hughes
—
Deed Of Trust
related
$32,000 · Money Store INC
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.
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