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Property profile & analytics
OFF-MARKET
Estimated value
$1,000,000
Individual retail properties
27245 172nd SE Ave Covington, WA 98042-7350
Entity Owned
14-yr Hold
~
Est. High Equity
Property ID
US90-1579994
Property profile
Verified
Property type
Individual retail properties
Use group
GYM, HEALTH SPA
Year built
2008
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
45,000 SF
Lot
3.99 ac (173,858 SF)
Zoning code
TC
APN
362205-9061
UPID
US90-1579994
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
$780k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.22M
Blend (final)
Blend
$1.00M
Owner & transaction history
Ashton Capital Corp · 14 yrs held
Ashton Capital Corp
since 2012
7 recorded transactions
Zoning & alternative use
TC · 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
$780,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
GYM, HEALTH SPA
$1,450,000
Current use
Blend value · Realmo final
$1.00M
Range $900k – $1.10M · ±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
$22 / 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
$125,549
Tax year 2022
Assessed value
$10,260,000
Assessed 2022
Previous assessed
$10,260,000
+0.0% YoY
Effective rate
1.22%
On assessed value
Assessed land
$3,651,000
Assessed improvement
$6,609,000
Land market value
$3,651,000
Improvement market value
$6,609,000
Total market value
$10,260,000
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
Individual retail properties
Use group
GYM, HEALTH SPA
Status
Off-Market
Year built
2008
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Total area
45,000 SF
Lot
3.99 ac (173,858 SF)
Zoning code
TC
APN
362205-9061
UPID
US90-1579994
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
TC · Covington, WA
Zoning TC · permitted uses
TC · 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
GYM, HEALTH SPA Current
Est. value
$1.5M
GYM, HEALTH SPA Current
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
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Cooling
Yes
Stories
1
Lot
3.99 ac
Current owner
From public records · entity-resolved
Ashton Capital Corp
Entity
Mailing address
1201 MONSTER RD SW STE #350, RENTON, WA 98057-2996
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
16 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 6, 2022
—
Covington Group LLC
—
Deed
related
$16,000,000 · Benefit Street Partners Realty Trust INC
Apr 25, 2012
—
Ashton Capital Corp
Covington Fitness LLC
Quit Claim Deed
related
$18,200,000 · Guggenheim Life & Annuity Co
Aug 25, 2010
—
Covington Shopping Center LLC
—
Grant Deed
related
$19,080,000 · Key Bank NA
Mar 17, 2006
$3,000,000
Covington Fitness LLC
Mastro,michael R
Warranty Deed
—
Feb 7, 2005
—
Michael R Mastro
—
Deed Of Trust
related
$7,000,000 · Washington Trust Bank
Oct 5, 2004
$1,467,180
Michael R Mastro
Titan Trustee Svcs INC
Trustees Deed
—
—
—
Covington Fitness LLC
—
Deed Of Trust
related
$900,000 · Valley Bank
—
—
Robert J Knutsen
—
Deed Of Trust
related
$400,000 · Phoenix I LLC
—
—
Robert Knutsen
—
Deed Of Trust
related
$3,000,000 · Joseph Mezistrano
—
—
Robert Knutsen
—
Deed Of Trust
related
$500,000 · Surprise Lake Lenders II
—
—
Robert Knutsen
—
Deed Of Trust
related
$1,200,000 · Michael R Mastro
—
—
Robert Knutsen
—
Deed Of Trust
related
$100,000 · Surprise Lake Lenders III
—
—
Robert J Knutsen
—
Deed Of Trust
related
$115,000 · Phoenix I LLC
—
—
Robert J Knutsen
—
Deed Of Trust
related
$143,000 · Leibsohn Investments LLC
—
—
Covington Fitness LLC
—
Deed Of Trust
related
$2,250,000 · Valley Bank
—
—
Robert J Knutsen
—
Deed Of Trust
related
$900,000 · Meridian Lenders III
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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