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Property profile & analytics
OFF-MARKET
Estimated value
$15,735,000
Retail space
27339 Covington SE Way Covington, WA 98042-4254
Entity Owned
17-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-1951636
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2016
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
66,062 SF
Lot
8.97 ac (390,733 SF)
Zoning code
GC
APN
352205-9190
UPID
US90-1951636
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
$14.92M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$15.74M
Owner & transaction history
Covington Commercial III LLC · 17 yrs held
Covington Commercial III LLC
since 2008
5 recorded transactions
Zoning & alternative use
GC · Covington, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$26.1M
+0.7%
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%
$16,165,000
6.5%
$14,920,000
7%
$13,855,000
Alternative Use
Use
Estimation
RETAIL STORES
$25,915,000
Current use
MEDICAL BUILDING
$26,095,000
Change: +1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$25,195,000
Change: -3% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$22,905,000
Change: -12% · Conversion: Difficult
COMMERCIAL (GENERAL)
$22,825,000
Change: -12% · Conversion: Easy
Blend value · Realmo final
$15.74M
Range $14.16M – $17.31M · ±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
$238 / 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
$241,047
Tax year 2022
Assessed value
$20,290,300
Assessed 2022
Previous assessed
$20,290,300
+0.0% YoY
Effective rate
1.19%
On assessed value
Assessed land
$2,344,300
Assessed improvement
$17,946,000
Land market value
$2,344,300
Improvement market value
$17,946,000
Total market value
$20,290,300
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2016
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Buildings
2
Stories
1
Total area
66,062 SF
Lot
8.97 ac (390,733 SF)
Zoning code
GC
APN
352205-9190
UPID
US90-1951636
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
GC · Covington, WA
Zoning GC · permitted uses
GC · 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
RETAIL STORES Current
Est. value
$25.9M
MEDICAL BUILDING
Est. value
$26.1M
INDUSTRIAL (GENERAL)
Est. value
$25.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$22.9M
COMMERCIAL (GENERAL)
Est. value
$22.8M
RETAIL STORES Current
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
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
2016
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
CENTRAL
Stories
1
Buildings
2
Lot
8.97 ac
Current owner
From public records · entity-resolved
Covington Commercial III LLC
Entity
Free & Clear · 17 yrs held
Mailing address
1457 130TH AVE NE, BELLEVUE, WA 98005-2253
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 31, 2017
—
Covington Commercial III LLC
—
Deed
related
$13,500,000 · Umpqua Bank
Nov 5, 2008
—
Covington Commercial III LLC
Wakefield Properties LLC
Quit Claim Deed
related
—
Jun 25, 2008
$1,100,000
Wakefield Properties LLC
State Of Wa/dept/trasportation
Quit Claim Deed
related
—
Mar 28, 2006
$1,100,000
Wakefield Properties LLC
State Of Washington
Grant Deed
—
Jun 25, 1996
$732,500
Washington State
Puget Western INC
Grant Deed
—
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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