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Property profile & analytics
OFF-MARKET
Estimated value
$530,000
Individual retail properties
2825 Mercer Way Mercer Island, WA 98040-2536
Entity Owned
18-yr Hold
~
Est. High Equity
Property ID
US90-1126119
Property profile
Verified
Property type
Individual retail properties
Use group
GYM, HEALTH SPA
Year built
1990
Construction
WOOD
Total area
9,231 SF
Lot
2.87 ac (125,200 SF)
Zoning code
R-8.4
APN
217450-2425
UPID
US90-1126119
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
$530k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$526k
Blend (final)
Blend
$530k
Owner & transaction history
Ob Mercer Island Props LLC · 18 yrs held
Ob Mercer Island Props LLC
since 2007
7 recorded transactions
Zoning & alternative use
R-8.4 · Mercer Island, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$870,000
+192.6%
Medical building
$780,000
+162.7%
Industrial (general)
$375,000
+26.6%
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 Mercer Island submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mercer Island 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
$530,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$870,000
Change: +193% · Conversion: Difficult
MEDICAL BUILDING
$780,000
Change: +163% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$375,000
Change: +27% · Conversion: Difficult
Blend value · Realmo final
$530k
Range $477k – $583k · ±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
$57 / 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
$33,647
Tax year 2022
Assessed value
$5,486,600
Assessed 2022
Previous assessed
$5,486,600
+0.0% YoY
Effective rate
0.61%
On assessed value
Assessed land
$4,632,400
Assessed improvement
$854,200
Land market value
$4,632,400
Improvement market value
$854,200
Total market value
$5,486,600
Applied tax rate
1,031.0000
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
1990
Construction
WOOD
Heating
SPACE
Buildings
2
Stories
1
Total area
9,231 SF
Lot
2.87 ac (125,200 SF)
Zoning code
R-8.4
APN
217450-2425
UPID
US90-1126119
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
R-8.4 · Mercer Island, WA
Zoning R-8.4 · permitted uses
R-8.4 · Mercer Island, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Mercer Island. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS)
Est. value
$870,000
MEDICAL BUILDING
Est. value
$780,000
INDUSTRIAL (GENERAL)
Est. value
$375,000
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
INDUSTRIAL (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
1990
Construction
WOOD
Heating
SPACE
Stories
1
Buildings
2
Lot
2.87 ac
Current owner
From public records · entity-resolved
Ob Mercer Island Props LLC
Entity
Mailing address
PO BOX 726, BELLEVUE, WA 98009-0726
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 19, 2019
—
Ob Mercer Island Properties LLC
—
Deed
related
$6,000,000 · Banner Bank
Apr 15, 2010
—
Ob Mercer Island Props LLC
—
Deed Of Trust
related
$3,000,000 · Washington Trust Bank
Nov 8, 2007
$6,000,000
Ob Mercer Island Props LLC
Boys & Girls Clubs Of King County
Warranty Deed
$4,500,000 · Boys & Girls Clubs/king County
—
—
Ob Mercer Island Properties Ll
—
Deed Of Trust
related
$1,080,181 · Banner Bank
—
—
Ob Mercer Island Props LLC
—
Deed Of Trust
related
$2,210,000 · Banner Bank
—
—
Boys & Girls Clubs Of King Cou
—
Deed Of Trust
related
$3,000,000 · Key Bank NA
—
—
Ob Mercer Island Properties Ll
—
Deed Of Trust
related
$900,826 · Banner Bank
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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