Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3029 232nd Pl Des Moines, WA 98198-7278

    • Commercial land
    • 3,772 SF
    • 0.03 lot acres
    OFF-MARKET
    Last Sale
    Mar 01, 2022
    Value Estimations
    $1,275,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0694570
    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

    • Commercial land

    Property Details for 3029 232nd Pl

    Year built
    1981
    Construction
    WOOD FRAME
    Lot size
    0.03 lot acres
    Property size
    3,772 SF
    Zone code
    PR-R
    Property type
    Commercial land
    APN
    250060-0367
    APU
    2500600367

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,910,000
      Current use
      AUTO REPAIR, GARAGE
      $1,550,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    King
    State
    Washington
    Longitude
    -122.292
    Latitude
    47.3939
    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
    $19
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.20 Acres

      20657 International Blvd

      VACANT COMMERCIAL LAND • 0.20 Acres
      20657 International Blvd, Seattle, WA 98198
      View Details
    • Value Estimation by Request
      0.72 Acres

      20626 International Blvd

      VACANT COMMERCIAL LAND • 0.72 Acres
      20626 International Blvd, Seattle, WA 98198
      View Details
    • Value Estimation by Request
      0.34 Acres

      21610 Marine Vw S Dr

      VACANT COMMERCIAL LAND • 0.34 Acres
      21610 Marine Vw S Dr, Seattle, WA 98198-6154
      View Details
    • Value Estimation by Request
      0.75 Acres

      22739 Marine Vw S Dr

      VACANT COMMERCIAL LAND • 0.75 Acres
      22739 Marine Vw S Dr, Seattle, WA 98198-8402
      View Details
    • Value Estimation by Request
      0.10 Acres

      24500 26th S Pl

      VACANT COMMERCIAL LAND • 0.10 Acres
      24500 26th S Pl, Des Moines, WA 98198-4000
      View Details
    • Value Estimation by Request
      2.30 Acres

      Seattle, WA 98198

      VACANT COMMERCIAL LAND • 2.30 Acres
      Seattle, WA 98198
      View Details

    Similar Nearby for Sale

    • $2,500,000

      Redevelopment Opportunity Near Light Rail

      Land with existing buildings, ideal for redevelopment near transit.
      20001 International Blvd, Seatac, WA 98198
      View Details
    • $1,700,000
      58,370 SF

      Shovel-Ready Commercial Development Opportunity

      1.34-acre site with permits for a 6,637 SF building.
      26601 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • $1,995,000

      Development Land Near Light Rail

      Land with completed drawings for mixed-use development near transit.
      22725 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • $5,950,000
      9,574 SF

      28201 Redondo Beach Dr S, Des Moines, WA

      Restaurants • 9,574 SF
      28201 Redondo Beach Dr S, Des Moines, WA 98198
      View Details
    • $2,900,000
      124,582 SF

      Prime Development Land For Sale

      Three acres of level land with extensive street frontage.
      26505 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • Contact for pricing

      Des Moines Buildable Lot

      Prime lot in walkable Des Moines location with utilities onsite.
      206 1St Pl, Des Moines, WA 98198
      View Details

    Similar Nearby for Lease

    • $1.05 SF/Yr
      78,720 SF

      Industrial Space Near Sea-Tac Airport

      Industrial space with office, near I-5 & SR-509.
      2369-2383 S 200Th St, Seattle, WA 98198
      View Details
    • Contact for pricing
      1,470 SF

      Des Moines Retail Space Available

      Retail space available for lease in Des Moines, Washington.
      23100 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • Contact for pricing
      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
    • $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
    • Contact for pricing
      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
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3029 232nd Pl
    Des Moines, WA 98198-7278
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!