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Property profile & analytics
FOR LEASE
Retail space
4001 198Th St SW Lynnwood, WA 98036
Entity Owned
2-yr Hold
Free & Clear
Property ID
US90-0893976
For Lease
1 / 3
$38 SF/Yr
4001 198Th St SW, Lynnwood, WA 98036
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1977
Construction
TYPE NOT SPECIFIED
Total area
20,580 SF
Lot
1.51 ac (65,776 SF)
Zoning code
42
APN
372600701311
UPID
US90-0893976
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
Current use
Occupant on record · Public records
-
Lovers Lair, Inc. (Bike/Boat/Book/etc) Store Clothing & Fashion Store
-
Echelbarger Properties Inc Real Estate Agency
-
Quality Rentals Inc Home Appliance Store Hardware & Home Improvement
-
Feral Cat Spay Neuter Project Veterinary Clinic
-
Bella's Voice Used Furniture Furniture & Home Goods
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$9.50M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$9.50M
Owner & transaction history
Enso Lynn Wood Owner LLC · 2 yrs held
Enso Lynn Wood Owner LLC
since 2024
Last sale
$9.5M
6 recorded transactions
Zoning & alternative use
42 · Lynnwood, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$12.5M
+116.8%
Restaurant
$10.7M
+84.5%
Auto repair, garage
$9.8M
+70.1%
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 Lynnwood submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lynnwood 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
$9,500,000
ML approach
$9,500,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$5,780,000
Current use
OFFICE BUILDING
$12,535,000
Change: +117% · Conversion: Easy
RESTAURANT
$10,665,000
Change: +85% · Conversion: Easy
AUTO REPAIR, GARAGE
$9,830,000
Change: +70% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$8,510,000
Change: +47% · Conversion: Difficult
MEDICAL BUILDING
$8,035,000
Change: +39% · Conversion: Difficult
COMMERCIAL (GENERAL)
$6,240,000
Change: +8% · Conversion: Easy
WAREHOUSE, STORAGE
$5,945,000
Change: +3% · Conversion: Difficult
Blend value · Realmo final
$9.50M
Range $8.55M – $10.45M · ±10% · vs last sale $9.50M (Jun 27 2024)
Last sale anchor
$9.50M
Jun 27 2024
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
$462 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$31,747
Tax year 2023
Assessed value
$4,165,500
Assessed 2023
Previous assessed
$4,117,000
+1.2% YoY
Effective rate
0.76%
On assessed value
Assessed land
$3,564,000
Assessed improvement
$601,500
Land market value
$3,564,000
Improvement market value
$601,500
Total market value
$4,165,500
Applied tax rate
452.0000
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
For Lease
Year built
1977
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
NONE
Stories
1
Total area
20,580 SF
Lot
1.51 ac (65,776 SF)
Zoning code
42
APN
372600701311
UPID
US90-0893976
Jurisdiction
SNOHOMISH
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
42 · Lynnwood, WA
Zoning 42 · permitted uses
42 · Lynnwood, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lynnwood. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$5.8M
OFFICE BUILDING
Est. value
$12.5M
RESTAURANT
Est. value
$10.7M
AUTO REPAIR, GARAGE
Est. value
$9.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$8.5M
MEDICAL BUILDING
Est. value
$8.0M
COMMERCIAL (GENERAL)
Est. value
$6.2M
WAREHOUSE, STORAGE
Est. value
$5.9M
RETAIL STORES Current
OFFICE BUILDING
RESTAURANT
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
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
1977
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Lot
1.51 ac
Current owner
From public records · entity-resolved
Enso Lynn Wood Owner LLC
Entity
Free & Clear · 2 yrs held
Mailing address
4001 198TH ST SW STE #2, LYNNWOOD, WA 98036-6731
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 28, 2024
—
Enso Lynnwood Owner LLC
—
Deed
related
$67,600,000 · Pacific Life Insurance Co
Jun 27, 2024
$9,500,000
Enso Lynn Wood Owner LLC
40th Avenue Associates Phase II LLC
Bargain And Sale Deed
—
Aug 19, 2022
—
40th Avenue Associates Phase II LLC
Lynnwood Goodwillbuilding LLC
Quit Claim Deed
related
—
Sep 12, 2017
—
40th Avenue Associates-phase I
198th Street Associates-phase
Quit Claim Deed
related
—
Mar 1, 1977
$45,000
—
—
Grant Deed
related
—
—
—
Fortieth Avenue Associates
—
Deed Of Trust
related
$262,500 · Individual
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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