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Property profile & analytics
OFF-MARKET
Estimated value
$6,775,000
Office buildings
4040 188th St Seatac, WA 98188-5070
Individually Owned
24-yr Hold
Free & Clear
Property ID
US90-1057922
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2006
Construction
WOOD
Total area
31,564 SF
Lot
2.01 ac (87,580 SF)
Zoning code
O/CM
APN
342304-9058
UPID
US90-1057922
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
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$6.78M
Owner & transaction history
Patricia Chouery · 24 yrs held
Patricia Chouery
since 2002
7 recorded transactions
Zoning & alternative use
O/CM · Seatac, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$11.2M
+0.4%
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 Seatac submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Seatac 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$11,155,000
Current use
APARTMENT HOUSE (5+ UNITS)
$11,195,000
Change: +0% · Conversion: Easy
MEDICAL BUILDING
$10,855,000
Change: -3% · Conversion: Easy
WAREHOUSE, STORAGE
$9,325,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$6.78M
Range $6.10M – $7.45M · ±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
$215 / 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
$2,466
Tax year 2022
Applied tax rate
2,231.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2006
Construction
WOOD
Heating
HOT WATER
Stories
3
Total area
31,564 SF
Lot
2.01 ac (87,580 SF)
Zoning code
O/CM
APN
342304-9058
UPID
US90-1057922
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
O/CM · Seatac, WA
Zoning O/CM · permitted uses
O/CM · Seatac, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Seatac. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$11.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$11.2M
MEDICAL BUILDING
Est. value
$10.9M
WAREHOUSE, STORAGE
Est. value
$9.3M
OFFICE BUILDING Current
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
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
2006
Construction
WOOD
Heating
HOT WATER
Stories
3
Lot
2.01 ac
Current owner
From public records · entity-resolved
Patricia Chouery
Individual
Free & Clear · 24 yrs held
Mailing address
4040 S 188TH ST STE #300, SEATAC, WA 98188-5070
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2002
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 6, 2021
—
Healthpoint
—
Deed
related
$1,514,100 · Washington State Department Of Commerce
Jun 10, 2002
—
Patricia Chouery
Lutheran Community Services Nw
Quit Claim Deed
related
—
May 20, 1999
—
Lutheran Social Services Of Wa
Mission Investment Fund Of Eva
Grant Deed
$250,000 · Seller
—
—
Lutheran Community Services Nw
—
Deed Of Trust
related
$127,019 · King County
—
—
Lutheran Community Services Nw
—
Deed Of Trust
related
$100,000 · King County
—
—
Lutheran Cmnty Svcs Northwest
—
Deed Of Trust
related
$4,108,800 · Ndc New Markets Inv Xviii LP
—
—
Latch-seatac LP
—
Deed Of Trust
related
$862,750 · Impact Capital
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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