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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    422 3rd S Ave Kent, WA 98032-5842

    • Retail space
    • 3,057 SF
    • 0.32 lot acres
    OFF-MARKET
    Last Sale
    Mar 31, 2021
    $600,000
    Value Estimations
    $590,000
    Show details
    Cap Rate Potential
    8.1%
    Retail space
    Location Intelligence
    Property ID
    US90-1586133
    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

    • Janice Zielonka, LMP / Doctor / Massage Therapist
    • Swift Insurance WA / Insurance Agency

    Property Details for 422 3rd S Ave

    Year built
    1938
    Construction
    WOOD
    Lot size
    0.32 lot acres
    Property size
    3,057 SF
    Zone code
    DCE
    Property type
    Retail space
    APN
    982570-0695
    APU
    9825700695

    Description

    This exceptional commercial property, located at 422 3rd Ave S in Kent, Washington, presents a unique opportunity for businesses seeking a versatile space. The building, constructed in 1938, boasts a total of 3,057 square feet, all currently available for lease as a single tenant space. The property is classified as a Class B building and features two stories. The building sits on a 0.32-acre lot (13,939 square feet) and is zoned DCE (Downtown Commercial Enterprise). The property includes a functional basement area suitable for storage or production, along with two upstairs offices and two bathrooms. Adding to its practicality, a 675 square foot storage shed and on-site graveled parking are also available. The property's location within the Kent Valley submarket, specifically the Southend cluster, offers excellent access to transportation and amenities. The King County location, with APN 982570-0695, provides a stable and desirable business address. This versatile space is ideal for a variety of businesses seeking a well-maintained building with ample storage and parking in a convenient location. The property's size and features make it an attractive option for companies looking to establish or expand their operations in the thriving Kent market. The building's history and solid construction provide a sense of permanence and stability.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $555,000
      ML approach
      $535,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $750,000
      6.5%
      $690,000
      7%
      $640,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Kent
    County
    King
    State
    Washington
    Longitude
    -122.236
    Latitude
    47.378
    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
    $12,344
    $323,800
    $241,700
    $565,500
    -
    $323,800
    $241,700
    $565,500

    Comparable in this City

    • Value Estimation
      $300,000
      0.06 Acres

      Railroad S Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.06 Acres
      Railroad S Ave, Kent, WA 98032
      View Details
    • Value Estimation
      $900,000
      323,866 SF

      Kent, WA 98032

      RETAIL STORES (PERSONAL SERVICES) • 323,866 SF
      Kent, WA 98032
      View Details
    • Value Estimation
      $605,000
      23,867 SF

      26200 Pacific S Hwy

      RETAIL STORES (PERSONAL SERVICES) • 23,867 SF
      26200 Pacific S Hwy, Kent, WA 98032-6934
      View Details
    • Value Estimation
      $335,000
      12,000 SF

      24615 Pacific S Hwy

      RETAIL STORES (PERSONAL SERVICES) • 12,000 SF
      24615 Pacific S Hwy, Kent, WA 98032-4002
      View Details
    • Value Estimation
      $370,000
      1,810 SF

      Kent, WA 98032

      RETAIL STORES (PERSONAL SERVICES) • 1,810 SF
      Kent, WA 98032
      View Details
    • Value Estimation
      $660,000
      3,010 SF

      21731 84th S Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,010 SF
      21731 84th S Ave, Kent, WA 98032-1969
      View Details

    Similar Nearby for Sale

    • $2,205,000
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      Prime Downtown Kent Location

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    • $2,650,000
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      Mixed-Use Building Near Kent Station

      16,756 SF mixed-use building with retail and apartments.
      214-224 W Meeker St, Kent, WA 98032
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    • $2,650,000
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      Meeker Street Mixed-Use Building

      Mixed-use building near Kent Station with retail and apartment units.
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    Similar Nearby for Lease

    • Contact for pricing
      3,057 SF

      Retail/Office Space in Kent, WA

      3,057 SF retail/office space across three floors for rent.
      422 3Rd Ave S, Kent, WA 98032
      View Details
    • $28 SF/Yr
      1,533 SF

      Kent Retail Space Available

      Retail space available for lease in Kent, Washington.
      25200 Pacific Hwy S, Kent, WA 98032
      View Details
    • $25 SF/Yr
      23,867 SF

      Retail Space in Woodmont Plaza

      23,867 SF retail space in Kent, WA for lease.
      26200 Pacific Hwy S, Kent, WA 98032
      View Details
    • $32 SF/Yr
      8,115 SF

      Kent Retail Space: 8,115 SF Available

      Prime Kent location, multiple retail spaces, 1,195-4,100 SF.
      6719 211Th St, Kent, WA 98032
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    • $27 SF/Yr
      2,364 SF

      Kent Retail Space Available

      Retail space available for lease in Kent, Washington.
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      View Details
    • Contact for pricing
      1,800 SF

      Kent Retail Space Available

      Retail space available for lease in Kent, Washington.
      417 Ramsay Way N, Kent, WA 98032
      View Details
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    Kent, WA 98032-5842
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    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
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