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

    423 3rd St Renton, WA 98057-2040

    • Office buildings
    • 1,274 SF
    • 0.12 lot acres
    OFF-MARKET
    Value Estimations
    $350,000
    Show details
    Cap Rate Potential
    9.5%
    Office buildings
    Location Intelligence
    Property ID
    US90-0528139
    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

    • Office buildings

    Property Details for 423 3rd St

    Year built
    1906
    Construction
    WOOD
    Lot size
    0.12 lot acres
    Property size
    1,274 SF
    Zone code
    CD
    Property type
    Office buildings
    APN
    784080-0005
    APU
    7840800005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $400,000
      6.5%
      $365,000
      7%
      $340,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $410,000
      Market price range: $187k - $437k
      AI Estimate
      $181,000
      Market price range: $27.3k - $253k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $310,000
      Current use
      WAREHOUSE, STORAGE
      $375,000
      Change: +22% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Renton
    County
    King
    State
    Washington
    Longitude
    -122.211
    Latitude
    47.4795
    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
    $3,536
    $227,000
    $117,000
    $344,000
    -
    $227,000
    $117,000
    $344,000

    Comparable in this City

    • Value Estimation
      $490,000
      1,600 SF

      3330 Vly Rd

      OFFICE BUILDING • 1,600 SF
      3330 Vly Rd, Renton, WA 98057-3361
      View Details
    • Value Estimation
      $1,080,000
      148,230 SF

      2715 Naches SW Ave

      OFFICE BUILDING • 148,230 SF
      2715 Naches SW Ave, Renton, WA 98057-2627
      View Details
    • Value Estimation
      $540,000
      201,612 SF

      635 Park N Ave

      OFFICE BUILDING • 201,612 SF
      635 Park N Ave, Renton, WA 98057-5583
      View Details
    • Value Estimation by Request
      311,982 SF

      1901 Oakesdale SW Ave

      OFFICE BUILDING • 311,982 SF
      1901 Oakesdale SW Ave, Renton, WA 98057-2623
      View Details
    • Value Estimation
      $375,000
      11,200 SF

      222 Williams S Ave

      OFFICE BUILDING • 11,200 SF
      222 Williams S Ave, Renton, WA 98057-2198
      View Details
    • Value Estimation
      $305,000
      5,378 SF

      135 Park N Ave

      OFFICE BUILDING • 5,378 SF
      135 Park N Ave, Renton, WA 98057-5720
      View Details

    Similar Nearby for Sale

    • $50,000,000

      Renton Office Building For Sale

      Office building available for purchase in Renton, Washington.
      500-800 SW 39Th St, Renton, WA 98057
      View Details
    • $4,024,000
      15,780 SF

      Renton Office Building For Sale

      Office building in Blackriver Corporate Park with excellent regional access.
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    • Contact for pricing
      332,798 SF

      Class A Office Space Available

      Class A office space in Renton's new commercial district.
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      View Details
    • $1,350,000
      6,964 SF

      Downtown Renton Office Building

      Owner/user office building in the heart of downtown Renton.
      1025 S 3Rd St, Renton, WA 98057
      View Details
    • $2,490,000
      9,760 SF

      Renton Office Building For Sale

      Office building in Blackriver Corporate Park with excellent regional access.
      1131 7Th St, Renton, WA 98057
      View Details
    • $4,750,000
      18,643 SF

      Renton Office Building For Sale

      Office building in Blackriver Corporate Park with excellent regional access.
      600 Naches Ave SW Renton, Renton, WA 98057
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      5,073 SF

      Downtown Renton Renovated Office/Retail Building

      Renovated office or retail building in downtown Renton.
      222 Williams Ave South, Renton, WA 98057
      View Details
    • $24 SF/Yr
      29,271 SF

      Renton Office Space For Lease

      Office space for lease in Renton with ample parking.
      429 SW 41St St, Renton, WA 98057
      View Details
    • $84 SF/Yr
      20,064 SF

      Renton Executive Office Suites

      Modern workspace, flexible options, King County.
      707 Grady Way, Renton, WA 98057
      View Details
    • Contact for pricing

      Renton Office Space Available

      Office space for rent at 780 Logan Ave N, Renton.
      780 Logan Ave N, Renton, WA 98057
      View Details
    • $20 SF/Yr
      3,103 SF

      Renton Office Space For Rent

      Office space available for rent in Renton, Washington.
      660 SW 39Th St, Renton, WA 98057
      View Details
    • $20 SF/Yr
      7,272 SF

      Renton Premier Office Property

      Premier office property in Renton, located in a quiet setting.
      600 SW 39Th St, Renton, WA 98057
      View Details
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    423 3rd St
    Renton, WA 98057-2040
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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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