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    Property profile & analytics

    512 Meeker St Kent, WA 98032-5762

    • Office buildings
    • 1,580 SF
    • 0.08 lot acres
    OFF-MARKET
    Last Sale
    Mar 14, 2024
    $450,000
    Value Estimations
    $445,000
    Show details
    Cap Rate Potential
    7.3%
    Office buildings
    Location Intelligence
    Property ID
    US90-1543313
    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

    • Personal Financial Planning / Financial Planner
    • Brown Jo Anne / Financial Planner

    Property Details for 512 Meeker St

    Year built
    1902
    Construction
    FRAME
    Lot size
    0.08 lot acres
    Property size
    1,580 SF
    Zone code
    DCE
    Property type
    Office buildings
    APN
    982570-0985
    APU
    9825700985

    Description

    This exceptional commercial property, located at 512 West Meeker in the heart of downtown Kent, WA, offers a unique opportunity for businesses seeking a well-maintained and conveniently located space. The building boasts a recently completed (2024) remodel, featuring upgraded plank laminate flooring throughout, newly renovated bathrooms and kitchen equipped with modern appliances. New blinds and fresh paint enhance the modern aesthetic, complemented by high-tech wiring for optimal functionality. The property sits on a sizable 0.17-acre lot, providing ample parking with seven designated spaces on-site, plus abundant street parking. The two-level building comprises three private offices, a versatile conference/media room, and a comprehensive alarm system for enhanced security. Its prime downtown location offers unparalleled convenience, situated near the courthouse, banks, city hall, and a variety of restaurants and businesses. The lease price is $4000 per month, and the tenant is responsible for utilities and janitorial services. The property is available for occupancy beginning February 2025. This is an ideal location for a business seeking a professional, well-equipped, and conveniently located office space in the thriving city of Kent. The building's recent upgrades and ample parking make it a highly desirable option. Don't miss this chance to secure your business's future in this vibrant downtown setting.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $450,000
      ML approach
      $450,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $550,000
      6.5%
      $510,000
      7%
      $470,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $365,000
      Market price range: $343k - $632k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $410,000
      Current use
      AUTO REPAIR, GARAGE
      $690,000
      Change: +67% Conversion: Difficult
      MEDICAL BUILDING
      $625,000
      Change: +52% Conversion: Easy
      RETAIL STORES
      $620,000
      Change: +51% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $485,000
      Change: +18% Conversion: Easy
      WAREHOUSE, STORAGE
      $380,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Kent
    County
    King
    State
    Washington
    Longitude
    -122.238
    Latitude
    47.3813
    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
    2024
    $3,966
    $100,000
    $231,800
    $331,800
    -
    $100,000
    $231,800
    $331,800

    Comparable in this City

    • Value Estimation
      $450,000
      13,664 SF

      7115 182nd St

      OFFICE BUILDING • 13,664 SF
      7115 182nd St, Kent, WA 98032-1094
      View Details
    • Value Estimation
      $305,000
      10,488 SF

      18420 68th S Ave

      OFFICE BUILDING • 10,488 SF
      18420 68th S Ave, Kent, WA 98032-1093
      View Details
    • Value Estimation
      $840,000
      145,643 SF

      20403 68th S Ave

      OFFICE BUILDING • 145,643 SF
      20403 68th S Ave, Kent, WA 98032-2316
      View Details
    • Value Estimation
      $325,000
      3,172 SF

      20824 77th S Ave

      OFFICE BUILDING • 3,172 SF
      20824 77th S Ave, Kent, WA 98032-1361
      View Details
    • Value Estimation
      $600,000
      2,336 SF

      19240 84th S Ave

      OFFICE BUILDING • 2,336 SF
      19240 84th S Ave, Kent, WA 98032-1238
      View Details
    • Value Estimation by Request
      2,976 SF

      1225 Smith St

      OFFICE BUILDING • 2,976 SF
      1225 Smith St, Kent, WA 98032-4317
      View Details

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    512 Meeker St
    Kent, WA 98032-5762
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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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