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    Property profile & analytics

    5609 Fleming St Everett, WA 98203-3607

    • Warehouses
    • 6,080 SF
    • 0.24 lot acres
    OFF-MARKET
    Last Sale
    Feb 17, 2021
    $102,500
    Value Estimations
    $120,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1131524
    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

    • Middleton Painting / Painter

    Property Details for 5609 Fleming St

    Year built
    1952
    Construction
    WOOD
    Lot size
    0.24 lot acres
    Property size
    6,080 SF
    Zone code
    FN
    Property type
    Warehouses
    APN
    393200301500
    APU
    393200301500

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $115,000
      ML approach
      $125,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $164,000
      Market price range: $164k - $536k

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

    Location Insight

    • Map
    • Local Demand
    City
    Everett
    County
    Snohomish
    State
    Washington
    Longitude
    -122.217
    Latitude
    47.9467
    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
    2023
    $3,409
    $310,000
    $103,900
    $413,900
    -
    $310,000
    $103,900
    $413,900

    Comparable in this City

    • Value Estimation
      $1,310,000
      103,553 SF

      1200 Industry St

      WAREHOUSE, STORAGE • 103,553 SF
      1200 Industry St, Everett, WA 98203-7125
      View Details
    • Value Estimation
      $305,000
      3,452 SF

      5302 2nd Ave

      WAREHOUSE, STORAGE • 3,452 SF
      5302 2nd Ave, Everett, WA 98203-4111
      View Details
    • Value Estimation by Request
      71,311 SF

      905 80th SW St

      WAREHOUSE, STORAGE • 71,311 SF
      905 80th SW St, Everett, WA 98203-6277
      View Details
    • Value Estimation
      $430,000
      15,184 SF

      7509 Hardeson Rd

      WAREHOUSE, STORAGE • 15,184 SF
      7509 Hardeson Rd, Everett, WA 98203-6285
      View Details
    • Value Estimation
      $930,000
      26,800 SF

      7909 Broadway

      MINI-WAREHOUSE, STORAGE • 26,800 SF
      7909 Broadway, Everett, WA 98203-6803
      View Details
    • Value Estimation
      $435,000
      14,480 SF

      1111 80th St Sw Ste, Unit 150

      WAREHOUSE, STORAGE • 14,480 SF
      1111 80th St Sw Ste, Everett, WA 98203-6268
      View Details

    Similar Nearby for Sale

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      14,350 SF

      Everett Warehouse Space Available

      Warehouse space for sublease with convenient access to major routes.
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      51,375 SF

      High-Image Corporate Park Warehouse

      Warehouse/distribution facility near Boeing & Paine Field with highway access.
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      Everett Industrial Property For Sale

      7,778 SF industrial property available in Everett, Washington.
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    • Contact for pricing
      47,511 SF

      Freestanding Building on Evergreen Way

      47,511 SF building on 3.71 acres with high visibility.
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    • $274,950

      Permitted Lot Ready to Build

      Permitted lot with approved plans for a 2-story home.
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      Medical Healthcare Campus For Sale

      Fully occupied medical campus near major medical facilities.
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    Similar Nearby for Lease

    • Contact for pricing
      11,341 SF

      Everett Warehouse with Crane Available

      11,341 SF warehouse with office, crane, and loading.
      6300 Merrill Creek Pkwy, Everett, WA 98203
      View Details
    • $1.20 SF/Yr
      32,362 SF

      Everett Warehouse Space Available

      32,362 SF warehouse space for lease in Everett.
      6307 36Th Ave W, Everett, WA 98203
      View Details
    • Contact for pricing
      91,544 SF

      Everett Warehouse Space Available

      91,544 SF warehouse space available near Boeing Everett facility.
      6611 Associated Blvd, Everett, WA 98203
      View Details
    • $1.20 SF/Yr
      119,245 SF

      Everett Warehouse Space Available

      Industrial warehouse space available for lease in Everett, Washington.
      6305 36Th Ave W, Everett, WA 98203
      View Details
    • $2.00 SF/Yr
      220,000 SF

      South Everett Distribution Center

      220,000 SF distribution center in South Everett available for rent.
      1202 Shuksan Way, Everett, WA 98203
      View Details
    • Contact for pricing
      101,559 SF

      Everett Warehouse and Office Space

      Warehouse and office space available for lease in Everett.
      1200 Industry St, Everett, WA 98203
      View Details
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    5609 Fleming St
    Everett, WA 98203-3607
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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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