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Property profile & analytics
OFF-MARKET
Estimated value
$6,250,000
Parking lots & garages
5940 Martin Luther King Jr S Way, Seattle, WA 98118-2626
Individually Owned
3-yr Hold
~
Est. High Equity
Property ID
US90-1956934
Property profile
Verified
Property type
Parking lots & garages
Use group
PARKING LOT
Lot
0.23 ac (9,913 SF)
Zoning code
NC2-55 (M)
APN
718680-0125
UPID
US90-1956934
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
$6.10M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$6.25M
Owner & transaction history
5940 Martin Luther King Way South L · 3 yrs held
5940 Martin Luther King Way South L
since 2023
Last sale
$6.3M
7 recorded transactions
Zoning & alternative use
NC2-55 (M) · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Seattle submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Seattle 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
$6,255,000
ML approach
$6,100,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$6.25M
Range $5.63M – $6.88M · ±10% · vs last sale $6.25M (Jan 3 2023)
Last sale anchor
$6.25M
Jan 3 2023
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
—
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
$11,665
Tax year 2022
Assessed value
$1,288,600
Assessed 2022
Previous assessed
$1,288,600
+0.0% YoY
Effective rate
0.91%
On assessed value
Assessed land
$1,288,600
Land market value
$1,288,600
Total market value
$1,288,600
Applied tax rate
10.0000
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
Parking lots & garages
Use group
PARKING LOT
Status
Off-Market
Heating
NONE
Lot
0.23 ac (9,913 SF)
Zoning code
NC2-55 (M)
APN
718680-0125
UPID
US90-1956934
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
NC2-55 (M) · Seattle, WA
Zoning NC2-55 (M) · permitted uses
NC2-55 (M) · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Seattle. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Heating
NONE
Lot
0.23 ac
Current owner
From public records · entity-resolved
5940 Martin Luther King Way South L
Individual
Mailing address
PO BOX 94176, SEATTLE, WA 98124-6476
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 31, 2025
—
5940 Martin Luther King Way South L
—
Deed
related
$1,352,600 · Banner Bank
Jan 3, 2023
$6,250,000
5940 Martin Luther King Way South L
Rees Mlk LLC
Warranty Deed
—
Aug 19, 2019
—
Rees Mlk LLC
—
Grant Deed
related
$1,850,000 · Washington St Emp Cu
Sep 21, 2018
—
Rees Mlk LLC
—
Grant Deed
related
$1,700,000 · Magnolia Capital Partners LLC
Apr 25, 2017
—
Rees Mlk LLC
Rees,aaron
Quit Claim Deed
related
—
Jun 27, 2014
—
Aaron Rees
Schubert,lance
Quit Claim Deed
related
—
Mar 9, 2004
—
Central Puget Sound Regional T
Juneau Street Associaton
Grant Deed
related
—
Jan 25, 1999
—
Juneau Street Associates
—
Deed Of Trust
related
$1,250,000 · Seafirst Bank
Nov 5, 1990
$70,000
Juneau Street Associates
Stewart,roderick
Grant Deed
$60,200 · Seller
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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