Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6044 Martin Luther King Jr S Way Seattle, WA 98118-3179

    • Commercial real estate
    • 6,699 SF
    • 0.29 lot acres
    OFF-MARKET
    Value Estimations
    $1,830,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1315742
    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

    • Roberto Alfiler Velasco Jr / Pediatrician / Physician
    • Southgate Medical Clinic, P.S. / Medical Clinic
    • ArbaysBoutique / Clothing Store
    • Dr. Roberto A. Velasco Jr, MD / Pediatrician / Physician
    • Dr. Samson S. Derebe, DDS / Dental Office

    Property Details for 6044 Martin Luther King Jr S Way

    Year built
    1989
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.29 lot acres
    Property size
    6,699 SF
    Zone code
    NC2-75 (M)
    Property type
    Commercial real estate
    APN
    811310-0450
    APU
    8113100450

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,885,000
      6.5%
      $1,740,000
      7%
      $1,615,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,428,000
      Market price range: $1.27M - $2.69M
      AI Estimate
      $1,329,000
      Market price range: $326k - $1.90M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,075,000
      Current use
      AUTO REPAIR, GARAGE
      $2,755,000
      Change: +33% Conversion: Difficult
      RETAIL STORES
      $2,685,000
      Change: +29% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $2,375,000
      Change: +14% Conversion: Moderate
      OFFICE BUILDING
      $2,365,000
      Change: +14% Conversion: Easy
      MEDICAL BUILDING
      $2,305,000
      Change: +11% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,980,000
      Change: -5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Seattle
    County
    King
    State
    Washington
    Longitude
    -122.285
    Latitude
    47.5467
    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
    $20,140
    $2,180,000
    $1,000
    $2,181,000
    -
    $2,180,000
    $1,000
    $2,181,000

    Comparable in this City

    • Value Estimation by Request
      2.36 Acres

      9820 Martin Luther King Jr S Way

      COMMERCIAL (GENERAL) • 2.36 Acres
      9820 Martin Luther King Jr S Way, Seattle, WA 98118-5634
      View Details
    • Value Estimation
      $1,010,000
      6,789 SF

      4225 Rainier S Ave

      COMMERCIAL (GENERAL) • 6,789 SF
      4225 Rainier S Ave, Seattle, WA 98118-1356
      View Details
    • Value Estimation
      $3,775,000
      11,985 SF

      5101 Rainier S Ave

      COMMERCIAL (GENERAL) • 11,985 SF
      5101 Rainier S Ave, Seattle, WA 98118-1928
      View Details
    • Value Estimation by Request
      704 SF

      Seattle, WA 98118

      COMMERCIAL (GENERAL) • 704 SF
      Seattle, WA 98118
      View Details
    • Value Estimation by Request
      1.75 Acres

      9820 Martin Luther King Jr S Way

      COMMERCIAL (GENERAL) • 1.75 Acres
      9820 Martin Luther King Jr S Way, Seattle, WA 98118-5634
      View Details
    • Value Estimation
      $1,070,000
      6,620 SF

      5600 Rainier S Ave

      COMMERCIAL (GENERAL) • 6,620 SF
      5600 Rainier S Ave, Seattle, WA 98118-2407
      View Details

    Similar Nearby for Sale

    • $720,000
      0.10 Acres

      MLK Way Commercial Investment Opportunity

      High-potential Seattle commercial property, leased, great location.
      5943 Martin Luther King Jr Way, Seattle, WA 98118
      View Details
    • $8,200,000

      Seattle Land: 258-Unit Potential

      Prime Seattle land, 258-unit potential, ideal location.
      5722 35Th Ave, Seattle, WA 98118
      View Details
    • $1,800,000

      Seattle Multifamily Land Opportunity

      88-Unit Potential, Prime Location
      5721 35Th Ave, Seattle, WA 98118
      View Details
    • $2,200,000
      5,326 SF

      South Seattle Retail Investment Opportunity

      Multi-tenant retail strip center in Columbia City neighborhood.
      4850 37Th Ave S, Seattle, WA 98118
      View Details
    • $2,700,000
      18,949 SF

      Large Corner Lot in Seattle

      Nearly 19,000 sq ft corner lot with commercial zoning.
      6211 Rainier Ave S Seattle, Seattle, WA 98118
      View Details
    • $435,000

      Vacant Lot Near Light Rail

      4,000 sqft vacant lot near Othello light rail station.
      38 S Morgan St, Seattle, WA 98118
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Paved Land Parcel For Rent

      Large fenced and lit land parcel with I-5 access.
      9845 Martin Luther King Jr Way S, Seattle, WA 98118
      View Details
    • $24 SF/Yr
      245 SF

      Office Space with Multiple Offices

      Office space featuring six separate offices and ample natural light.
      4711-4713 44Th Ave SW, Seattle, WA 98118
      View Details
    • $20 SF/Yr
      3,934 SF

      Efficient Tukwila Office Space

      Energy-efficient office space with solar power and ample parking.
      15200 52Nd Ave S, Tukwila, WA 98118
      View Details
    • $20 SF/Yr
      957 SF

      Renovated Rainier Beach Office/Retail Space

      Renovated office or retail space with ample parking near light rail.
      9238 Rainier Ave S, Seattle, WA 98118
      View Details
    • $27 SF/Yr
      5,687 SF

      Standalone Retail Building in Rainier

      High-visibility retail building with parking and pylon signage.
      9416 Rainier Ave S, Seattle, WA 98118
      View Details
    • Contact for pricing
      144,352 SF

      Seattle Warehouse Space Available

      144,352 square foot warehouse space for lease in Seattle.
      3301 S Norfolk St, Seattle, WA 98118
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    6044 Martin Luther King Jr S Way
    Seattle, WA 98118-3179
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.