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Property profile & analytics
OFF-MARKET
Estimated value
$1,820,000
Showrooms
605 223rd St Des Moines, WA 98198-6240
Entity Owned
2-yr Hold
Free & Clear
Property ID
US90-0601146
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1969
Construction
STEEL FRAME
Total area
10,080 SF
Lot
0.52 ac (22,843 SF)
Zoning code
D-C
APN
200900-4665
UPID
US90-0601146
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
$1.81M
CAP Approach
CAP
$2.05M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.82M
Owner & transaction history
Frank And Theo Holdings LLC · 2 yrs held
Frank And Theo Holdings LLC
since 2023
Last sale
$1.9M
3 recorded transactions
Zoning & alternative use
D-C · Des Moines, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
Residential: Multi family 900A; (vi) RM-900B Restricted Service Zone. (Revised 10/12) 18·36 (2) Commercial Zones. (a) N-C Neighborhood Commercial; (b) B-C Business Commercial; (c) C-C Community Commercial; (d) D-C Downtown Commercial; (e) C-G General Commercial (f) I-C Institutional Campus; (g) B-P Business Park; (h) H-C Highway Commercial. [Ord. 1544 § 3,…
Zone name
Downtown Commercial
General category
COMMERCIAL
Zone area
86.74 ac
Source
Title 18 Zoning
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 Des Moines submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Des Moines 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
$1,765,000
ML approach
$1,810,000
CAP Approach
CAP Return
Estimation
6%
$2,220,000
6.5%
$2,045,000
7%
$1,900,000
Blend value · Realmo final
$1.82M
Range $1.64M – $2.00M · ±10% · vs last sale $1.85M (Dec 29 2023)
Last sale anchor
$1.85M
Dec 29 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
$181 / SF
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
$13,479
Tax year 2022
Assessed value
$1,088,600
Assessed 2022
Previous assessed
$1,088,600
+0.0% YoY
Effective rate
1.24%
On assessed value
Assessed land
$525,300
Assessed improvement
$563,300
Land market value
$525,300
Improvement market value
$563,300
Total market value
$1,088,600
Applied tax rate
1,107.0000
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
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1969
Construction
STEEL FRAME
Heating
SPACE
Stories
1
Total area
10,080 SF
Lot
0.52 ac (22,843 SF)
Zoning code
D-C
APN
200900-4665
UPID
US90-0601146
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
D-C · Des Moines, WAZoning D-C · permitted uses
D-C · Des Moines, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
Residential: Multi family 900A; (vi) RM-900B Restricted Service Zone. (Revised 10/12) 18·36 (2) Commercial Zones. (a) N-C Neighborhood Commercial; (b) B-C Business Commercial; (c) C-C Community Commercial; (d) D-C Downtown Commercial; (e) C-G General Commercial (f) I-C Institutional Campus; (g) B-P Business Park; (h) H-C Highway Commercial. [Ord. 1544 § 3, 2012: Ord. 1397 § 1, 2007: Ord. 1237 §§ 1,3,1999; Ord. 1197 § 23, 19
Zone name
Downtown Commercial
General category
COMMERCIAL
Zone area
86.74 ac
Source
Title 18 Zoning
Building & site characteristics
From public records
Year built
1969
Construction
STEEL FRAME
Heating
SPACE
Stories
1
Lot
0.52 ac
Current owner
From public records · entity-resolved
Frank And Theo Holdings LLC
Entity
Free & Clear · 2 yrs held
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 29, 2023
$1,850,000
Frank And Theo Holdings LLC
Vesta Ventures LLC
Warranty Deed
—
Jun 19, 2019
$1,285,000
Vesta Ventures LLC
Lutheran Cmnty Svcs Nw
Warranty Deed
—
Jan 25, 2018
—
Lutheran Cmnty Svcs Northwest
Koch Living Trust
Quit Claim Deed
related
—
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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