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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    605 223rd St Des Moines, WA 98198-6240

    • Showrooms
    • 10,080 SF
    • 0.52 lot acres
    OFF-MARKET
    Last Sale
    Dec 29, 2023
    $1,850,000
    Value Estimations
    $1,990,000
    Show details
    Cap Rate Potential
    7.5%
    Showrooms
    Location Intelligence
    Property ID
    US90-0601146
    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

    • Showrooms

    Property Details for 605 223rd St

    Year built
    1969
    Construction
    STEEL FRAME
    Lot size
    0.52 lot acres
    Property size
    10,080 SF
    Zone code
    D-C
    Property type
    Showrooms
    APN
    200900-4665
    APU
    2009004665

    Value 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

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,558,000
      Market price range: $2.15M - $9.65M

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    King
    State
    Washington
    Longitude
    -122.327
    Latitude
    47.4014
    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
    $13,479
    $525,300
    $563,300
    $1,088,600
    -
    $525,300
    $563,300
    $1,088,600

    Comparable in this City

    • Value Estimation
      $550,000
      8,000 SF

      25447 Pacific S Hwy

      SHOW ROOM, WAREHOUSE • 8,000 SF
      25447 Pacific S Hwy, Des Moines, WA 98198-9019
      View Details
    • Value Estimation by Request
      245,520 SF

      2021 208th St

      SHOW ROOM, WAREHOUSE • 245,520 SF
      2021 208th St, Seatac, WA 98198-5175
      View Details
    • Value Estimation
      $1,170,000
      248,499 SF

      21402 24th S Ave

      SHOW ROOM, WAREHOUSE • 248,499 SF
      21402 24th S Ave, Des Moines, WA 98198-4337
      View Details
    • Value Estimation
      $230,000
      3,000 SF

      22868 Pacific S Hwy

      SHOW ROOM, WAREHOUSE • 3,000 SF
      22868 Pacific S Hwy, Des Moines, WA 98198-7262
      View Details
    • Value Estimation
      $340,000
      1,883 SF

      23845 Pacific S Hwy

      CONVENIENCE STORE • 1,883 SF
      23845 Pacific S Hwy, Des Moines, WA 98198-8740
      View Details
    • Value Estimation
      $260,000
      2,710 SF

      22240 Marine Vw S Dr

      FINANCIAL BUILDING • 2,710 SF
      22240 Marine Vw S Dr, Des Moines, WA 98198-6250
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      18 SF

      International Boulevard Flex/Retail Space

      Flexible retail/flex/assembly/shop/showroom space on International Boulevard.
      20812-20816 International Blvd, Seattle, WA 98198
      View Details
    • $4,750,000

      Mixed-Use Development Opportunity Near Waterfront

      Two buildings on 2.34 acres near Des Moines waterfront.
      22705 Marine View Dr S, Des Moines, WA 98198
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    • $1,450,000

      Des Moines Commercial Buildings For Sale

      Two commercial buildings for sale in Des Moines, Washington.
      22302-22308 Marine View Dr S, Des Moines, WA 98198
      View Details
    • $1,995,000
      46,609 SF

      Mixed-Use Development Opportunity

      Mixed-use development site with completed drawings for apartments and retail.
      22725 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • $2,000,000

      Des Moines Retail Investment Opportunity

      Retail property with long-term tenant and stable income stream.
      21624 Pacific Hwy, Des Moines, WA 98198
      View Details
    • $6,950,000
      9,574 SF

      Waterfront Restaurant with Redevelopment Potential

      Waterfront restaurant with redevelopment potential in Des Moines, WA.
      28201 Redondo Beach Dr S, Des Moines, WA 98198
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      1,470 SF

      Des Moines Retail Space Available

      Retail space available for lease in Des Moines, Washington.
      23100 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • $42 SF/Yr
      56,741 SF

      Redondo Square Retail Spaces

      Des Moines retail center, multiple spaces available.
      27005 Pacific Hwy, Des Moines, WA 98198
      View Details
    • $22 SF/Yr
      1,065 SF

      New Mixed-Use Development Retail Space

      Commercial spaces available in a new mixed-use development.
      21800 Pacific Hwy S, Des Moines, WA 98198
      View Details
    • $36 SF/Yr
      2,156 SF

      Marine View Drive Retail Space

      High-traffic retail/office suites available.
      21804 Marine View Dr, Des Moines, WA 98198
      View Details
    • Contact for pricing
      11,625 SF

      SeaTac Warehouse with Yard

      11,625 SF warehouse with fenced yard, available now.
      2333 South 200Th St, Seattle, WA 98198
      View Details
    • $42 SF/Yr
      3,282 SF

      Turnkey Office Space Near Marina

      Professional office suite in walkable marina-front district with parking.
      612 S 227Th St, Des Moines, WA 98198
      View Details
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    605 223rd St
    Des Moines, WA 98198-6240
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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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