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Property profile & analytics
OFF-MARKET
Estimated value
$805,000
Grocery and convenience stores
665 23rd Ave Seattle, WA 98122-6000
Entity Owned
20-yr Hold
~
Est. High Equity
Property ID
US90-0024243
Property profile
Verified
Property type
Grocery and convenience stores
Use group
CONVENIENCE STORE
Year built
1988
Construction
WOOD
Total area
3,808 SF
Lot
0.5 ac (21,586 SF)
Zoning code
NC1-40 (M)
APN
912610-1805
UPID
US90-0024243
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
Current use
Occupant on record · Public records
-
Arco Gas Station
-
City Neighbor Inc. 82481tiny home village Housing Complex
-
ampm Grocery & Convenience Store
-
Millennium Roofing Services - Re Roof - New Roof – Roofer Roofing Company General Contractor
-
D&Q Roofing-Service-Roof-Replacement-INC Corporate Office Business Park
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$985k
Comparable Approach
Comparable
$1.04M
Blend (final)
Blend
$805k
Owner & transaction history
City Neighbor INC · 20 yrs held
City Neighbor INC
since 2006
5 recorded transactions
Zoning & alternative use
NC1-40 (M) · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$530,000
+124.8%
Auto repair, garage
$490,000
+109.4%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,070,000
6.5%
$985,000
7%
$915,000
Alternative Use
Use
Estimation
RETAIL STORES
$530,000
Change: +125% · Conversion: Easy
AUTO REPAIR, GARAGE
$490,000
Change: +109% · Conversion: Difficult
Blend value · Realmo final
$805k
Range $725k – $886k · ±10%
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
$211 / 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
$52,159
Tax year 2022
Assessed value
$5,921,600
Assessed 2022
Previous assessed
$5,921,600
+0.0% YoY
Effective rate
0.88%
On assessed value
Assessed land
$5,288,500
Assessed improvement
$633,100
Land market value
$5,288,500
Improvement market value
$633,100
Total market value
$5,921,600
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
Grocery and convenience stores
Use group
CONVENIENCE STORE
Status
Off-Market
Year built
1988
Construction
WOOD
Heating
FORCED AIR
Stories
1
Total area
3,808 SF
Lot
0.5 ac (21,586 SF)
Zoning code
NC1-40 (M)
APN
912610-1805
UPID
US90-0024243
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
NC1-40 (M) · Seattle, WA
Zoning NC1-40 (M) · permitted uses
NC1-40 (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.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES
Est. value
$530,000
AUTO REPAIR, GARAGE
Est. value
$490,000
RETAIL STORES
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Construction
WOOD
Heating
FORCED AIR
Stories
1
Lot
0.5 ac
Current owner
From public records · entity-resolved
City Neighbor INC
Entity
Mailing address
665 23RD AVE, SEATTLE, WA 98122-6000
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 30, 2025
—
City Neighbor INC
—
Deed
related
$1,300,000 · Portage Bank
Apr 20, 2006
$932,000
City Neighbor INC
Bp West Coast Products LLC
Grant Deed
$980,000 · Homestreet Bank
—
—
City Neighbor INC
—
Deed Of Trust
related
$70,000 · Craft3
—
—
City Neighbor INC
—
Deed Of Trust
related
$200,000 · Chesterfield Mortgage Investor
—
—
City Neighbor INC
—
Deed Of Trust
related
$200,000 · Seattle Economic Dev Fund
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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