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Property profile & analytics
OFF-MARKET
Estimated value
$1,945,000
Commercial real estate
704 Engle Wood Ln Westport, WA 98595-9803
Individually Owned
3-yr Hold
~
Est. High Equity
Property ID
US90-2430671
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Construction
STEEL FRAME
Total area
10,500 SF
Lot
1.6 ac (69,696 SF)
Zoning code
C2
APN
734200000400
UPID
US90-2430671
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
-
Leisure Time Storage Storage Facility
-
Oceanaire Storage Storage Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.95M
CAP Approach
CAP
$2.01M
Comparable Approach
Comparable
$1.96M
Blend (final)
Blend
$1.95M
Owner & transaction history
Randall Wesley Erickson · 3 yrs held
Randall Wesley Erickson
since 2023
Last sale
$1.9M
7 recorded transactions
Zoning & alternative use
C2 · Westport, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.2M
+29.8%
Office building
$2.0M
+18.1%
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 Westport submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Westport 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
$1,955,000
ML approach
$1,950,000
CAP Approach
CAP Return
Estimation
6%
$2,175,000
6.5%
$2,005,000
7%
$1,865,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,710,000
Current use
RESTAURANT
$2,225,000
Change: +30% · Conversion: Difficult
OFFICE BUILDING
$2,020,000
Change: +18% · Conversion: Easy
RETAIL STORES
$1,525,000
Change: -11% · Conversion: Easy
Blend value · Realmo final
$1.95M
Range $1.75M – $2.14M · ±10% · vs last sale $1.90M (Apr 11 2023)
Last sale anchor
$1.90M
Apr 11 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
$185 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$9,407
Tax year 2023
Assessed value
$1,134,557
Assessed 2022
Previous assessed
$1,134,557
+0.0% YoY
Effective rate
0.83%
On assessed value
Assessed land
$86,000
Assessed improvement
$1,048,557
Land market value
$86,000
Improvement market value
$1,048,557
Total market value
$1,134,557
Applied tax rate
172.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Construction
STEEL FRAME
Heating
NONE
Total area
10,500 SF
Lot
1.6 ac (69,696 SF)
Zoning code
C2
APN
734200000400
UPID
US90-2430671
Jurisdiction
GRAYS HARBOR
Zoning & alternative use
C2 · Westport, WAZoning C2 · permitted uses
C2 · Westport, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.7M
RESTAURANT
Est. value
$2.2M
OFFICE BUILDING
Est. value
$2.0M
RETAIL STORES
Est. value
$1.5M
COMMERCIAL (GENERAL) Current
RESTAURANT
OFFICE BUILDING
RETAIL STORES
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
Construction
STEEL FRAME
Heating
NONE
Lot
1.6 ac
Current owner
From public records · entity-resolved
Randall Wesley Erickson
Individual
Mailing address
4214 1ST AVE NW, SEATTLE, WA 98107-4302
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
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 11, 2023
$1,899,983
Randall Wesley Erickson
Matthew F Dare
Warranty Deed
$1,400,000 · Matthew Dare
Mar 15, 2022
—
Matthew F Dare
Matthew F Dare
Intrafamily Transfer
related
—
Apr 30, 2021
—
David L Haladay
—
Deed
related
$261,900 · Us Bank NA
Dec 4, 2018
$365,000
David L Haladay
M&m Harbor Properties
Warranty Deed
$182,500 · Timberland Bank
Aug 28, 2008
—
M & M Harbor Properties LLC
—
Trustees Deed
related
$397,500 · Timberland Bank
Mar 25, 2008
$70,000
M & M Harbor Properties LLC
Schultz,randall
Warranty Deed
—
Nov 7, 2005
—
Randall Schultz
Schultz,fred
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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