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

    724 2nd St Mukilteo, WA 98275-1577

    • Office buildings
    • 2,695 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    Mar 17, 2022
    Value Estimations
    $1,000,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0968468
    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

    • Office buildings

    Property Details for 724 2nd St

    Year built
    1935
    Construction
    WOOD
    Lot size
    0.13 lot acres
    Property size
    2,695 SF
    Zone code
    Q2
    Property type
    Office buildings
    APN
    596900200900
    APU
    596900200900

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $855,000
      6.5%
      $790,000
      7%
      $730,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,097,000
      Market price range: $676k - $1.43M
      AI Estimate
      $1,120,000
      Market price range: $173k - $1.93M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $960,000
      Current use
      AUTO REPAIR, GARAGE
      $1,170,000
      Change: +22% Conversion: Difficult
      MEDICAL BUILDING
      $1,050,000
      Change: +9% Conversion: Easy
      COMMERCIAL (GENERAL)
      $815,000
      Change: -15% Conversion: Easy
      RETAIL STORES
      $785,000
      Change: -18% Conversion: Moderate
      WAREHOUSE, STORAGE
      $780,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mukilteo
    County
    Snohomish
    State
    Washington
    Longitude
    -122.303
    Latitude
    47.9476
    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
    2023
    $5,395
    $384,100
    $358,400
    $742,500
    -
    $384,100
    $358,400
    $742,500

    Comparable in this City

    • Value Estimation by Request
      0.31 Acres

      Mukilteo, WA 98275

      PROFESSIONAL BUILDING • 0.31 Acres
      Mukilteo, WA 98275
      View Details
    • Value Estimation by Request
      20,341 SF

      8227 44th W Ave

      PROFESSIONAL BUILDING • 20,341 SF
      8227 44th W Ave, Mukilteo, WA 98275-2815
      View Details
    • Value Estimation
      $4,835,000
      16,292 SF

      4338 Harbour Pointe SW Blvd

      PROFESSIONAL BUILDING • 16,292 SF
      4338 Harbour Pointe SW Blvd, Mukilteo, WA 98275-5453
      View Details
    • Value Estimation
      $1,540,000
      1,646 SF

      315 Lincoln Ave

      PROFESSIONAL BUILDING • 1,646 SF
      315 Lincoln Ave, Mukilteo, WA 98275-1572
      View Details
    • Value Estimation
      $1,615,000
      2,574 SF

      11126 Mukilteo Speedway

      PROFESSIONAL BUILDING • 2,574 SF
      11126 Mukilteo Speedway, Mukilteo, WA 98275-5401
      View Details
    • Value Estimation by Request
      0.46 Acres

      4400 Chennault Bch Rd

      PROFESSIONAL BUILDING • 0.46 Acres
      4400 Chennault Bch Rd, Mukilteo, WA 98275-5047
      View Details

    Similar Nearby for Sale

    • $2,000,000
      3,430 SF

      Standalone Office Building with Parking

      Unique office building with parking and Puget Sound views.
      202 Lincoln Ave, Mukilteo, WA 98275
      View Details
    • $5,950,000
      25,100 SF

      Manufacturing Building Near Boeing Everett

      Well-maintained manufacturing building near Boeing Everett and Paine Field.
      13008 Beverly Park Rd, Mukilteo, WA 98275
      View Details
    • $2,000,000
      3,430 SF

      Standalone Office Building with Parking

      Unique office building with parking and convenient location near amenities.
      202 Lincoln Ave, Mukilteo, WA 98275
      View Details
    • Contact for pricing

      Industrial Property in Mukilteo

      Prime industrial and office investment opportunity in thriving Mukilteo Business Park.
      Mukilteo, WA 98275
      View Details
    • $1,799,000
      3,700 SF

      Mukilteo Mixed-Use Landmark Property

      Turnkey income property with panoramic views and established tenants.
      731 2Nd St, Mukilteo, WA 98275
      View Details
    • $2,425,000
      9,872 SF

      Mukilteo Mixed-Use Property For Sale

      Mixed-use property with high visibility and flexible zoning.
      8004 Mukilteo Speedway, Mukilteo, WA 98275
      View Details

    Similar Nearby for Lease

    • $7,000 /Mo
      3,057 SF

      Turn-Key Office Building Near Boeing

      Stand-alone office building with modern design near Paine Field.
      8425 44Th Ave W, Mukilteo, WA 98275
      View Details
    • $700 /Mo
      282 SF

      Prime Office Space in Mukilteo

      Office space with Puget Sound views in historic Mukilteo.
      649 5Th St, Mukilteo, WA 98275
      View Details
    • $1.00 SF/Yr
      3,536 SF

      Industrial Space Near Boeing Field

      Industrial space with office and warehouse components for lease.
      7929 44Th Ave W, Mukilteo, WA 98275
      View Details
    • $22 SF/Yr
      3,553 SF

      Office Space in Mukilteo, WA

      Office space featuring an open layout and private offices.
      12121 Harbour Reach Dr, Mukilteo, WA 98275
      View Details
    • $1.35 SF/Yr
      5,685 SF

      Mukilteo Flex Space Available

      Flex space with warehouse and office components available for lease.
      12521 Evergreen Dr, Mukilteo, WA 98275
      View Details
    • $36 SF/Yr
      635 SF

      Mukilteo Storefront Office Space

      Rare, highly visible 635 SF storefront office space for rent.
      12221 Village Center Pl, Mukilteo, WA 98275
      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.
    724 2nd St
    Mukilteo, WA 98275-1577
    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.