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Property profile & analytics
FOR LEASE
Showrooms
7650 S 228Th St Kent, WA 98032
Trust Owned
7-yr Hold
~
Est. High Equity
Property ID
US90-1106648
For Lease
Contact for pricing
7650 S 228Th St, Kent, WA 98032
View Listing →
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1981
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
294,912 SF
Lot
14.38 ac (626,419 SF)
Zoning code
I1
APN
132204-9003
UPID
US90-1106648
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
-
Kent Spray Foam Insulation Pro General Contractor Renovation Specialist
-
Sears Logistics Services Logistics Company Freight Service
-
Costco Logistics Logistics Company Freight Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$46.88M
Owner & transaction history
Centerpoint Properties Trust · 7 yrs held
Centerpoint Properties Trust
since 2018
4 recorded transactions
Zoning & alternative use
I1 · Kent, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The I1 industrial business district consists of areas of high opportunity for the city in terms of employment, revenue, and placemaking
Zone name
Industrial Business
General category
INDUSTRIAL
Zone area
1,776.37 ac
Source
Realmo
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 Kent submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Kent 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$76,790,000
Change: -16% · Conversion: Easy
Blend value · Realmo final
$46.88M
Range $42.19M – $51.56M · ±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
$159 / 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
$636,734
Tax year 2022
Assessed value
$58,181,400
Assessed 2022
Previous assessed
$58,181,400
+0.0% YoY
Effective rate
1.09%
On assessed value
Assessed land
$14,251,000
Assessed improvement
$43,930,400
Land market value
$14,251,000
Improvement market value
$43,930,400
Total market value
$58,181,400
Applied tax rate
1,526.0000
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
For Lease
Year built
1981
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Total area
294,912 SF
Lot
14.38 ac (626,419 SF)
Zoning code
I1
APN
132204-9003
UPID
US90-1106648
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
I1 · Kent, WAZoning I1 · permitted uses
I1 · Kent, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The I1 industrial business district consists of areas of high opportunity for the city in terms of employment, revenue, and placemaking
Zone name
Industrial Business
General category
INDUSTRIAL
Zone area
1,776.37 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING
Est. value
$76.8M
OFFICE BUILDING
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
1981
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Lot
14.38 ac
Current owner
From public records · entity-resolved
Centerpoint Properties Trust
Trust
Mailing address
1808 SWIFT DR STE A, OAK BROOK, IL 60523-1591
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 31, 2018
$49,000,000
Centerpoint Properties Trust
Innovel Solutions INC
Grant Deed
—
May 26, 2017
—
Innovel Solutions INC
—
Deed
related
$57,800,000 · Pension Benefit Gnty
Jan 29, 1991
—
Freight Handling C Terminal
Sears,roebuck &
Quit Claim Deed
related
—
—
—
Innovel Solutions INC
—
Deed Of Trust
related
$57,800,000 · Pension Benefit Gnty
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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