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Property profile & analytics
OFF-MARKET
Estimated value
$8,800,000
Grocery and convenience stores
7823 28th St Mercer Island, WA 98040-2902
Entity Owned
22-yr Hold
~
Est. High Equity
Property ID
US90-0858280
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
1994
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
30,530 SF
Lot
2.04 ac (88,672 SF)
Zoning code
TC
APN
531510-1185
UPID
US90-0858280
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
-
Starbucks Cafe & Coffee Shop
-
Murray's Cheese Bakery Specialty Food Shop
-
QFC Grocery & Convenience Store Food Market
-
Limitless Garage Door Repair Building Supply General Contractor
-
Coinstar Kiosk | Bitcoin ATM Atm Currency Exchange Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$8.40M
Comparable Approach
Comparable
$5.38M
Blend (final)
Blend
$8.80M
Owner & transaction history
Quality Food Centers INC · 22 yrs held
Quality Food Centers INC
since 2003
2 recorded transactions
Zoning & alternative use
TC · Mercer Island, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$14.0M
+17.0%
Medical building
$12.1M
+0.7%
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 Mercer Island submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mercer Island 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%
$9,100,000
6.5%
$8,400,000
7%
$7,800,000
Alternative Use
Use
Estimation
RETAIL STORES
$11,975,000
Current use
AUTO REPAIR, GARAGE
$14,015,000
Change: +17% · Conversion: Difficult
MEDICAL BUILDING
$12,060,000
Change: +1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$11,645,000
Change: -3% · Conversion: Difficult
OFFICE BUILDING
$11,510,000
Change: -4% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$10,585,000
Change: -12% · Conversion: Difficult
Blend value · Realmo final
$8.80M
Range $7.92M – $9.68M · ±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
$288 / 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
$108,720
Tax year 2022
Assessed value
$17,735,400
Assessed 2022
Previous assessed
$17,735,400
+0.0% YoY
Effective rate
0.61%
On assessed value
Assessed land
$17,734,400
Assessed improvement
$1,000
Land market value
$17,734,400
Improvement market value
$1,000
Total market value
$17,735,400
Applied tax rate
1,031.0000
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
GROCERY, SUPERMARKET
Status
Off-Market
Year built
1994
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
1
Total area
30,530 SF
Lot
2.04 ac (88,672 SF)
Zoning code
TC
APN
531510-1185
UPID
US90-0858280
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
TC · Mercer Island, WA
Zoning TC · permitted uses
TC · Mercer Island, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Mercer Island. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$12.0M
AUTO REPAIR, GARAGE
Est. value
$14.0M
MEDICAL BUILDING
Est. value
$12.1M
INDUSTRIAL (GENERAL)
Est. value
$11.6M
OFFICE BUILDING
Est. value
$11.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$10.6M
RETAIL STORES Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
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
1994
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
1
Lot
2.04 ac
Current owner
From public records · entity-resolved
Quality Food Centers INC
Entity
Mailing address
1014 VINE ST, CINCINNATI, OH 45202-1141
Ownership since
2003
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 28, 2003
$4,300,000
Quality Food Centers INC
Wright Roberts Co
Grant Deed
$1,850,000 · Wright Roberts Co
Jan 15, 1988
$180,000
Wright Roberts & Company
Mutual Benefit L
Grant Deed
—
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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