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Property profile & analytics
OFF-MARKET
Estimated value
$4,030,000
Distribution centers
927 128th St Seattle, WA 98133-7515
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US90-0861478
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1979
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
11,954 SF
Lot
0.3 ac (12,985 SF)
Zoning code
NC3-75 (M)
APN
760870-0085
UPID
US90-0861478
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
-
HOOP LAND Seattle Sports Field & Court Construction Company
-
North Seattle Sports Garage Gym & Fitness Center Sports Field & Court
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.04M
CAP Approach
CAP
$2.59M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.03M
Owner & transaction history
Rh Ns1 2 Associates LLC · 2 yrs held
Rh Ns1 2 Associates LLC
since 2023
Last sale
$4.0M
2 recorded transactions
Zoning & alternative use
NC3-75 (M) · Seattle, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The intent of this district is to promote neighborhood commercial activities to support or encourage a pedestrian-oriented shopping district that serves the surrounding neighborhood and a larger community, citywide, or regional clientele; that provides comparison shopping for a wide range of retail goods and services; that incorporates offices, business supp…
Zone name
Neighborhood Commercial Mandatory Housing Affordability
General category
COMMERCIAL
Zone area
298.58 ac
Source
Realmo
Top alternative use upside
Restaurant
$6.3M
+77.7%
Commercial (general)
$6.1M
+71.3%
Auto repair, garage
$4.9M
+39.3%
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
$4,025,000
ML approach
$4,040,000
CAP Approach
CAP Return
Estimation
6%
$2,805,000
6.5%
$2,590,000
7%
$2,405,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$3,530,000
Current use
RESTAURANT
$6,275,000
Change: +78% · Conversion: Difficult
COMMERCIAL (GENERAL)
$6,050,000
Change: +71% · Conversion: Difficult
AUTO REPAIR, GARAGE
$4,920,000
Change: +39% · Conversion: Easy
RETAIL STORES
$4,795,000
Change: +36% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$4,240,000
Change: +20% · Conversion: Difficult
OFFICE BUILDING
$4,225,000
Change: +20% · Conversion: Difficult
MEDICAL BUILDING
$4,110,000
Change: +16% · Conversion: Difficult
Blend value · Realmo final
$4.03M
Range $3.63M – $4.43M · ±10% · vs last sale $4.03M (Aug 30 2023)
Last sale anchor
$4.03M
Aug 30 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
$337 / 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
$12,117
Tax year 2022
Assessed value
$1,189,100
Assessed 2022
Previous assessed
$1,189,100
+0.0% YoY
Effective rate
1.02%
On assessed value
Assessed land
$908,900
Assessed improvement
$280,200
Land market value
$908,900
Improvement market value
$280,200
Total market value
$1,189,100
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1979
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
2
Total area
11,954 SF
Lot
0.3 ac (12,985 SF)
Zoning code
NC3-75 (M)
APN
760870-0085
UPID
US90-0861478
Jurisdiction
KING
Metro division
SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION
Zoning & alternative use
NC3-75 (M) · Seattle, WAZoning NC3-75 (M) · permitted uses
NC3-75 (M) · Seattle, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The intent of this district is to promote neighborhood commercial activities to support or encourage a pedestrian-oriented shopping district that serves the surrounding neighborhood and a larger community, citywide, or regional clientele; that provides comparison shopping for a wide range of retail goods and services; that incorporates offices, business support services, and residences that are compatible with the retail character of the area. M is the mandatory housing affordability suffix applied to this zone.
Zone name
Neighborhood Commercial Mandatory Housing Affordability
General category
COMMERCIAL
Zone area
298.58 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$3.5M
RESTAURANT
Est. value
$6.3M
COMMERCIAL (GENERAL)
Est. value
$6.1M
AUTO REPAIR, GARAGE
Est. value
$4.9M
RETAIL STORES
Est. value
$4.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.2M
OFFICE BUILDING
Est. value
$4.2M
MEDICAL BUILDING
Est. value
$4.1M
WAREHOUSE, STORAGE Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
MEDICAL 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
1979
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
2
Lot
0.3 ac
Current owner
From public records · entity-resolved
Rh Ns1 2 Associates LLC
Entity
Mailing address
PO BOX 5003, BELLEVUE, WA 98009-5003
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 30, 2023
$4,025,000
Rh Ns1 2 Associates LLC
Middleton & Parsons LLC
Warranty Deed
$1,600,000 · East West Bank
Mar 25, 2019
$2,900,000
Middleton & Parsons LLC
Besancon,frank
Warranty Deed
$2,875,000 · Frank Besancon
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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