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    16515 Meridian Ave Puyallup, WA 98375

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    16515 Meridian Ave Puyallup, WA 98375

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    • Office properties & Spaces
    • 29,416 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Emily C. Fortner, DPT / Physician
    • Kayla Hodges / Alternative Medicine Practice / Spa & Massage Center
    • Elizabeth Rogers / Physician
    • Performance Home Medical / Physician

    Property Details for 16515 Meridian Ave

    Year built
    1992
    Property size
    29,416 SF
    Property type
    Office properties & Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional two-story, Class B medical office building, located at 16515 Meridian Ave E in Puyallup, WA 98375, offers a prime opportunity. The 29,416 square foot building, constructed in 1992 and renovated in 1998, sits on a 2.8-acre lot and boasts over 300 feet of frontage on Meridian E, ensuring high visibility. The property features one passenger elevator and is zoned EC - South Hil (APN: 0419272046). Currently, multiple tenancies are available, with a minimum divisible space of 1,326 square feet and a maximum contiguous space of 3,354 square feet. Its location within the Sunrise area of South Hill, Puyallup, places it near significant developments, including Walmart, Fred Meyer, Sunrise Village Shopping Center, and Sunrise Clinic & Urgent Care. This well-maintained building provides a desirable setting for medical and professional practices, benefiting from its established presence in a thriving commercial area of Pierce County. The property's strategic location and ample space make it an attractive investment for businesses seeking a prominent presence in a high-traffic area. The building's features include excellent visibility, convenient access, and proximity to key amenities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Puyallup
    County
    Pierce
    State
    Washington
    Longitude
    -122.292
    Latitude
    47.1058

    Comparable in this City

    • Value Estimation
      $3,860,000
      29,416 SF

      16515 Meridian E

      MEDICAL BUILDING • 29,416 SF
      16515 Meridian E, Puyallup, WA 98375-6251
      View Details
    • Value Estimation by Request
      0.63 Acres

      15514 Meridian E

      MEDICAL BUILDING • 0.63 Acres
      15514 Meridian E, Puyallup, WA 98375-9513
      View Details
    • Value Estimation
      $780,000
      3,739 SF

      16021 Meridian E

      MEDICAL BUILDING • 3,739 SF
      16021 Meridian E, Puyallup, WA 98375-9605
      View Details
    • Value Estimation
      $720,000
      4,818 SF

      14816 Meridian E

      MEDICAL BUILDING • 4,818 SF
      14816 Meridian E, Puyallup, WA 98375-6625
      View Details
    • Value Estimation
      $710,000
      3,723 SF

      16008 Meridian E

      MEDICAL BUILDING • 3,723 SF
      16008 Meridian E, Puyallup, WA 98375-9605
      View Details
    • Value Estimation
      $645,000
      3,610 SF

      15116 Cyn E Rd

      MEDICAL BUILDING • 3,610 SF
      15116 Cyn E Rd, Puyallup, WA 98375-7380
      View Details

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      4,800 SF retail or medical space for lease.
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      Retail space anchored by Fred Meyer with high traffic counts.
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      Puyallup Land for Lease

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    Puyallup, WA 98375
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    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
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