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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1002 38th St Tacoma, WA 98418-5029

    • Retail space
    • 2,400 SF
    • 0.30 lot acres
    OFF-MARKET
    Value Estimations
    $485,000
    Show details
    Cap Rate Potential
    6.3%
    Retail space
    Location Intelligence
    Property ID
    US90-1436144
    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

    • 7-Eleven / Convenience Store
    • Citibank Atm / Atm
    • Western Union / Money Transfer Service
    • Redbox / Dvd Store / Movie Rental Store

    Property Details for 1002 38th St

    Year built
    1979
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.30 lot acres
    Property size
    2,400 SF
    Zone code
    C1
    Property type
    Retail space
    APN
    8935018200
    APU
    8935018200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $455,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $480,000
      6.5%
      $445,000
      7%
      $415,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $574,000
      Market price range: $186k - $574k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $725,000
      Current use
      COMMERCIAL (GENERAL)
      $740,000
      Change: +2% Conversion: Easy
      WAREHOUSE, STORAGE
      $720,000
      Change: -1% Conversion: Difficult
      MEDICAL BUILDING
      $585,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.447
    Latitude
    47.2229
    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
    2024
    $5,157
    $300,700
    $162,600
    $463,300
    -
    $300,700
    $162,600
    $463,300

    Comparable in this City

    • Value Estimation
      $595,000
      2,640 SF

      3902 M St

      RETAIL STORES (PERSONAL SERVICES) • 2,640 SF
      3902 M St, Tacoma, WA 98418-3934
      View Details
    • Value Estimation
      $495,000
      4,600 SF

      213th S 40th St

      RETAIL STORES (PERSONAL SERVICES) • 4,600 SF
      213th S 40th St, Tacoma, WA 98418
      View Details
    • Value Estimation
      $580,000
      1,400 SF

      3414 Pacific Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,400 SF
      3414 Pacific Ave, Tacoma, WA 98418-7910
      View Details
    • Value Estimation
      $515,000
      1,473 SF

      3418 Pacific Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,473 SF
      3418 Pacific Ave, Tacoma, WA 98418-7910
      View Details
    • Value Estimation
      $520,000
      1,326 SF

      3402 Pacific Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,326 SF
      3402 Pacific Ave, Tacoma, WA 98418-7910
      View Details
    • Value Estimation
      $560,000
      6,150 SF

      4502 Pacific Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,150 SF
      4502 Pacific Ave, Tacoma, WA 98418-7736
      View Details

    Similar Nearby for Sale

    • $1,269,000

      Tacoma Mixed-Use Redevelopment Opportunity

      Mixed-use property in Tacoma's Lincoln District with redevelopment potential.
      809 S 38Th St, Tacoma, WA 98418
      View Details
    • $750,000

      Retail Building in Lincoln District

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    • $2,600,000

      Income-Generating Commercial Investment Property

      Commercial property with long-term tenants and expansion potential.
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    • $1,269,000

      Tacoma Mixed-Use Revitalization Opportunity

      Mixed-use property in Tacoma's Lincoln District with development potential.
      809 Tacoma Ave, Tacoma, WA 98418
      View Details
    • $1,269,000
      0.30 Acres

      Lincoln District Commercial Gem

      Tacoma investment opportunity, high potential.
      809 38Th St, Tacoma, WA 98418
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    • $2,200,000

      Tacoma Mixed-Use Development Opportunity

      Permit-ready mixed-use land for sale in Tacoma, Washington.
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    Similar Nearby for Lease

    • $22 SF/Yr
      2,000 SF

      Tacoma Fitness Center Space

      2,000 sq ft retail fitness space. Prime Tacoma location.
      111 38Th St, Tacoma, WA 98418
      View Details
    • $22 SF/Yr
      1,496 SF

      Retail Space Near Tacoma Mall

      Retail spaces available near Tacoma Mall with excellent visibility.
      3802-3840 Pacific Ave, Tacoma, WA 98418
      View Details
    • $20 SF/Yr
      2,339 SF

      Tacoma Medical Office Space

      Prime Tacoma medical office, ample parking.
      3716 Pacific Ave, Tacoma, WA 98418
      View Details
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    1002 38th St
    Tacoma, WA 98418-5029
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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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