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Property profile & analytics
OFF-MARKET
Estimated value
$1,200,000
Medical Office Space
102 23rd SE Ave Puyallup, WA 98372-4501
Entity Owned
Absentee Owner
Free & Clear
Property ID
US90-1322013
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1973
Construction
WOOD FRAME
Total area
4,760 SF
Lot
2.92 ac (127,369 SF)
Zoning code
RM-20
APN
419032003
UPID
US90-1322013
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
-
Deanna Brown, LMHC Medical Clinic
-
Miss Johanna Boyd Marriage Or Relationship Counselor
-
Johanna Nicole Boyd Marriage Or Relationship Counselor
-
Cornerstone Counseling, LLC Marriage Or Relationship Counselor Counselor
-
Integrated Health and Wellness Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.04M
Comparable Approach
Comparable
$1.33M
Blend (final)
Blend
$1.20M
Owner & transaction history
GERSTMANN FAMILY INVESTMENTS LLC
GERSTMANN FAMILY INVESTMENTS LLC
Zoning & alternative use
RM-20 · Puyallup, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
M zones. § 20.25.023 Minimum density - RM zones. § 20.25.0235 RM zones menu options to achieve bonus density. § 20.25.024 Interior side yard setback zero lot line option. § 20.25.025 RM-10 dwelling unit mix. § 20.25.027 RM-20 side yard setbacks. § 20.25.028 Property development standards - Single-family uses. § 20.25.030 Required parking - Multiple-family an…
Zone name
High Density Multiple Family Residential Zone
General category
RESIDENTIAL
Zone area
489.20 ac
Top alternative use upside
Auto repair, garage
$1.8M
+40.5%
Retail stores
$1.5M
+13.2%
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 Puyallup submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Puyallup 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%
$1,125,000
6.5%
$1,040,000
7%
$965,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,305,000
Current use
AUTO REPAIR, GARAGE
$1,835,000
Change: +41% · Conversion: Difficult
RETAIL STORES
$1,480,000
Change: +13% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,205,000
Change: -8% · Conversion: Difficult
Blend value · Realmo final
$1.20M
Range $1.08M – $1.32M · ±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
$252 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$24,490
Tax year 2024
Assessed value
$2,376,000
Assessed 2024
Previous assessed
$2,376,000
+0.0% YoY
Effective rate
1.03%
On assessed value
Assessed land
$1,996,500
Assessed improvement
$379,500
Land market value
$1,996,500
Improvement market value
$379,500
Total market value
$2,376,000
Applied tax rate
96.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1973
Construction
WOOD FRAME
Heating
CENTRAL
Cooling
AC.PACKAGE
Buildings
2
Stories
1
Units
2
Bathrooms
1
Total area
4,760 SF
Lot
2.92 ac (127,369 SF)
Zoning code
RM-20
APN
419032003
UPID
US90-1322013
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
RM-20 · Puyallup, WAZoning RM-20 · permitted uses
RM-20 · Puyallup, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
M zones. § 20.25.023 Minimum density - RM zones. § 20.25.0235 RM zones menu options to achieve bonus density. § 20.25.024 Interior side yard setback zero lot line option. § 20.25.025 RM-10 dwelling unit mix. § 20.25.027 RM-20 side yard setbacks. § 20.25.028 Property development standards - Single-family uses. § 20.25.030 Required parking - Multiple-family and conditionally permitted uses. § 20.25.035 Signs. § 20.25.040 Performance standards
Zone name
High Density Multiple Family Residential Zone
General category
RESIDENTIAL
Zone area
489.20 ac
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.8M
RETAIL STORES
Est. value
$1.5M
WAREHOUSE, STORAGE
Est. value
$1.2M
MEDICAL BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
WAREHOUSE, STORAGE
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
1973
Construction
WOOD FRAME
Heating
CENTRAL
Cooling
Yes
Stories
1
Buildings
2
Units
2
Bathrooms
1
Lot
2.92 ac
Current owner
From public records · entity-resolved
GERSTMANN FAMILY INVESTMENTS LLC
Entity
Free & Clear · 0 yrs held
Mailing address
118 4TH AVE SW, PUYALLUP, WA 98371-5865
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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