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

    10828 Gravelly Lake Dr SW Lakewood, WA 98499

    • Office Properties & Spaces
    • 26,400 SF
    • 1.37 lot acres
    For Lease
    View listing
    $24 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1122089
    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

    • Office Properties & Spaces

    Property Details for 10828 Gravelly Lake Dr SW

    Year built
    1972
    Construction
    WOOD FRAME
    Lot size
    1.37 lot acres
    Property size
    26,400 SF
    Zone code
    NC1
    Property type
    Office Properties & Spaces
    APN
    3105000081
    APU
    3105000081

    Description

    Clover Park Professional Square offers exceptional office space in the heart of Lakewood, Washington. This two-story, 26,400 square foot building, constructed in 1972, provides a convenient location with easy access to Interstate 5 and the Lakewood Towne Centre. The property features ample parking in a well-lit lot, enhancing convenience for tenants and their clients. The building is ADA accessible, thanks to a service lift. Currently, two suites are available for lease: a 900 square foot suite on the ground floor and a 1,040 square foot suite on the upper floor. Additional space may be available upon request. The maximum contiguous space available is 2,000 square feet. The building is zoned NC1. Exterior signage opportunities are available, including a landscaped courtyard directory and overhead walkway signage. Lease rates are competitive, with a modified gross lease of $20 per square foot per year for the main floor and $18 per square foot per year for the upper floor. Tenants are responsible for paying their electricity directly to the utility company. The property's APN is 3105000081 and is located near School St. This prime location and attractive amenities make Clover Park Professional Square an ideal choice for businesses seeking a thriving and accessible office environment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,404,000
      Market price range: $1.68M - $5.70M

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.521
    Latitude
    47.1585
    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
    $38,157
    $1,318,300
    $2,092,000
    $3,410,300
    -
    $1,318,300
    $2,092,000
    $3,410,300

    Comparable in this City

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      $2,470,000
      14,949 SF

      3625 Perkins SW Ln

      OFFICE (GENERAL) • 14,949 SF
      3625 Perkins SW Ln, Tacoma, WA 98499-4784
      View Details
    • Value Estimation
      $655,000
      3,250 SF

      3620 100th SW St

      OFFICE (GENERAL) • 3,250 SF
      3620 100th SW St, Tacoma, WA 98499-4429
      View Details
    • Value Estimation
      $1,045,000
      4,991 SF

      10136 Bridgeport SW Way

      OFFICE (GENERAL) • 4,991 SF
      10136 Bridgeport SW Way, Tacoma, WA 98499-2302
      View Details
    • Value Estimation
      $800,000
      3,786 SF

      10138 Bridgeport SW Way

      OFFICE (GENERAL) • 3,786 SF
      10138 Bridgeport SW Way, Tacoma, WA 98499-2302
      View Details
    • Value Estimation by Request
      1,132 SF

      10317 Bridgeport SW Way

      OFFICE (GENERAL) • 1,132 SF
      10317 Bridgeport SW Way, Lakewood, WA 98499-2300
      View Details
    • Value Estimation
      $1,090,000
      6,048 SF

      9881 Bridgeport SW Way

      OFFICE (GENERAL) • 6,048 SF
      9881 Bridgeport SW Way, Lakewood, WA 98499-2805
      View Details

    Similar Nearby for Sale

    • $2,450,000
      6,284 SF

      South Tacoma Way Office Building

      Iconic bank building, high visibility, ample parking.
      8801 Tacoma Way, Tacoma, WA 98499
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    • $415,000
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      Lakewood Office Condo - $415K

      Prime Lakewood office, 1,125 sq ft, 8.4% cap rate.
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    • $1,200,000
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      Lakewood Office Building For Sale

      Prime Lakewood office, 3,885 SF, 6.5% cap rate.
      9124 Gravelly Lake Dr, Lakewood, WA 98499
      View Details
    • $4,499,000
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      Lakewood Medical Office Complex

      Multi-tenant medical office, great potential
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    • $565,000
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      Lakewood Office Condo For Sale

      Office condominium complex with street exposure and professional presence.
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    • Contact for pricing

      Lakewood Office and Land Opportunity

      Office space and industrial land near I-5 in Lakewood, WA.
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    Similar Nearby for Lease

    • $1.15 SF/Yr
      815 SF

      Lakewood Office Space For Rent

      815 SF office space available for rent in Lakewood.
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      View Details
    • Contact for pricing
      10,000 SF

      Office/Medical Space on Steilacoom Blvd

      Well-maintained office/medical space with excellent visibility and access.
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      View Details
    • $19 SF/Yr
      2,700 SF

      Office/Retail Building with Ample Parking

      Office/retail building with strong demographics and excellent traffic.
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      View Details
    • Contact for pricing
      900 SF

      Lakewood Office Space For Lease

      Office space available for lease in Lakewood, Washington.
      11318 Bridgeport Way SW, Lakewood, WA 98499
      View Details
    • $26 SF/Yr
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      Medical Office Building For Lease

      7,910 SF medical office building with ample parking.
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      View Details
    • $26 SF/Yr
      2,800 SF

      Gerling Professional Center: Tacoma Office Space

      2,800 SF Medical/Office Building, Tacoma, WA
      9101 Bridgeport Way, Tacoma, WA 98499
      View Details
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    Lakewood, WA 98499
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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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