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

    11515 Burnham Dr Gig Harbor, WA 98332-8543

    • Office Properties & Spaces
    • 5,000 SF
    • 1.09 lot acres
    OFF-MARKET
    Last Sale
    Jun 21, 2024
    $2,202,500
    Value Estimations
    $2,065,000
    Show details
    Cap Rate Potential
    2.7%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US90-2901123
    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

    • SWEET ANGEL SUGAR & LASH STUDIO / Eyelash Salon / Airbrushing Service
    • Harbor Life Chiropractic / Chiropractor / Holistic Medicine Practitioner
    • Dr. Bo Mullen / Chiropractor
    • Dr. Jamie Mullen / Chiropractor
    • J.Perry Real Estate / Real Estate Agency

    Property Details for 11515 Burnham Dr

    Year built
    1993
    Construction
    WOOD FRAME
    Lot size
    1.09 lot acres
    Property size
    5,000 SF
    Property type
    Office Properties & Spaces
    APN
    122258009
    APU
    122258009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,205,000
      ML approach
      $2,205,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,651,000
      Market price range: $849k - $2.20M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,490,000
      Current use
      RESTAURANT
      $2,305,000
      Change: +54% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,130,000
      Change: +43% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $2,110,000
      Change: +42% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,835,000
      Change: +23% Conversion: Difficult
      RETAIL STORES
      $1,530,000
      Change: +3% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,490,000
      Change: +0% Conversion: Difficult
      MEDICAL BUILDING
      $1,375,000
      Change: -8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.618
    Latitude
    47.3634
    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
    $15,777
    $556,600
    $1,185,200
    $1,741,800
    -
    $556,600
    $1,185,200
    $1,741,800

    Comparable in this City

    • Value Estimation
      $350,000
      1,744 SF

      8811 Harborview Dr

      OFFICE (GENERAL) • 1,744 SF
      8811 Harborview Dr, Gig Harbor, WA 98332-2174
      View Details
    • Value Estimation
      $355,000
      3,096 SF

      9515 Harborview Dr

      OFFICE (GENERAL) • 3,096 SF
      9515 Harborview Dr, Gig Harbor, WA 98332-2154
      View Details
    • Value Estimation
      $190,000
      2,236 SF

      6718 144th NW St

      OFFICE (GENERAL) • 2,236 SF
      6718 144th NW St, Gig Harbor, WA 98332-8738
      View Details
    • Value Estimation
      $250,000
      4,068 SF

      4021 Harborview Dr

      OFFICE (GENERAL) • 4,068 SF
      4021 Harborview Dr, Gig Harbor, WA 98332-2133
      View Details
    • Value Estimation by Request
      9,034 SF

      9014 Peacock Hill Ave

      Office Properties & Spaces • 9,034 SF
      9014 Peacock Hill Ave, Gig Harbor, WA 98332
      View Details
    • Value Estimation
      $270,000
      2,862 SF

      4408 97th St

      OFFICE (GENERAL) • 2,862 SF
      4408 97th St, Gig Harbor, WA 98332
      View Details

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      Gig Harbor Land For Sale

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    Similar Nearby for Lease

    • Contact for pricing
      75,148 SF

      Gig Harbor Executive Office Suites

      Prime Gig Harbor Office Space Available
      9808 44Th Ave, Gig Harbor, WA 98332
      View Details
    • $1.35 SF/Yr
      2,509 SF

      Gig Harbor Warehouse/Flex Space

      Warehouse and flex space available for lease in Gig Harbor.
      10421 Burnham Dr NW, Gig Harbor, WA 98332
      View Details
    • $2,000 /Mo
      940 SF

      Gig Harbor Office Space Available

      Main floor office suite in high-traffic Gig Harbor area.
      4221 Harborview Dr, Gig Harbor, WA 98332
      View Details
    • $25 SF/Yr
      1,474 SF

      Gig Harbor Retail and Office

      Retail and office space in the heart of Gig Harbor.
      9014 Peacock Hill Ave, Gig Harbor, WA 98332
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    • Contact for pricing
      4,002 SF

      Gig Harbor Medical Office Space

      Prime Medical Office Suites Available
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      View Details
    • $7,500 /Mo

      Gig Harbor Secured Outdoor Storage

      1.8-acre secured outdoor storage and contractor yard for rent.
      5930 Sehmel Dr NW, Gig Harbor, WA 98332
      View Details
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    11515 Burnham Dr
    Gig Harbor, WA 98332-8543
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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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