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Property profile & analytics
OFF-MARKET
Estimated value
$1,250,000
Apartment buildings
12614 123rd St E Ct Puyallup, WA 98374-5314
Individually Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-0862017
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1984
Construction
WOOD FRAME
Total area
4,160 SF
Lot
4.8 ac (209,088 SF)
Zoning code
MHR
APN
419114008
UPID
US90-0862017
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.23M
CAP Approach
CAP
$775k
Comparable Approach
Comparable
$1.40M
Blend (final)
Blend
$1.25M
Owner & transaction history
Wardner J Nezat · 4 yrs held
Wardner J Nezat
since 2022
Last sale
$1.5M
7 recorded transactions
Zoning & alternative use
MHR · Puyallup, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$1.8M
+122.7%
Auto repair, garage
$1.6M
+101.6%
Commercial (general)
$1.6M
+94.6%
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
$1,100,000
ML approach
$1,225,000
CAP Approach
CAP Return
Estimation
6%
$840,000
6.5%
$775,000
7%
$720,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$795,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$1,775,000
Change: +123% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,605,000
Change: +102% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,550,000
Change: +95% · Conversion: Moderate
RETAIL STORES
$1,295,000
Change: +62% · Conversion: Difficult
MEDICAL BUILDING
$1,140,000
Change: +43% · Conversion: Moderate
WAREHOUSE, STORAGE
$1,055,000
Change: +32% · Conversion: Difficult
Blend value · Realmo final
$1.25M
Range $1.13M – $1.38M · ±10% · vs last sale $1.50M (Mar 30 2022)
Last sale anchor
$1.50M
Mar 30 2022
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
$300 / 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
$73,193
Tax year 2024
Assessed value
$6,417,100
Assessed 2024
Previous assessed
$6,417,100
+0.0% YoY
Effective rate
1.14%
On assessed value
Assessed land
$2,104,400
Assessed improvement
$4,312,700
Land market value
$2,104,400
Improvement market value
$4,312,700
Total market value
$6,417,100
Applied tax rate
195.0000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1984
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
6
Stories
2
Units
8
Bathrooms
2
Total area
4,160 SF
Lot
4.8 ac (209,088 SF)
Zoning code
MHR
APN
419114008
UPID
US90-0862017
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
MHR · Puyallup, WA
Zoning MHR · permitted uses
MHR · Puyallup, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Puyallup. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$795,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.8M
AUTO REPAIR, GARAGE
Est. value
$1.6M
COMMERCIAL (GENERAL)
Est. value
$1.6M
RETAIL STORES
Est. value
$1.3M
MEDICAL BUILDING
Est. value
$1.1M
WAREHOUSE, STORAGE
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS) Current
NEIGHBORHOOD: SHOPPING CENTER
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
RETAIL STORES
MEDICAL BUILDING
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
1984
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
6
Units
8
Bathrooms
2
Lot
4.8 ac
Current owner
From public records · entity-resolved
Wardner J Nezat
Individual
Mailing address
205 PACIFIC AVE, SOLANA BEACH, CA 92075-1145
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 30, 2022
—
Wardner J Nezat
Wardner J Nezat
Intrafamily Transfer
related
—
Oct 27, 2021
—
Wardner J Nezat
—
Deed
related
$1,630,000 · Jpmorgan Chase Bank NA
Feb 25, 2003
—
Pierce County (wa)
Nezat,wardner J & Carol A
Grant Deed
related
—
Feb 24, 1999
$1,500,000
Wardner J Nezat
Ridgecrest Investors
Grant Deed
$1,112,000 · Cascade Bank
—
—
Wardner J Nezat
—
Deed Of Trust
related
$1,350,000 · Us Bank NA
—
—
Nezat Wardner J
—
Deed Of Trust
related
$1,400,000 · Us Bank NA
—
—
Wardner J Nezat
—
Deed Of Trust
related
$450,000 · Myrna C Rose
—
—
Wardner J Nezat
—
Deed Of Trust
related
$1,000,000 · Washington Mutual Fsb
—
—
Wardner J Nezat
—
Deed Of Trust
related
$1,265,000 · Washington Mutual Fsb
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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