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Property profile & analytics
OFF-MARKET
Estimated value
$675,000
Office Spaces
1302 Key Peninsula NW Hwy Lakebay, WA 98349-9997
Entity Owned
1-yr Hold
Free & Clear
Property ID
US90-1024823
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1975
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
2,183 SF
Lot
0.67 ac (29,055 SF)
Zoning code
RNC
APN
4585000694
UPID
US90-1024823
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
-
Joe Smith Logging LLC Production Facility General Contractor
-
United States Postal Service Post Office Logistics Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$675k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$870k
Blend (final)
Blend
$675k
Owner & transaction history
Apif Washington LLC · 1 yrs held
Apif Washington LLC
since 2024
Last sale
$675,000
5 recorded transactions
Zoning & alternative use
RNC · Lakebay, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$930,000
+28.2%
Auto repair, garage
$800,000
+10.5%
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 Lakebay submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lakebay 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
$675,000
ML approach
$675,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$725,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$930,000
Change: +28% · Conversion: Difficult
AUTO REPAIR, GARAGE
$800,000
Change: +11% · Conversion: Difficult
RETAIL STORES
$670,000
Change: -8% · Conversion: Easy
WAREHOUSE, STORAGE
$650,000
Change: -10% · Conversion: Difficult
MEDICAL BUILDING
$600,000
Change: -17% · Conversion: Easy
Blend value · Realmo final
$675k
Range $608k – $743k · ±10% · vs last sale $675k (Oct 24 2024)
Last sale anchor
$675k
Oct 24 2024
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
$309 / 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
$5,302
Tax year 2024
Assessed value
$558,300
Assessed 2024
Previous assessed
$558,300
+0.0% YoY
Effective rate
0.95%
On assessed value
Assessed land
$220,900
Assessed improvement
$337,400
Land market value
$220,900
Improvement market value
$337,400
Total market value
$558,300
Applied tax rate
471.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1975
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
2,183 SF
Lot
0.67 ac (29,055 SF)
Zoning code
RNC
APN
4585000694
UPID
US90-1024823
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
RNC · Lakebay, WA
Zoning RNC · permitted uses
RNC · Lakebay, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lakebay. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$725,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$930,000
AUTO REPAIR, GARAGE
Est. value
$800,000
RETAIL STORES
Est. value
$670,000
WAREHOUSE, STORAGE
Est. value
$650,000
MEDICAL BUILDING
Est. value
$600,000
COMMERCIAL (GENERAL) Current
NEIGHBORHOOD: SHOPPING CENTER
AUTO REPAIR, GARAGE
RETAIL STORES
WAREHOUSE, STORAGE
MEDICAL BUILDING
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
1975
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
0.67 ac
Current owner
From public records · entity-resolved
Apif Washington LLC
Entity
Free & Clear · 1 yrs held
Mailing address
3314 RAY NASH DR NW, GIG HARBOR, WA 98335-5887
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 24, 2024
$675,000
Apif Washington LLC
Kings Corner Investments LLC
Bargain & Sale Deed
—
Jul 11, 2018
—
Kings Corner Investments LLC
Burton,g Michael & Lynda S
Quit Claim Deed
related
—
Feb 6, 2007
$201,260
G Michael Burton
Carlson David A
Grant Deed
related
—
May 11, 2005
—
David A Carlson
Carlson,karen
Quit Claim Deed
related
—
—
—
David A Carlson
—
Deed Of Trust
related
$117,126 · Columbia State Bank
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.
Try Rey
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