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Property profile & analytics
OFF-MARKET
Estimated value
$2,490,000
Office Spaces
1321 Martin Luther King Jr Way Tacoma, WA 98405-3929
Entity Owned
25-yr Hold
~
Est. High Equity
Property ID
US90-1845219
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1997
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
14,734 SF
Lot
0.3 ac (13,000 SF)
Zoning code
NCX
APN
2013210060
UPID
US90-1845219
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
by Request
CAP Approach
CAP
$3.13M
Comparable Approach
Comparable
$2.56M
Blend (final)
Blend
$2.49M
Owner & transaction history
Allen A M E Church Of Tacoma · 25 yrs held
Allen A M E Church Of Tacoma
since 2000
5 recorded transactions
Zoning & alternative use
NCX · Tacoma, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$3.6M
+10.4%
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 Tacoma submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tacoma 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%
$3,390,000
6.5%
$3,130,000
7%
$2,905,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$3,265,000
Current use
MEDICAL BUILDING
$3,605,000
Change: +10% · Conversion: Easy
INDUSTRIAL (GENERAL)
$3,255,000
Change: 0% · Conversion: Moderate
Blend value · Realmo final
$2.49M
Range $2.24M – $2.74M · ±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
$169 / 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
$10
Tax year 2024
Assessed value
$2,060,900
Assessed 2024
Previous assessed
$2,060,900
+0.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$419,800
Assessed improvement
$1,641,100
Land market value
$419,800
Improvement market value
$1,641,100
Total market value
$2,060,900
Applied tax rate
5.0000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1997
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
2
Units
1
Total area
14,734 SF
Lot
0.3 ac (13,000 SF)
Zoning code
NCX
APN
2013210060
UPID
US90-1845219
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
NCX · Tacoma, WA
Zoning NCX · permitted uses
NCX · Tacoma, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Tacoma. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$3.3M
MEDICAL BUILDING
Est. value
$3.6M
INDUSTRIAL (GENERAL)
Est. value
$3.3M
COMMERCIAL (GENERAL) Current
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
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
1997
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
2
Units
1
Lot
0.3 ac
Current owner
From public records · entity-resolved
Allen A M E Church Of Tacoma
Entity
Mailing address
1223 MARTIN LUTHER KING JR WAY, TACOMA, WA 98405-3927
Ownership since
2000
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
Nov 30, 2000
$780,000
Allen A M E Church Of Tacoma
Columbia State Bank
Grant Deed
$960,587 · Key Bank NA
Aug 10, 1999
$846,840
Columbia State Bank
Russell,frank H
Trustees Deed
related
—
Apr 15, 1996
—
Frank H Russell
—
Grant Deed
related
$787,500 · Columbia State Bank
—
—
Frank H Russell
—
Deed Of Trust
related
$225,000 · USA
—
—
Allen A M E Church Of Tacoma
—
Deed Of Trust
related
$1,050,000 · 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.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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