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Property profile & analytics
OFF-MARKET
Estimated value
$935,000
Apartment buildings
1403 Lafayette St Steilacoom, WA 98388-1340
Entity Owned
23-yr Hold
~
Est. High Equity
Property ID
US90-0043476
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1968
Construction
WOOD FRAME
Total area
5,488 SF
Lot
0.36 ac (15,708 SF)
Zoning code
R-7.2
APN
2305000341
UPID
US90-0043476
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
$1.02M
Comparable Approach
Comparable
$667k
Blend (final)
Blend
$935k
Owner & transaction history
Sunray LLC · 23 yrs held
Sunray LLC
since 2003
6 recorded transactions
Zoning & alternative use
R-7.2 · Steilacoom, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
identified as Principal Uses, Secondary Uses and Conditional Uses in the Residential R-7.2, R- 9.6 and Multi-Family zoning districts and the Commercial General and Commercial Shoreline zoning districts are allowed as Principal Uses in the MPD zoning district. (Ord. 1639, 2021). 18.12.067 Intent of public zoning districts. The specific intent of the public/qu…
Zone name
Residential 7.2
General category
RESIDENTIAL
Zone area
286.04 ac
Source
Title 18 Zoning
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 Steilacoom submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Steilacoom 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%
$1,105,000
6.5%
$1,020,000
7%
$950,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,295,000
Current use
Blend value · Realmo final
$935k
Range $842k – $1.03M · ±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
$170 / 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
$17,710
Tax year 2024
Assessed value
$2,058,700
Assessed 2024
Previous assessed
$2,058,700
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed land
$787,200
Assessed improvement
$1,271,500
Land market value
$787,200
Improvement market value
$1,271,500
Total market value
$2,058,700
Applied tax rate
115.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
1968
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
2
Units
8
Total area
5,488 SF
Lot
0.36 ac (15,708 SF)
Zoning code
R-7.2
APN
2305000341
UPID
US90-0043476
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
R-7.2 · Steilacoom, WAZoning R-7.2 · permitted uses
R-7.2 · Steilacoom, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
identified as Principal Uses, Secondary Uses and Conditional Uses in the Residential R-7.2, R- 9.6 and Multi-Family zoning districts and the Commercial General and Commercial Shoreline zoning districts are allowed as Principal Uses in the MPD zoning district. (Ord. 1639, 2021). 18.12.067 Intent of public zoning districts. The specific intent of the public/quasi-public and parks/open space zoning districts are as follows: (a) The public/quasi-public (P/QP) zoning district is intended to provide for the public and quasi-public uses that serve the cultural, educational, recreational, religious, transportation and public service needs of the community. (b) The Parks/Open Space (P/OS) zoning district is intended to provide for parks and recreational facilities and publicly owned open space. (Ord. 1473 §5, 2011). 18.12.070 Permitted uses in the public zoning districts. It is the intent of the
Zone name
Residential 7.2
General category
RESIDENTIAL
Zone area
286.04 ac
Source
Title 18 Zoning
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.3M
APARTMENT HOUSE (5+ UNITS) Current
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
1968
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
2
Units
8
Lot
0.36 ac
Current owner
From public records · entity-resolved
Sunray LLC
Entity
Mailing address
PO BOX 88539, STEILACOOM, WA 98388-0539
Ownership since
2003
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 30, 2023
—
Sunray LLC
—
Deed
related
$1,232,000 · Us Bank Trust Co NA
Mar 10, 2003
$908,000
Sunray LLC
Apartment Association Pierce
Grant Deed
$722,400 · Abn Amro Mortgage Group INC
Jan 2, 2003
—
Apartment Assoc Pierce County
Dockside Apartments LLC
Quit Claim Deed
related
—
May 26, 1999
—
Dockside Apartments LLC
Mccallum,edward M
Quit Claim Deed
related
—
Jan 17, 1997
—
Edward M Mcferran
—
Grant Deed
related
$433,300 · Cascade Savings Bank
—
—
Dockside Apartments LLC
—
Deed Of Trust
related
$525,000 · Anchor Savings 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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