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Property profile & analytics
OFF-MARKET
Estimated value
$11,280,000
High-rise multifamily apartments
1515 Tacoma Pt E Dr, Lake Tapps, WA 98391-6457
Entity Owned
10-yr Hold
~
Est. High Equity
Property ID
US90-1548477
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
2017
Construction
WOOD FRAME
Total area
58,168 SF
Lot
0.22 ac (9,750 SF)
Zoning code
DMU
APN
2015110061
UPID
US90-1548477
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
$10.83M
Comparable Approach
Comparable
$7.44M
Blend (final)
Blend
$11.28M
Owner & transaction history
Napoleon Group LLC · 10 yrs held
Napoleon Group LLC
since 2015
7 recorded transactions
Zoning & alternative use
DMU · Lake Tapps, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Lake Tapps submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lake Tapps 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%
$11,730,000
6.5%
$10,830,000
7%
$10,055,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$18,155,000
Current use
RETAIL STORES
$17,810,000
Change: -2% · Conversion: Difficult
WAREHOUSE, STORAGE
$17,355,000
Change: -4% · Conversion: Difficult
Blend value · Realmo final
$11.28M
Range $10.15M – $12.41M · ±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
$194 / 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
$8,169
Tax year 2024
Assessed value
$39,504,700
Assessed 2024
Previous assessed
$39,504,700
+0.0% YoY
Effective rate
0.02%
On assessed value
Assessed land
$734,400
Assessed improvement
$38,770,300
Land market value
$734,400
Improvement market value
$38,770,300
Total market value
$39,504,700
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
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
Off-Market
Year built
2017
Construction
WOOD FRAME
Heating
NONE
Cooling
NONE
Stories
9
Units
148
Total area
58,168 SF
Lot
0.22 ac (9,750 SF)
Zoning code
DMU
APN
2015110061
UPID
US90-1548477
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
DMU · Lake Tapps, WA
Zoning DMU · permitted uses
DMU · Lake Tapps, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lake Tapps. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$18.2M
RETAIL STORES
Est. value
$17.8M
WAREHOUSE, STORAGE
Est. value
$17.4M
APARTMENT HOUSE (5+ UNITS) Current
RETAIL STORES
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
2017
Construction
WOOD FRAME
Heating
NONE
Cooling
Yes
Stories
9
Units
148
Lot
0.22 ac
Current owner
From public records · entity-resolved
Napoleon Group LLC
Entity
Mailing address
20921 SNAG IS DR E, LAKE TAPPS, WA 98391-8707
Ownership since
2015
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
Jun 15, 2020
—
Napoleon Group LLC
—
Deed
related
$27,040,000 · M&t Rlty Cap
Apr 24, 2019
—
Napoleon Group LLC
—
Deed
related
—
Mar 6, 2017
—
Napoleon Group LLC
—
Deed
related
$8,000,000 · 1515 Tacoma LLC
Jul 27, 2016
—
Napoleon Group LLC
—
Deed
related
$19,400,000 · M & T Bank
Dec 31, 2015
—
Napoleon Group LLC
Hebert,roger & Henry
Grant Deed
—
Jun 2, 2015
—
Vision Deuce LLC
Vision One LLC
Quit Claim Deed
—
—
—
Napoleon Group LLC
—
Loan Modification
related
—
—
—
Napoleon Group LLC
—
Deed Of Trust
related
$27,040,000 · M&t Rlty Cap
—
—
Napoleon Group LLC
—
Deed Of Trust
related
$8,000,000 · 1515 Tacoma LLC
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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