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Property profile & analytics
FOR SALE
Retail space
15610 Olson Dr NW Lakebay, WA 98349
Entity Owned
4-yr Hold
Free & Clear
Property ID
US90-3038484
No photos on file
For Sale
$1,080,000
15610 Olson Dr NW, Lakebay, WA 98349
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1962
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
3,926 SF
Lot
0.92 ac (40,037 SF)
Zoning code
RAC
APN
21011015
UPID
US90-3038484
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
by Request
Comparable Approach
Comparable
$810k
Blend (final)
Blend
$930k
Owner & transaction history
Pierce County Fire Protection Dist · 4 yrs held
Pierce County Fire Protection Dist
since 2021
Last sale
$950,000
2 recorded transactions
Zoning & alternative use
RAC · Lakebay, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.4M
+20.0%
Commercial (general)
$1.3M
+8.6%
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 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,200,000
Current use
AUTO REPAIR, GARAGE
$1,445,000
Change: +20% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,305,000
Change: +9% · Conversion: Easy
WAREHOUSE, STORAGE
$1,170,000
Change: -3% · Conversion: Difficult
MEDICAL BUILDING
$1,080,000
Change: -10% · Conversion: Difficult
Blend value · Realmo final
$930k
Range $837k – $1.02M · ±10% · vs last sale $950k (Nov 10 2021)
Last sale anchor
$950k
Nov 10 2021
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
$237 / 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
$247
Tax year 2024
Assessed value
$519,900
Assessed 2024
Previous assessed
$519,900
+0.0% YoY
Effective rate
0.05%
On assessed value
Assessed land
$484,900
Assessed improvement
$35,000
Land market value
$484,900
Improvement market value
$35,000
Total market value
$519,900
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Sale
Year built
1962
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
3,926 SF
Lot
0.92 ac (40,037 SF)
Zoning code
RAC
APN
21011015
UPID
US90-3038484
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
RAC · Lakebay, WAZoning RAC · permitted uses
RAC · Lakebay, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$1.3M
WAREHOUSE, STORAGE
Est. value
$1.2M
MEDICAL BUILDING
Est. value
$1.1M
RETAIL STORES Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
1962
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
0.92 ac
Current owner
From public records · entity-resolved
Pierce County Fire Protection Dist
Entity
Free & Clear · 4 yrs held
Mailing address
8911 KEY PENINSULA HWY NW, LAKEBAY, WA 98349-9326
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 10, 2021
$950,000
Pierce County Fire Protection Dist
Gregory L Calahan
Warranty Deed
—
Aug 26, 2005
$300,000
Gregory L Calahan
Manning,tracy L
Warranty Deed
$234,350 · Tracy M Manning
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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