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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1922 Prospect St Tacoma, WA 98406-8201

    • Apartment buildings
    • 11,558 SF
    • 0.34 lot acres
    OFF-MARKET
    Value Estimations
    $1,140,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-3336670
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • 1922 Prospect Apartments / Apartment Building
    • Tacoma Plumbing Experts / Plumber

    Property Details for 1922 Prospect St

    Year built
    1963
    Construction
    WOOD FRAME
    Lot size
    0.34 lot acres
    Property size
    11,558 SF
    Zone code
    R4L
    Property type
    Apartment buildings
    APN
    2745002470
    APU
    2745002470

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.47
    Latitude
    47.2672
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $28,377
    $551,700
    $2,002,100
    $2,553,800
    -
    $551,700
    $2,002,100
    $2,553,800

    Comparable in this City

    • Value Estimation by Request
      3,340 SF

      613 Oakes St

      APARTMENT HOUSE (5+ UNITS) • 3,340 SF
      613 Oakes St, Tacoma, WA 98406-7227
      View Details
    • Value Estimation
      $1,595,000
      17,136 SF

      7214 6th Ave

      APARTMENT HOUSE (5+ UNITS) • 17,136 SF
      7214 6th Ave, Tacoma, WA 98406-1226
      View Details
    • Value Estimation
      $915,000
      6,472 SF

      630 Prospect St

      APARTMENT HOUSE (5+ UNITS) • 6,472 SF
      630 Prospect St, Tacoma, WA 98406-7715
      View Details
    • Value Estimation by Request
      3,084 SF

      802 Oakes St

      APARTMENT HOUSE (5+ UNITS) • 3,084 SF
      802 Oakes St, Tacoma, WA 98406-7323
      View Details
    • Value Estimation by Request
      2,896 SF

      1901 Fife St

      APARTMENT HOUSE (5+ UNITS) • 2,896 SF
      1901 Fife St, Tacoma, WA 98406-7599
      View Details
    • Value Estimation by Request
      4,212 SF

      3114 20th St

      APARTMENT HOUSE (5+ UNITS) • 4,212 SF
      3114 20th St, Tacoma, WA 98406-6647
      View Details

    Similar Nearby for Sale

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      1,177 SF

      Condo with Community Amenities

      Three-bedroom condo with pool, tennis courts, and enclosed patio.
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    • $1,300,000
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      North Tacoma Mixed-Use Building

      Mixed-use building in North Tacoma with apartments and commercial spaces.
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    • $1,100,000
      3,594 SF

      Mixed-Use Property in 6th Avenue

      Retail space with apartments in a vibrant, walkable neighborhood.
      3825 6Th Ave, Tacoma, WA 98406
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    • $1,445,000

      Tacoma Restaurant Investment Opportunity

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      View property in the desirable Narrows neighborhood with excellent access.
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    • $1,950,000

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      Mixed-use building on 6th Avenue with high pedestrian traffic.
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    Similar Nearby for Lease

    • $0.16 SF/Yr

      Industrial Land For Lease

      Industrial land zoned for Heavy Manufacturing in Tacoma.
      6245 S Adams St, Tacoma, WA 98406
      View Details
    • $20 SF/Yr
      5,000 SF

      Mixed-Use Space in Tacoma

      5,000 SF space suitable for office or retail use.
      2407-2411 6Th Ave, Tacoma, WA 98406
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    • $38 SF/Yr
      1,096 SF

      Retail Space Near Highway 16

      Retail space visible from Highway 16, near Winco grocery.
      5902 6Th Ave, Tacoma, WA 98406
      View Details
    • $1,300 /Mo
      600 SF

      Retail Space on 6th Avenue

      Retail space for rent in a great location.
      3701 6Th Ave, Tacoma, WA 98406
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    • $28 SF/Yr
      2,937 SF

      Tacoma Office Space Available

      Office space for lease in Tacoma, Washington.
      2102 N Pearl St, Tacoma, WA 98406
      View Details
    • $24 SF/Yr
      3,787 SF

      Retail Space in Tacoma

      Retail space with great access, parking, and signage.
      5401 6Th Ave, Tacoma, WA 98406
      View Details
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    1922 Prospect St
    Tacoma, WA 98406-8201
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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