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    1944 Milwaukee Way Tacoma, WA 98421-2702
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    Property profile & analytics

    1944 Milwaukee Way Tacoma, WA 98421-2702

    View on Map
    • Flex space
    • 8,400 SF
    • 0.94 lot acres
    Off-Market
    Last Sale Feb 6, 2024
    $2,500,000
    Property ID
    US90-3258144
    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.
    Value Estimations
    $2,500,000
    Show details
    Cap Rate Potential
    3.6%
    Flex space
    Location Intelligence

    Current Use by Public Records

    • B & B Metalworks / Metal Fabrication Plant / Factory
    • B & B Aircraft Equipment / Construction Company / General Contractor
    • Millennium Green / Law Firm
    • Tacoma Railing / Building Supply / Industrial Manufacturer
    • Mobility Concepts Inc / General Contractor / Construction Company

    Property Details for 1944 Milwaukee Way

    Year built
    1964
    Construction
    WOOD FRAME
    Lot size
    0.94 lot acres
    Property size
    8,400 SF
    Zone code
    PMI
    Property type
    Flex space
    APN
    6970000050
    APU
    6970000050

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,500,000
      ML approach
      $2,500,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $3,560,000
      RESTAURANT
      $3,290,000
      AUTO REPAIR, GARAGE
      $3,100,000
      COMMERCIAL (GENERAL)
      $2,590,000
      RETAIL STORES
      $2,535,000
      WAREHOUSE, STORAGE
      $2,515,000
      MEDICAL BUILDING
      $2,055,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.405
    Latitude
    47.2539
    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
    $12,200
    $1,039,800
    $57,600
    $1,097,400
    -
    $1,039,800
    $57,600
    $1,097,400

    Comparable in this City

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    • Value Estimation
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    • Value Estimation by Request
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    • Value Estimation
      $1,570,000
      11,400 SF

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      LIGHT INDUSTRIAL • 11,400 SF
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    • Value Estimation
      $1,815,000
      20,720 SF

      1952 Milwaukee Way

      LIGHT INDUSTRIAL • 20,720 SF
      1952 Milwaukee Way, Tacoma, WA 98421-2702
      View Details
    • Value Estimation
      $16,685,000
      204,800 SF

      2602 Prt Of Tacoma Rd

      LIGHT INDUSTRIAL • 204,800 SF
      2602 Prt Of Tacoma Rd, Tacoma, WA 98421-3603
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Port of Tacoma Road Location

      Office and warehouse space with yard available for lease.
      2212 Port Of Tacoma Rd, Tacoma, WA 98421
      View Details
    • Contact for pricing

      Port of Tacoma Road Warehouse

      Warehouse with office, storage, and yard space available for sale.
      2212 Port Of Tacoma Rd, Tacoma, WA 98421
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    • $3,300,000
      46,343 SF

      Commercial Building with Warehouse Space

      46,343 sq ft commercial building on 1.97 acres.
      1247 Puyallup Ave, Tacoma, WA 98421
      View Details
    • $1,350,000
      7,432 SF

      Tacoma Industrial Building with Yard

      7,432 SF industrial building with remodeled office space and yard.
      1904 Stewart St, Tacoma, WA 98421
      View Details
    • Contact for pricing
      Pending

      Commercial Building with Fenced Lot

      46,343 sq ft commercial building with fenced lot.
      1247 Puyallup Ave, Tacoma, WA 98421
      View Details
    • $2,200,000
      5,648 SF

      Multi-Tenant Building Near Tacoma Dome

      Stabilized, multi-tenant building and parking lot near Tacoma Dome.
      409 26Th Street Ct, Tacoma, WA 98421
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Flexible Warehouse and Office Space

      Adaptable warehouse and office solutions with comprehensive amenities.
      3320 Lincoln Ave, Tacoma, WA 98421
      View Details
    • $4,500 /Mo
      2,000 SF

      Office with Warehouse and Yard

      Office, warehouse, and yard space available for lease.
      2212 Port Of Tacoma Rd, Tacoma, WA 98421
      View Details
    • Contact for pricing

      Industrial Land with Rail Spur

      Industrial land available for lease with rail access and container stacking.
      2021 E Marc St, Tacoma, WA 98421
      View Details
    • $77,940
      86,600 SF

      2330 Port of Tacoma Rd, Tacoma, WA 98421

      Commercial land • 86,600 SF
      2330 Port Of Tacoma Rd, Tacoma, WA 98421
      View Details
    • $67,260
      168,150 SF

      Industrial Space Available For Lease

      168,150 SF industrial space available for lease now.
      3401 Lincoln Ave, Tacoma, WA 98421
      View Details
    • Contact for pricing
      220,429 SF

      Tacoma Warehouse Space Available

      220,429 SF warehouse space for lease in Tacoma, WA.
      2608 Port Of Tacoma Rd, Tacoma, WA 98421
      View Details
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    Tacoma, WA 98421-2702
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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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