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    2121 70th W Ave University Place, WA 98466-7668
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    Property profile & analytics

    2121 70th W Ave, University Place, WA 98466-7668

    View on Map
    • Office Spaces
    • 10,436 SF
    • 0.77 lot acres
    Off-Market
    Last Sale Aug 13, 2021
    $1,917,000
    Property ID
    US90-1401951
    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
    $1,840,000
    Show details
    Cap Rate Potential
    9.4%
    Office Spaces
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 2121 70th W Ave

    Year built
    1987
    Construction
    WOOD FRAME
    Lot size
    0.77 lot acres
    Zone code
    IB
    Property type
    Office Spaces
    APN
    6465000068
    APU
    6465000068

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 13, 2021 $1,917,000 Carroll Properties Up LLC Westside Professional Partnership Warranty Deed —
    Feb 3, 2017 — Tolles,ross E Trust Tolles Ross E Quit Claim Deed · related —
    Jul 5, 2016 — Westside Professional Ptshp — Deed · related $371k · Columbia St Bk
    — — Westside Professional Ptshp — Deed Of Trust · related $371k · Columbia St Bk
    — — Westside Professional Ptshp — Deed Of Trust · related $193k · Northwest Commercial Bank
    — — Westside Professional Partn — Deed Of Trust · related $93k · Columbia State Bank
    — — Patrick C Comfort — Deed Of Trust · related $35k · Comfort Shirley F
    — — Westside Professional Ptshp — Deed Of Trust · related $700k · Columbia State Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,540,000
      ML approach
      $1,610,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,400,000
      6.5%
      $2,215,000
      7%
      $2,055,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,532,000
      Market price range: $1.79M - $4.02M
      AI Estimate
      $1,257,000
      Market price range: $624k - $2.29M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $2,555,000

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

    Location Insight

    • Map
    • Local Demand
    City
    University Place
    County
    Pierce
    State
    Washington
    Longitude
    -122.529
    Latitude
    47.2406
    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
    $21,548
    $784,300
    $988,100
    $1,772,400
    -
    $784,300
    $988,100
    $1,772,400

    Comparable in this City

    • Value Estimation by Request
      223 SF

      2009 70th W Ave

      OFFICE (GENERAL)
      2009 70th W Ave, University Place, WA 98466-5540
      View Details
    • Value Estimation
      $1,045,000
      4,992 SF

      2621 70th W Ave

      OFFICE (GENERAL)
      2621 70th W Ave, University Place, WA 98466-5435
      View Details
    • Value Estimation
      $745,000
      3,480 SF

      6402 19th W St

      OFFICE (GENERAL)
      6402 19th W St, University Place, WA 98466-6130
      View Details
    • Value Estimation
      $510,000
      3,614 SF

      1375 Regents Blvd

      OFFICE (GENERAL)
      1375 Regents Blvd, Fircrest, WA 98466-6039
      View Details
    • Value Estimation
      $3,475,000
      9,296 SF

      1501 Regents Blvd

      OFFICE (GENERAL)
      1501 Regents Blvd, Fircrest, WA 98466-6095
      View Details
    • Value Estimation
      $835,000
      6,430 SF

      1215 Regents Blvd

      OFFICE (GENERAL)
      1215 Regents Blvd, Fircrest, WA 98466-6061
      View Details

    Similar Nearby for Sale

    • $1,890,000

      University Place Office Space Available

      Office space for sale in University Place, Washington.
      4109 Bridgeport Way W, University Place, WA 98466
      View Details
    • $1,700,000

      Income Producing University Place Office

      Well-kept office property in prime University Place location.
      6706 Regents Blvd, Tacoma, WA 98466
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    • Contact for pricing

      Income Producing University Place Office

      Well-kept office property in prime University Place location.
      6706-6711 Regents Blvd, Tacoma, WA 98466
      View Details
    • $479,000
      0.28 Acres

      View Lot in University Place

      Land parcel for dream home in desirable University Place neighborhood.
      Lemons Beach Rd W, University Place, WA 98466
      View Details
    • Contact for pricing
      143,748 SF

      3.3 AC IOS Yard

      3.3 AC IOS Yard for sale or lease.
      6820 27Th Street Ct W, University Place, WA 98466
      View Details

    Similar Nearby for Lease

    • $3,060 /Mo
      2,160 SF

      Stand-Alone Building on Bridgeport Way

      Versatile commercial building in University Place with ample parking.
      4620 Bridgeport Way W, Tacoma, WA 98466
      View Details
    • $1,570 /Mo
      1,570 SF

      University Place Office Space Available

      1,570 SF office space with high visibility and parking.
      1905 Bridgeport Way W, University Place, WA 98466
      View Details
    • Contact for pricing
      780 SF

      University Place Office Space

      800 SF heated storage space available for rent.
      2709-2811 Bridgeport Way W, University Place, WA 98466
      View Details
    • $2,380 /Mo
      1,360 SF

      Professional Space in College Park

      1,360 SF suite ideal for medical, legal, retail use.
      6314 19Th St W, Fircrest, WA 98466
      View Details
    • Contact for pricing
      1,213 SF

      Mixed-Use Project Retail/Office Space

      Retail and office space in a mixed-use project.
      3515 Bridgeport Way W, University Place, WA 98466
      View Details
    • $1,775 /Mo
      1,324 SF

      Professional Office Space Available

      Office space for rent with private offices and reception.
      4113 Bridgeport Way W, University Place, WA 98466
      View Details
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    University Place, WA 98466-7668
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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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