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Property profile & analytics
OFF-MARKET
Estimated value
$17,380,000
Office Spaces
2121 State St Tacoma, WA 98405-2831
Entity Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-0309883
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1986
Construction
CONCRETE
Total area
85,549 SF
Lot
3.27 ac (142,311 SF)
Zoning code
PDB
APN
4425000863
UPID
US90-0309883
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
Current use
Occupant on record · Public records
-
WorkSource Pierce Business Service Center Employment Agency
-
Vitality Health Erectile Dysfunction Treatment Clinic Medical Clinic
-
Aloecorp, Inc Corporate Office
-
ECONET, Inc Corporate Office
-
Career Team Employment Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$18.17M
Comparable Approach
Comparable
$20.01M
Blend (final)
Blend
$17.38M
Owner & transaction history
Department Of Social And Health Ser · 2 yrs held
Department Of Social And Health Ser
since 2023
7 recorded transactions
Zoning & alternative use
PDB · Tacoma, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$25.8M
+36.2%
Warehouse, storage
$25.6M
+35.1%
Medical building
$20.9M
+10.4%
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 Tacoma submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tacoma 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%
$19,675,000
6.5%
$18,165,000
7%
$16,865,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$18,970,000
Current use
RETAIL STORES
$25,835,000
Change: +36% · Conversion: Easy
WAREHOUSE, STORAGE
$25,630,000
Change: +35% · Conversion: Difficult
MEDICAL BUILDING
$20,935,000
Change: +10% · Conversion: Easy
INDUSTRIAL (GENERAL)
$18,910,000
Change: 0% · Conversion: Moderate
Blend value · Realmo final
$17.38M
Range $15.64M – $19.12M · ±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
$203 / 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
$179,004
Tax year 2024
Assessed value
$16,115,400
Assessed 2024
Previous assessed
$16,115,400
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$2,641,100
Assessed improvement
$13,474,300
Land market value
$2,641,100
Improvement market value
$13,474,300
Total market value
$16,115,400
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1986
Construction
CONCRETE
Heating
HEAT PUMP
Stories
4
Units
1
Total area
85,549 SF
Lot
3.27 ac (142,311 SF)
Zoning code
PDB
APN
4425000863
UPID
US90-0309883
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
PDB · Tacoma, WA
Zoning PDB · permitted uses
PDB · Tacoma, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Tacoma. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$19.0M
RETAIL STORES
Est. value
$25.8M
WAREHOUSE, STORAGE
Est. value
$25.6M
MEDICAL BUILDING
Est. value
$20.9M
INDUSTRIAL (GENERAL)
Est. value
$18.9M
COMMERCIAL (GENERAL) Current
RETAIL STORES
WAREHOUSE, STORAGE
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
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
1986
Construction
CONCRETE
Heating
HEAT PUMP
Stories
4
Units
1
Lot
3.27 ac
Current owner
From public records · entity-resolved
Department Of Social And Health Ser
Entity
Free & Clear · 2 yrs held
Mailing address
5396 W 2400TH S, WEST VALLEY CITY, UT 84120-1263
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 15, 2023
—
Department Of Social And Health Ser
Hcre Cent120wner LLC
Lease
—
Aug 1, 2018
—
Department Of Ent Services
Jpmcc 2007 C-1 S St Street LLC
Grant Deed
related
—
Jul 13, 2018
$34,499,719
Hcre Cent 12 Owner LLC
Jpmcc 2007 Cl South State Street Ll
Special Warranty Deed
$32,700,000 · Starwood Mortgage Capital LLC
May 22, 2018
—
Department Of Ent Services
Jpmcc 2007 C-1 S St Street LLC
Grant Deed
related
—
Oct 2, 2015
$28,500,000
Jpmcc 2007-c1 South State Stre
Childs Kenneth P|robicon Gsa II Centennial Taco
Trustees Deed
—
Oct 4, 2002
$36,571,856
Elman Centennial Assoc LP
Vine Street Assoc LLC
Grant Deed
$26,500,000 · Artesia Mortgage Capital Corp
Feb 28, 1992
$1,285,000
Vine Street Investors
Unknown
Grant Deed
—
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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