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Property profile & analytics
OFF-MARKET
Estimated value
$3,155,000
Retail space
2202 38th St Tacoma, WA 98409
Entity Owned
10-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-1432432
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1955
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
17,926 SF
Lot
0.79 ac (34,325 SF)
Zoning code
UCX
APN
4205000120
UPID
US90-1432432
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
$3.32M
Comparable Approach
Comparable
$3.13M
Blend (final)
Blend
$3.16M
Owner & transaction history
Rp3 Bp Associates LLC · 10 yrs held
Rp3 Bp Associates LLC
since 2015
7 recorded transactions
Zoning & alternative use
UCX · Tacoma, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$4.8M
+28.5%
Warehouse, storage
$4.7M
+26.8%
Apartment house (5+ units)
$4.6M
+23.0%
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%
$3,595,000
6.5%
$3,320,000
7%
$3,080,000
Alternative Use
Use
Estimation
RETAIL STORES
$3,725,000
Current use
COMMERCIAL (GENERAL)
$4,785,000
Change: +28% · Conversion: Easy
WAREHOUSE, STORAGE
$4,720,000
Change: +27% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$4,575,000
Change: +23% · Conversion: Difficult
MEDICAL BUILDING
$4,385,000
Change: +18% · Conversion: Difficult
Blend value · Realmo final
$3.16M
Range $2.84M – $3.47M · ±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
$176 / 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
$44,368
Tax year 2024
Assessed value
$3,993,600
Assessed 2024
Previous assessed
$3,993,600
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$1,278,100
Assessed improvement
$2,715,500
Land market value
$1,278,100
Improvement market value
$2,715,500
Total market value
$3,993,600
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1955
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Units
1
Total area
17,926 SF
Lot
0.79 ac (34,325 SF)
Zoning code
UCX
APN
4205000120
UPID
US90-1432432
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
UCX · Tacoma, WA
Zoning UCX · permitted uses
UCX · 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
RETAIL STORES Current
Est. value
$3.7M
COMMERCIAL (GENERAL)
Est. value
$4.8M
WAREHOUSE, STORAGE
Est. value
$4.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.6M
MEDICAL BUILDING
Est. value
$4.4M
RETAIL STORES Current
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
APARTMENT HOUSE (5+ UNITS)
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
1955
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
1
Lot
0.79 ac
Current owner
From public records · entity-resolved
Rp3 Bp Associates LLC
Entity
Mailing address
680 CRAIG RD STE #240, CREVE COEUR, MO 63141-7182
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 17, 2017
—
Rp3 Bp Associates LLC
—
Grant Deed
related
$50,000,000 · Us Bk
Dec 17, 2015
—
Rp3 Bp Associates LLC
Rp2 Remain LLC
Grant Deed
—
Nov 19, 2015
$17,690,506
Ls2 Bianco LLC
Rp2 Pe Exit LLC
Grant Deed
—
Aug 17, 2015
$280,538
Rp2 Bianco LLC
Rp2 Cbi Exit LLC
Grant Deed
—
Aug 6, 2015
—
Rp2 Cbi Exit LLC
Rainier Place Associates LLC
Grant Deed
related
—
Jun 11, 2014
—
Rainier Place Associates LLC
—
Loan Modification
related
$45,978,921 · Us Bk
Mar 1, 2002
$5,796,187
Rainier Place Assoc LLC
Terranomics Rainier Partners
Grant Deed
related
$3,187,352 · Rawson Blum & Co
Nov 20, 2000
$174,440
Washington State
Terranomics Rainier Partners
Grant Deed
—
—
—
Rainier Place Associates LLC
—
Deed Of Trust
related
$51,978,921 · Us Bank NA
—
—
Rp3 Bp Associates LLC
—
Deed Of Trust
related
$24,180,000 · Associated Bk
—
—
Rp3 Bp Associates LLC
—
Loan Modification
related
$50,000,000 · Us Bk
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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