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Property profile & analytics
FOR LEASE
Medical Office Space
2202 S Cedar St, Tacoma, WA 98405
Entity Owned
18-yr Hold
Free & Clear
Property ID
US90-3045700
For Lease
1 / 2
$7,985,000
2202 S Cedar St, Tacoma, WA 98405
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2001
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
53,091 SF
Lot
2.32 ac (100,929 SF)
Zoning code
CCX
APN
320076029
UPID
US90-3045700
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
-
Washington gastroenterology Digestive Health Specialists Division Physician
-
Charles Donner, MD Physician
-
Michael H. Lee, M.D. Physician
-
Cedar Laser & Surgery Center Medical Clinic Hospital
-
William H. Holderman, M.D. Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$7.99M
Owner & transaction history
Wsc Allenmore I LLC · 18 yrs held
Wsc Allenmore I LLC
since 2007
5 recorded transactions
Zoning & alternative use
CCX · Tacoma, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$12,990,000
Current use
COMMERCIAL (GENERAL)
$11,770,000
Change: -9% · Conversion: Easy
INDUSTRIAL (GENERAL)
$11,735,000
Change: -10% · Conversion: Difficult
Blend value · Realmo final
$7.99M
Range $7.19M – $8.78M · ±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
$150 / 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
$140,865
Tax year 2024
Assessed value
$12,681,600
Assessed 2024
Previous assessed
$12,681,600
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$3,160,200
Assessed improvement
$9,521,400
Land market value
$3,160,200
Improvement market value
$9,521,400
Total market value
$12,681,600
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2001
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
1
Units
1
Total area
53,091 SF
Lot
2.32 ac (100,929 SF)
Zoning code
CCX
APN
320076029
UPID
US90-3045700
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
CCX · Tacoma, WA
Zoning CCX · permitted uses
CCX · 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
MEDICAL BUILDING Current
Est. value
$13.0M
COMMERCIAL (GENERAL)
Est. value
$11.8M
INDUSTRIAL (GENERAL)
Est. value
$11.7M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
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
2001
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
1
Units
1
Lot
2.32 ac
Current owner
From public records · entity-resolved
Wsc Allenmore I LLC
Entity
Free & Clear · 18 yrs held
Mailing address
1700 7TH AVE STE #1800, SEATTLE, WA 98101-1312
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 26, 2019
—
Wsc Medpav LLC
—
Deed
related
$27,000,000 · Miscellaneous Ins Co
Nov 30, 2007
$19,200,000
Wsc Allenmore I LLC
Medical R/e Svcs Allenmore LLC
Grant Deed
—
Oct 17, 2005
—
Medres Allenmore Two LLC
Medical R/e Svcs Allenmore LLC
Quit Claim Deed
related
—
—
—
Wsc Medpav LLC
—
Deed Of Trust
related
$27,000,000 · Miscellaneous Ins Co
—
—
Medical Real Estate Svcs Allen
—
Deed Of Trust
related
$7,725,000 · Key Bank NA
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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