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Property profile & analytics
OFF-MARKET
Estimated value
$3,370,000
Warehouses
2205 70th W Ave 2221, University Place, WA 98466-7665
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-0661998
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1991
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
6,750 SF
Lot
0.92 ac (40,265 SF)
Zoning code
IB
APN
6465000079
UPID
US90-0661998
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
$3.63M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.35M
Blend (final)
Blend
$3.37M
Owner & transaction history
Seattle Smsa Limited Partnership · 3 yrs held
Seattle Smsa Limited Partnership
since 2023
Last sale
$3.1M
7 recorded transactions
Zoning & alternative use
IB · University Place, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$2.9M
+41.5%
Restaurant
$2.6M
+30.7%
Auto repair, garage
$2.5M
+23.3%
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 University Place submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs University Place 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
$3,605,000
ML approach
$3,625,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$2,020,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$2,865,000
Change: +42% · Conversion: Moderate
RESTAURANT
$2,645,000
Change: +31% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,495,000
Change: +23% · Conversion: Easy
RETAIL STORES
$2,040,000
Change: +1% · Conversion: Moderate
Blend value · Realmo final
$3.37M
Range $3.03M – $3.71M · ±10% · vs last sale $3.14M (Feb 12 2020)
Last sale anchor
$3.14M
Feb 12 2020
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
$499 / 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
$32,466
Tax year 2024
Assessed value
$2,627,500
Assessed 2024
Previous assessed
$2,627,500
+0.0% YoY
Effective rate
1.24%
On assessed value
Assessed land
$659,200
Assessed improvement
$1,968,300
Land market value
$659,200
Improvement market value
$1,968,300
Total market value
$2,627,500
Applied tax rate
752.0000
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
1991
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Cooling
NONE
Buildings
4
Stories
1
Units
14
Total area
6,750 SF
Lot
0.92 ac (40,265 SF)
Zoning code
IB
APN
6465000079
UPID
US90-0661998
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
IB · University Place, WA
Zoning IB · permitted uses
IB · University Place, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
University Place. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$2.0M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.9M
RESTAURANT
Est. value
$2.6M
AUTO REPAIR, GARAGE
Est. value
$2.5M
RETAIL STORES
Est. value
$2.0M
WAREHOUSE, STORAGE Current
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
1991
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Cooling
Yes
Stories
1
Buildings
4
Units
14
Lot
0.92 ac
Current owner
From public records · entity-resolved
Seattle Smsa Limited Partnership
Entity
Free & Clear · 3 yrs held
Mailing address
83 RAILROAD PL #85, SARATOGA SPRINGS, NY 12866-2124
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
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 27, 2025
—
Prime Storage Up North Tacoma LLC
—
Deed
related
—
Feb 1, 2023
—
Seattle Smsa Limited Partnership
Prime Storage Up North Tacoma LLC
Lease
—
Feb 19, 2020
—
Prime Storage 109th Street T
—
Deed
related
$19,525,000 · Lmf Commercial LLC
Feb 12, 2020
$3,140,000
Prime Storage North Tacoma LLC
Maxi-space West LLC
Correction Deed
—
Oct 10, 2007
—
Wcp Wireless Lease Subsidiary
—
Deed Of Trust
related
$85,000,000 · Bayerische Hypo-und Vereinsban
Jun 28, 2005
—
Maxi Space West LLC
Bruce A Bodine
Warranty Deed
$3,800,000 · Bridger Commercial Funding LLC
—
—
Bruce A Bodine
—
Deed Of Trust
related
$227,882 · Columbia State Bank
—
—
Prime Storage 109th Street T
—
Deed Of Trust
related
$19,525,000 · Lmf Commercial LLC
—
—
Bruce A Bodine
—
Deed Of Trust
related
$965,000 · Everett Mutual Savings Bank
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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