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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2214 48th St Tacoma, WA 98409-7156

    • Outlet malls
    • 46,231 SF
    • 1.90 lot acres
    OFF-MARKET
    Value Estimations
    $7,470,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-3238029
    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.

    Current Use by Public Records

    • Geek Squad / Computer Service / Computer Repair Service
    • KeyExpress Locksmiths / Key Duplication Service / Locksmith
    • Best Buy / Video Game Store / Video Store

    Property Details for 2214 48th St

    Year built
    2002
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.90 lot acres
    Property size
    46,231 SF
    Zone code
    UCX
    Property type
    Outlet malls
    APN
    2320000082
    APU
    2320000082

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $9,270,000
      6.5%
      $8,560,000
      7%
      $7,945,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,638,000
      Market price range: $6.30M - $13.1M
      AI Estimate
      $5,218,000
      Market price range: $2.94M - $8.76M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $9,600,000
      Current use
      COMMERCIAL (GENERAL)
      $12,335,000
      Change: +28% Conversion: Easy
      WAREHOUSE, STORAGE
      $12,170,000
      Change: +27% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $11,805,000
      Change: +23% Conversion: Difficult
      MEDICAL BUILDING
      $11,315,000
      Change: +18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.466
    Latitude
    47.2133
    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
    $73,862
    $1,908,000
    $4,741,000
    $6,649,000
    -
    $1,908,000
    $4,741,000
    $6,649,000

    Comparable in this City

    • Value Estimation by Request
      1.27 Acres

      6626 Tacoma Mall Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 1.27 Acres
      6626 Tacoma Mall Blvd, Tacoma, WA 98409-9002
      View Details
    • Value Estimation
      $15,275,000
      111,813 SF

      7050 Tacoma Mall Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 111,813 SF
      7050 Tacoma Mall Blvd, Lakewood, WA 98409-6639
      View Details
    • Value Estimation by Request
      117,064 SF

      4602 Ctr St

      WHOLESALE OUTLET, DISCOUNT STORE • 117,064 SF
      4602 Ctr St, Tacoma, WA 98409-8636
      View Details
    • Value Estimation
      $5,415,000
      43,244 SF

      4214 Tacoma Mall Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 43,244 SF
      4214 Tacoma Mall Blvd, Lakewood, WA 98409-7255
      View Details
    • Value Estimation
      $21,675,000
      223,097 SF

      4502 Steele St

      WHOLESALE OUTLET, DISCOUNT STORE • 223,097 SF
      4502 Steele St, Tacoma, WA 98409-7242
      View Details
    • Value Estimation by Request
      2.91 Acres

      2402 48th St

      WHOLESALE OUTLET, DISCOUNT STORE • 2.91 Acres
      2402 48th St, Tacoma, WA 98409
      View Details

    Similar Nearby for Sale

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      3,126-19,133 SF available in Tacoma's Urban Center Mixed-Use Zone.
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      Adaptable Commercial Space For Sale

      Commercial property suitable for retail, showroom, or light industrial use.
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      Retail Property on Tacoma Way

      Retail property for sale on South Tacoma Way.
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    • Contact for pricing
      4,960 SF

      South Tacoma Way Retail Warehouse

      Freestanding retail warehouse with I-502 zoning and high visibility.
      3201 South Tacoma Way, Tacoma, WA 98409
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    Similar Nearby for Lease

    • $50 SF/Yr
      2,561 SF

      Retail Space Near Highway 16

      Retail space with high visibility and easy highway access.
      4702-4720 Center St, Tacoma, WA 98409
      View Details
    • $24 SF/Yr
      2,268 SF

      Retail Space Near Tacoma Mall

      Retail space with high visibility and multiple access points.
      3801-3825 S Steele St, Tacoma, WA 98409
      View Details
    • $16 SF/Yr
      42,384 SF

      Retail Space Near Tacoma Mall

      High-traffic retail space near Tacoma Mall with strong business presence.
      4104-4124 Tacoma Mall Blvd, Tacoma, WA 98409
      View Details
    • $20 SF/Yr
      16,500 SF

      Restaurant Space Near Tacoma Mall

      Second generation restaurant space with hood in Evergreen Plaza.
      5015-5221 Tacoma Mall Blvd, Tacoma, WA 98409
      View Details
    • $18 SF/Yr
      1,400 SF

      Retail Space in Olympic South

      Retail space with open floor plan and excellent signage.
      5825 Tacoma Mall Blvd, Tacoma, WA 98409
      View Details
    • $20 SF/Yr
      2,604 SF

      Retail Space in Tacoma, WA

      Retail space available for lease in Tacoma, Washington.
      5006 Center St, Tacoma, WA 98409
      View Details
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    2214 48th St
    Tacoma, WA 98409-7156
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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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