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    Property profile & analytics

    2216 11th St Tacoma, WA 98421-3304

    • Auto shops
    • 9,600 SF
    • 0.76 lot acres
    OFF-MARKET
    Value Estimations
    $5,210,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0598004
    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

    • Puglia Shipbuilding / Renovation Specialist / General Contractor

    Property Details for 2216 11th St

    Year built
    1997
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.76 lot acres
    Property size
    9,600 SF
    Zone code
    PMI
    Property type
    Auto shops
    APN
    2275200730
    APU
    2275200730

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,383,000
      Market price range: $1.55M - $5.60M
      AI Estimate
      $5,036,000
      Market price range: $1.11M - $5.37M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $3,545,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $4,070,000
      Change: +15% Conversion: Difficult
      RESTAURANT
      $3,760,000
      Change: +6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.409
    Latitude
    47.2659
    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
    $18,136
    $906,500
    $725,300
    $1,631,800
    -
    $906,500
    $725,300
    $1,631,800

    Comparable in this City

    • Value Estimation
      $3,485,000
      6,100 SF

      2326 Milwaukee Way

      AUTO REPAIR, GARAGE • 6,100 SF
      2326 Milwaukee Way, Tacoma, WA 98421-2710
      View Details
    • Value Estimation
      $3,885,000
      10,080 SF

      1601 Bay St

      AUTO REPAIR, GARAGE • 10,080 SF
      1601 Bay St, Tacoma, WA 98421-2613
      View Details
    • Value Estimation
      $4,985,000
      11,200 SF

      490 19th St

      AUTO REPAIR, GARAGE • 11,200 SF
      490 19th St, Tacoma, WA 98421-1501
      View Details
    • Value Estimation
      $1,370,000
      2,400 SF

      609 11th St

      AUTO REPAIR, GARAGE • 2,400 SF
      609 11th St, Tacoma, WA 98421-2401
      View Details
    • Value Estimation
      $520,000
      910 SF

      2114 Marshall Ave

      AUTO REPAIR, GARAGE • 910 SF
      2114 Marshall Ave, Tacoma, WA 98421-3101
      View Details
    • Value Estimation
      $2,260,000
      4,160 SF

      2603 Portland Ave

      AUTO REPAIR, GARAGE • 4,160 SF
      2603 Portland Ave, Tacoma, WA 98421-2609
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      15,624 SF

      Pristine Office Building with Upside

      Well-kept 3-story office building near downtown and Tacoma Dome.
      101 E 26Th St, Tacoma, WA 98421
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    • $2,200,000
      5,648 SF

      Multi-Tenant Building Near Tacoma Dome

      Stabilized, multi-tenant building and parking lot near Tacoma Dome.
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    • $3,300,000
      46,343 SF

      Commercial Building with Warehouse Space

      46,343 sq ft commercial building on 1.97 acres.
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      View Details
    • Contact for pricing
      Pending

      Commercial Building with Fenced Lot

      46,343 sq ft commercial building with fenced lot.
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      View Details
    • Contact for pricing

      Tacoma Showroom/Warehouse Near I-5

      4,240 SF showroom/warehouse with high visibility near I-5.
      102-106 Puyallup Ave, Tacoma, WA 98421
      View Details

    Similar Nearby for Lease

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      10,000 SF

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      Versatile 10000 sqft commercial space suitable for various businesses.
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      Versatile space suitable for retail, service business, or office.
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    • $7,950 /Mo
      7,500 SF

      Port of Tacoma Shop Space

      Retail space for rent in the Port of Tacoma.
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      View Details
    • Contact for pricing
      9,700 SF

      Tacoma Warehouse with Loading Docks

      9,700± SF warehouse with 29 loading positions for lease.
      1955 Lincoln Ave, Tacoma, WA 98421
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      225,972 SF

      Fife Warehouse Space Available

      225972 square foot warehouse space for rent in Fife.
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    • Contact for pricing
      220,429 SF

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      View Details
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    Tacoma, WA 98421-3304
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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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