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

    2309 Main Puyallup, WA 98372-4139

    • Apartment buildings
    • 6,856 SF
    • 5.92 lot acres
    OFF-MARKET
    Last Sale
    Oct 25, 2021
    $756,846
    Value Estimations
    $1,015,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1578917
    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

    • Apartment buildings

    Property Details for 2309 Main

    Year built
    2000
    Construction
    WOOD FRAME
    Lot size
    5.92 lot acres
    Property size
    6,856 SF
    Zone code
    RM-20
    Property type
    Apartment buildings
    APN
    420262024
    APU
    420262024

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $750,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,385,000
      6.5%
      $1,275,000
      7%
      $1,185,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,079,000
      Market price range: $408k - $1.08M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,310,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Puyallup
    County
    Pierce
    State
    Washington
    Longitude
    -122.264
    Latitude
    47.1931
    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
    $251,391
    $7,807,400
    $16,877,100
    $24,684,500
    -
    $7,807,400
    $16,877,100
    $24,684,500

    Comparable in this City

    • Value Estimation
      $505,000
      3,468 SF

      14315 Pioneer E Way

      APARTMENT HOUSE (5+ UNITS) • 3,468 SF
      14315 Pioneer E Way, Puyallup, WA 98372-3674
      View Details
    • Value Estimation
      $740,000
      4,248 SF

      2120 177th E St

      APARTMENT HOUSE (5+ UNITS) • 4,248 SF
      2120 177th E St, Puyallup, WA 98372
      View Details
    • Value Estimation
      $530,000
      4,940 SF

      131 23rd SE Ave

      APARTMENT HOUSE (5+ UNITS) • 4,940 SF
      131 23rd SE Ave, Puyallup, WA 98372-4544
      View Details
    • Value Estimation
      $1,005,000
      8,904 SF

      303 2nd NE Ave, Unit 307

      APARTMENT HOUSE (5+ UNITS) • 8,904 SF
      303 2nd NE Ave, Puyallup, WA 98372-3017
      View Details
    • Value Estimation by Request
      3,642 SF

      903 8th SE St

      APARTMENT HOUSE (5+ UNITS) • 3,642 SF
      903 8th SE St, Puyallup, WA 98372-3830
      View Details
    • Value Estimation by Request
      3,064 SF

      4728th Chrisella E Rd

      APARTMENT HOUSE (5+ UNITS) • 3,064 SF
      4728th Chrisella E Rd, Puyallup, WA 98372
      View Details

    Similar Nearby for Sale

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      20,792 SF

      Renovated Multifamily Building in Puyallup

      Renovated multifamily property with value-add potential in prime location.
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    • $3,950,000
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      Puyallup 23-Unit Multifamily Investment

      23-unit multifamily property in Puyallup with value-add potential.
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    • $1,050,000

      Puyallup Investment Opportunity

      Value-add investment property in thriving Puyallup, near transit and retail.
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    • $34,900
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      Lone Cedar Park Home

      Home in picturesque neighborhood near trails, shopping, and event center.
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      Spacious Home on Large Lot

      Updated 4 bed, 3 bath home on private 0.54-acre lot.
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    • $799,995

      Edgewood Mixed-Use Property with Shop

      Updated home and large shop in prime Edgewood location.
      3618 Chrisella Rd, Edgewood, WA 98372
      View Details

    Similar Nearby for Lease

    • $26 SF/Yr
      43,066 SF

      Downtown Puyallup Office Suites Available

      Office and retail suites available in downtown Puyallup.
      615 East Pioneer, Puyallup, WA 98372
      View Details
    • Contact for pricing
      211,153 SF

      Puyallup Industrial Building For Lease

      211,153 SF industrial building with rail access in Puyallup.
      14021 E Pioneer Way, Puyallup, WA 98372
      View Details
    • $1.23 SF/Yr
      25,777 SF

      Industrial Property with Yard Storage

      25,777 SF industrial space with yard and office.
      3480 W Valley Hwy E, Edgewood, WA 98372
      View Details
    • $20 SF/Yr
      46,775 SF

      Puyallup Executive Office Space

      Class A office building, multiple suites available
      1011 Main Ave, Puyallup, WA 98372
      View Details
    • $22 SF/Yr
      27,346 SF

      Puyallup Executive Office Space

      Class A Office, Downtown Puyallup, Amenities
      929 Main Ave, Puyallup, WA 98372
      View Details
    • Contact for pricing
      3,900 SF

      Medical Office Space Available

      Functional medical office space for lease in Puyallup, WA.
      2728 E Main, Puyallup, WA 98372
      View Details
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    2309 Main
    Puyallup, WA 98372-4139
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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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