Entity Owned 
For Lease
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2406 Port Of Tacoma Rd, Tacoma, WA 98421
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Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1919
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
4,800 SF
Lot
0.4 ac (17,424 SF)
Zoning code
M3
APN
321353024
UPID
US90-3263034
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Tech Support Center IT Consulting Firm
-
Building Supply
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.04M
CAP Approach
CAP
$790k
Comparable Approach
Comparable
$1.02M
Blend (final)
Blend
$965k
Owner & transaction history
since 2020
Last sale
$987,500
7 recorded transactions
Zoning & alternative use
M3 · Tacoma, WA
Top alternative use upside
Commercial (general)
$1.5M
+83.4%
Retail stores
$1.5M
+79.7%
Warehouse, storage
$1.4M
+78.3%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
5 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
from $99/month
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Summary
1
Valuation conclusion
Included free
Estimated market value
$965k
Value range
$869k – $1.06M
±10% around blend
Estimated value / SF
$201 / SF
Confidence
Property data
100
Market benchmarks
100
Comparable evidence
60
Income certainty
100
$869k
blend $965k
$1.06M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
4,800 SF
Lot area
0.4 ac
Year built
1919
Stories
2
APN
321353024
Zoning
M3
Assessed value
$1,087,900
Annual tax
$12,095
3
Income approach: direct capitalization
Partial preview
Income approach indication
$790k
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$855k
@ 6.5% CAP return
$790k
@ 7% CAP return
$735k
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$12,095
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$1.02M
Range $602k – $1.43M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$965k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 17 sales
$168
+20%
Submarket 50 sales
$221
-9%
County 103 sales
$422
-52%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $201/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+83%
vs current-use indication
Retail Stores
Warehouse, Storage
Medical Building
Industrial (general) · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
from $99/month
Overview
Selected market yield
5.30%
Selected cap rate for this flex space
Derived from the Tacoma market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 5.30%
9.0%
NOI (est.)
$43k *
Last sale · Dec 2020
$988k
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$808k
Move the market yield to see immediate price impact.
Value / SF
$168
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
4.80%5.30%5.80%
$39k
$803k
$727k
$665k
$43k
$892k
$808k
$738k
$47k
$981k
$889k
$812k
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$12,095
Tax year 2024
Assessed value
$1,087,900
Assessed 2024
Previous assessed
$1,087,900
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$483,300
Assessed improvement
$604,600
Land market value
$483,300
Improvement market value
$604,600
Total market value
$1,087,900
Applied tax rate
5.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Status
For Lease
Year built
1919
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
2
Total area
4,800 SF
Lot
0.4 ac (17,424 SF)
Zoning code
M3
APN
321353024
UPID
US90-3263034
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
M3 · Tacoma, WAZoning M3 · permitted uses
M3 · Tacoma, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1919
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
2
Lot
0.4 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
M3
Jurisdiction
Tacoma, WA
Recorded code
M3
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for M3 in Tacoma, WA.
What opens after registration
Zoning profile
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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