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Property profile & analytics
OFF-MARKET
Estimated value
$1,660,000
Office Spaces
2407 31st St Tacoma, WA 98407-6439
Entity Owned
9-yr Hold
~
Est. High Equity
Property ID
US90-0917685
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1999
Construction
WOOD FRAME
Total area
8,637 SF
Lot
0.39 ac (16,800 SF)
Zoning code
C2
APN
8910000080
UPID
US90-0917685
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
Current use
Occupant on record · Public records
-
KPFF Consulting Engineers - Civil and Structural Engineering Engineering Consultant
-
Load Control Systems Inc Big Box & Wholesale Store
-
tarpx gallery Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.84M
Comparable Approach
Comparable
$1.61M
Blend (final)
Blend
$1.66M
Owner & transaction history
Harbor Place LLC · 9 yrs held
Harbor Place LLC
since 2017
4 recorded transactions
Zoning & alternative use
C2 · Tacoma, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
C-2: General Community Commercial District The C-2 District is similar to the C -1 District however it is intended to serve a larger market area. Higher intensity uses of the permitted uses in the C -1 District are allowed in the C -2 District. The maximum building height in this district is 45 feet.
Zone name
Commercial
General category
MIXED_USE
Zone area
305.24 ac
Source
Ordinance Table
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 Tacoma submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tacoma 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,985,000
6.5%
$1,835,000
7%
$1,705,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,665,000
Current use
RETAIL STORES
$2,610,000
Change: -2% · Conversion: Easy
WAREHOUSE, STORAGE
$2,590,000
Change: -3% · Conversion: Difficult
Blend value · Realmo final
$1.66M
Range $1.49M – $1.83M · ±10%
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
$192 / 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
$30,830
Tax year 2024
Assessed value
$2,774,700
Assessed 2024
Previous assessed
$2,774,700
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$1,022,000
Assessed improvement
$1,752,700
Land market value
$1,022,000
Improvement market value
$1,752,700
Total market value
$2,774,700
Applied tax rate
5.0000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1999
Construction
WOOD FRAME
Heating
CENTRAL
Cooling
AC.PACKAGE
Stories
2
Units
2
Total area
8,637 SF
Lot
0.39 ac (16,800 SF)
Zoning code
C2
APN
8910000080
UPID
US90-0917685
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
C2 · Tacoma, WAZoning C2 · permitted uses
C2 · Tacoma, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
C-2: General Community Commercial District The C-2 District is similar to the C -1 District however it is intended to serve a larger market area. Higher intensity uses of the permitted uses in the C -1 District are allowed in the C -2 District. The maximum building height in this district is 45 feet.
Zone name
Commercial
General category
MIXED_USE
Zone area
305.24 ac
Source
Ordinance Table
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.7M
RETAIL STORES
Est. value
$2.6M
WAREHOUSE, STORAGE
Est. value
$2.6M
COMMERCIAL (GENERAL) Current
RETAIL STORES
WAREHOUSE, STORAGE
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
1999
Construction
WOOD FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Units
2
Lot
0.39 ac
Current owner
From public records · entity-resolved
Harbor Place LLC
Entity
Mailing address
PO BOX 875, TACOMA, WA 98401-0875
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 1, 2017
—
Harbor Place LLC
—
Deed
related
$2,287,500 · Homestreet Bk
Oct 15, 1999
—
Harbor Place LLC
—
Deed Of Trust
related
$1,516,613 · Kitsap Bank
—
—
Harbor Place LLC
—
Deed Of Trust
related
$2,200,000 · * Other Institutional Lenders
—
—
Harbor Place LLC
—
Deed Of Trust
related
$2,287,500 · Homestreet Bk
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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