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Property profile & analytics
OFF-MARKET
Estimated value
$1,095,000
Apartment buildings
2408 Milton Way Milton, WA 98354
Entity Owned
20-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-1451579
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1989
Construction
WOOD FRAME
Total area
5,382 SF
Lot
2.49 ac (108,639 SF)
Zoning code
RM
APN
420045009
UPID
US90-1451579
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.00M
Comparable Approach
Comparable
$781k
Blend (final)
Blend
$1.10M
Owner & transaction history
Lihi Sunset Meadows LLC · 20 yrs held
Lihi Sunset Meadows LLC
since 2005
7 recorded transactions
Zoning & alternative use
RM · Milton, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
Parking or storage of recreational vehicles, watercraft or utility trailers for compensation is not permitted within a residential zone (RS, RM, or RMD). This subsection does not apply to storage facilities provided exclusively for tenants of multifamily dwelling complexes. D. No recreational vehicle may be used as an accessory structure to a residence or op…
Zone name
Residential Multifamily District
General category
RESIDENTIAL
Zone area
172.31 ac
Top alternative use upside
Commercial (general)
$1.8M
+40.8%
Retail stores
$1.7M
+29.7%
Warehouse, storage
$1.6M
+26.4%
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 Milton submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Milton 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%
$1,085,000
6.5%
$1,000,000
7%
$930,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,270,000
Current use
COMMERCIAL (GENERAL)
$1,790,000
Change: +41% · Conversion: Moderate
RETAIL STORES
$1,650,000
Change: +30% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,605,000
Change: +26% · Conversion: Difficult
Blend value · Realmo final
$1.10M
Range $986k – $1.20M · ±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
$203 / 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
$12
Tax year 2024
Assessed value
$4,446,100
Assessed 2024
Previous assessed
$4,446,100
+0.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$3,171,300
Assessed improvement
$1,274,800
Land market value
$3,171,300
Improvement market value
$1,274,800
Total market value
$4,446,100
Applied tax rate
79.0000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1989
Construction
WOOD FRAME
Heating
ELECTRIC
Cooling
CENTRAL
Buildings
4
Stories
2
Units
6
Total area
5,382 SF
Lot
2.49 ac (108,639 SF)
Zoning code
RM
APN
420045009
UPID
US90-1451579
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
RM · Milton, WAZoning RM · permitted uses
RM · Milton, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
Parking or storage of recreational vehicles, watercraft or utility trailers for compensation is not permitted within a residential zone (RS, RM, or RMD). This subsection does not apply to storage facilities provided exclusively for tenants of multifamily dwelling complexes. D. No recreational vehicle may be used as an accessory structure to a residence or operating business, nor to accommodate a residential accessory use. ( Ord. 1717
Zone name
Residential Multifamily District
General category
RESIDENTIAL
Zone area
172.31 ac
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.3M
COMMERCIAL (GENERAL)
Est. value
$1.8M
RETAIL STORES
Est. value
$1.7M
WAREHOUSE, STORAGE
Est. value
$1.6M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
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
1989
Construction
WOOD FRAME
Heating
ELECTRIC
Cooling
Yes
Stories
2
Buildings
4
Units
6
Lot
2.49 ac
Current owner
From public records · entity-resolved
Lihi Sunset Meadows LLC
Entity
Free & Clear · 20 yrs held
Mailing address
1253 S JACKSON ST STE A, SEATTLE, WA 98144-3075
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 27, 2005
—
Lihi Sunset Meadows LLC
Low Income Housing Institute
Quit Claim Deed
related
—
Feb 28, 2005
$1,600,000
Low Income Housing Institute
Berg Jack & E Trust
Warranty Deed
$1,147,500 · Sterling Savings Bank
Nov 14, 1990
$1,230,000
Jack Berg
Unknown
Grant Deed
—
—
—
Lihi Sunset Meadows
—
Deed Of Trust
related
$100,000 · Department/cmnty Connections
—
—
Jack Breg
—
Deed Of Trust
related
$687,800 · Washington Mutual Fsb
—
—
Jack Berg
—
Deed Of Trust
related
$685,000 · Washington Mutual Fsb
—
—
Lihi Sunset Meadows LLC
—
Deed Of Trust
related
$1,296,000 · Washington State Dept Communit
—
—
Lihi Sunset Meadows LLC
—
Deed Of Trust
related
$200,000 · Low Income Housing Institution
—
—
Lihi Sunset Meadows LLC
—
Deed Of Trust
related
$300,000 · Low Income Housing Institution
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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