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    2524 62nd E Ave Tacoma, WA 98424-2282
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    Property profile & analytics

    2524 62nd E Ave, Tacoma, WA 98424-2282

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    • Apartment buildings
    • 7,424 SF
    • 6.36 lot acres
    Off-Market
    Last Sale Sep 9, 2022
    $65,738,700
    Property ID
    US90-0326757
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Pointe East Apartments / Apartment Building / Apartment Rental Agency

    Property Details for 2524 62nd E Ave

    Year built
    1986
    Construction
    WOOD FRAME
    Lot size
    6.36 lot acres
    Zone code
    HIGH DENSI
    Property type
    Apartment buildings
    APN
    420073083
    APU
    420073083

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 9, 2022 $65,738,700 Pointe East Fife 124 LLC Pointe East Fife LLC Special Warranty Deed $25M · Key Bank NA
    Jul 13, 2018 $21,000,000 Pointe East Fife LLC Cb Pointe East LLC + Grant Deed · related $9.1M · Deutsche Bk T #2015-k1501 (ce)
    Feb 11, 2015 $11,400,000 Raw Terrace Pointe East LLC|da Citadel Pointe East Pointe East Associates LLC Grant Deed $9.1M · Walker & Dunlop
    Mar 3, 2011 — Pointe East Associates LLC Anderson,ronald G Quit Claim Deed · related —
    Dec 28, 2007 — Ronald G Anderson Pointe East Associates LLC Quit Claim Deed · related —
    — — Pointe East Associates LLC — Deed Of Trust · related $3.4M · Berkshire Mortgage Finance Co
    — — Pointe East Associates LLC — Deed Of Trust · related $3.4M · Berkshire Mortgage Finance Co

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.348
    Latitude
    47.2343
    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
    $274,204
    $6,529,400
    $22,323,100
    $28,852,500
    -
    $6,529,400
    $22,323,100
    $28,852,500

    Comparable in this City

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    • Value Estimation
      $1,040,000
      6,608 SF

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    • Value Estimation by Request
      3,260 SF

      2320 62nd E Ave

      APARTMENT HOUSE (5+ UNITS)
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    • Value Estimation by Request
      2,784 SF

      2330 62nd E Ave

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    • Value Estimation by Request
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    • Value Estimation
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      1,742 SF

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      APARTMENT HOUSE (5+ UNITS)
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      View Details

    Similar Nearby for Sale

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    • $7,950,000

      Renovated 42-Unit Apartment Complex

      Newly renovated 42-unit apartment complex in Fife, Washington.
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      Fife Land with Shop Structure

      33,106 SF site with shop, zoned City Center North.
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    • $1,350,000

      Fife Contractor Yard For Sale

      Office/Shop and Contractor yard in Fife with immediate access.
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      18,754 SF

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      Fife warehouse with I-5 visibility, floor drains, shop with yard.
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      6,065 SF

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    Similar Nearby for Lease

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      4,753 SF

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      Flex space with loading doors and convenient location.
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      23,859 SF

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      4,543 SF

      Fife Warehouse with Grade Doors

      2,402 SF warehouse space with excellent I-5 access.
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      9,800 SF

      Fife Warehouse Space Available

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      1,575 SF

      Fife Warehouse Space Available

      1575 SF warehouse space for lease in Fife, Washington.
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    • Contact for pricing
      30,000 SF

      Fife Warehouse Space Available

      23,859 SF warehouse space for rent in Fife, Washington.
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      View Details
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    Tacoma, WA 98424-2282
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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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