New search
Property profile & analytics
OFF-MARKET
Estimated value
$3,760,000
Office Spaces
2601 35th St, Lakewood, WA 98409-7402
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-0309878
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
22,265 SF
Lot
1.33 ac (57,935 SF)
Zoning code
CIX
APN
4860000683
UPID
US90-0309878
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
$3.76M
CAP Approach
CAP
$4.73M
Comparable Approach
Comparable
$4.44M
Blend (final)
Blend
$3.76M
Owner & transaction history
Hmst LLC · 4 yrs held
Hmst LLC
since 2022
Last sale
$3.8M
7 recorded transactions
Zoning & alternative use
CIX · Lakewood, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Lakewood submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lakewood 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
$3,680,000
ML approach
$3,760,000
CAP Approach
CAP Return
Estimation
6%
$5,120,000
6.5%
$4,725,000
7%
$4,390,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$5,940,000
Current use
WAREHOUSE, STORAGE
$5,860,000
Change: -1% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$5,685,000
Change: -4% · Conversion: Moderate
MEDICAL BUILDING
$5,450,000
Change: -8% · Conversion: Easy
INDUSTRIAL (GENERAL)
$4,920,000
Change: -17% · Conversion: Moderate
Blend value · Realmo final
$3.76M
Range $3.38M – $4.14M · ±10% · vs last sale $3.80M (Mar 1 2024)
Last sale anchor
$3.80M
Mar 1 2024
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
$169 / 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
$37,783
Tax year 2024
Assessed value
$3,400,700
Assessed 2024
Previous assessed
$3,400,700
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$981,300
Assessed improvement
$2,419,400
Land market value
$981,300
Improvement market value
$2,419,400
Total market value
$3,400,700
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
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Buildings
3
Stories
2
Units
1
Total area
22,265 SF
Lot
1.33 ac (57,935 SF)
Zoning code
CIX
APN
4860000683
UPID
US90-0309878
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
CIX · Lakewood, WA
Zoning CIX · permitted uses
CIX · Lakewood, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lakewood. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$5.9M
WAREHOUSE, STORAGE
Est. value
$5.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.7M
MEDICAL BUILDING
Est. value
$5.5M
INDUSTRIAL (GENERAL)
Est. value
$4.9M
COMMERCIAL (GENERAL) Current
WAREHOUSE, STORAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
INDUSTRIAL (GENERAL)
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
1986
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HEAT PUMP
Stories
2
Buildings
3
Units
1
Lot
1.33 ac
Current owner
From public records · entity-resolved
Hmst LLC
Entity
Mailing address
10601 LK STEILACOOM DR SW, LAKEWOOD, WA 98498-6721
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 25, 2023
—
Hmst LLC
—
Deed
related
$500,000 · Umpqua Bank
Aug 24, 2023
—
Hmst LLC
—
Deed
related
$500,000 · Umpqua Bank
Jan 25, 2022
—
Hmst LLC
Hmst Enterprises
Quit Claim Deed
related
—
—
—
Rufus W Parker
—
Deed Of Trust
related
$450,000 · Systran Fin Ser
—
—
Allen H Reed
—
Deed Of Trust
related
$39,123 · Transamer Ind Loan
—
—
Hmst Enterprises
—
Deed Of Trust
related
$970,000 · Safeco Life Insurance Co
—
—
Hmst Ents
—
Deed Of Trust
related
$150,000 · Columbia State Bank
—
—
Darold A Davidson
—
Deed Of Trust
related
$18,916 · Transamerica Financial Svc
—
—
Norman D Petersen
—
Deed Of Trust
related
$32,852 · Transamer Ind Loan
—
—
Hmst Ents
—
Deed Of Trust
related
$300,000 · Columbia State Bank
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2601 35th St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
