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    Property profile & analytics

    2602 38th St Tacoma, WA 98409-7303

    • Strip malls
    • 8,680 SF
    • 0.57 lot acres
    OFF-MARKET
    Value Estimations
    $1,400,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1740845
    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.

    Current Use by Public Records

    • Jim Burrage, Kensington Broadway / Real Estate Agency
    • Advanced Weatherization / Construction Company / General Contractor
    • Kensington Real Estate / Real Estate Agency
    • Millionaire Marketing International / Advertising Agency / Marketing & Advertising
    • Concentra Physical Therapy / Occupational Health Service / Medical Clinic

    Property Details for 2602 38th St

    Year built
    1974
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.57 lot acres
    Property size
    8,680 SF
    Zone code
    UCX
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    4205000032
    APU
    4205000032

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,085,000
      6.5%
      $1,925,000
      7%
      $1,790,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.472
    Latitude
    47.2221
    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
    $16,401
    $899,600
    $576,000
    $1,475,600
    -
    $899,600
    $576,000
    $1,475,600

    Comparable in this City

    • Value Estimation
      $2,160,000
      15,500 SF

      7626th S Tacoma Way

      SHOPPING CENTER, STRIP CENTER • 15,500 SF
      7626th S Tacoma Way, Tacoma, WA 98409
      View Details
    • Value Estimation
      $13,425,000
      7,500 SF

      5037 Tacoma Mall Blvd

      SHOPPING CENTER, STRIP CENTER • 7,500 SF
      5037 Tacoma Mall Blvd, Lakewood, WA 98409
      View Details
    • Value Estimation
      $6,695,000
      20,598 SF

      4916 Ctr St

      SHOPPING CENTER, STRIP CENTER • 20,598 SF
      4916 Ctr St, Tacoma, WA 98409-2348
      View Details
    • Value Estimation
      $2,345,000
      11,968 SF

      7002 Tacoma Mall Blvd

      SHOPPING CENTER, STRIP CENTER • 11,968 SF
      7002 Tacoma Mall Blvd, Lakewood, WA 98409-6623
      View Details
    • Value Estimation
      $1,440,000
      10,800 SF

      5013th S 56th St

      SHOPPING CENTER, STRIP CENTER • 10,800 SF
      5013th S 56th St, Tacoma, WA 98409
      View Details
    • Value Estimation
      $825,000
      5,070 SF

      4802 Ctr St

      SHOPPING CENTER, STRIP CENTER • 5,070 SF
      4802 Ctr St, Lakewood, WA 98409-2362
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Tacoma Retail Property For Sale

      Multi-tenant retail property in Tacoma's West End, fully occupied.
      4916 Center St, Tacoma, WA 98409
      View Details
    • $9,000,000

      Tacoma Retail Property For Sale

      Multi-tenant retail property in Tacoma's West End, 100% occupied.
      4916 Center St, Tacoma, WA 98409
      View Details
    • $1,200,000
      1,896 SF

      Restaurant/Retail Property in Tacoma, WA

      Restaurant/Retail property available for sale in Tacoma, WA.
      3101 S 38Th St, Tacoma, WA 98409
      View Details
    • $1,660,800
      5,536 SF

      Adaptable Commercial Space For Sale

      Commercial property suitable for retail, showroom, or light industrial use.
      4820 Washington St, Tacoma, WA 98409
      View Details
    • Contact for pricing

      Tacoma Mall Retail Opportunity

      Three-story, 2,707 SF building near Tacoma Mall entrance.
      4010 S Steele St, Tacoma, WA 98409
      View Details
    • Contact for pricing

      South Tacoma Way Retail Warehouse

      Freestanding retail warehouse with I-502 zoning and high visibility.
      3201 South Tacoma Way, Tacoma, WA 98409
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Near Highway 16

      Retail space with high visibility and easy highway access.
      4702-4720 Center St, Tacoma, WA 98409
      View Details
    • Contact for pricing
      42,384 SF

      Retail Space Near Tacoma Mall

      High-traffic retail space near Tacoma Mall with strong business presence.
      4104-4124 Tacoma Mall Blvd, Tacoma, WA 98409
      View Details
    • Contact for pricing
      2,268 SF

      Retail Space Near Tacoma Mall

      Retail space with high visibility and multiple access points.
      3801-3825 S Steele St, Tacoma, WA 98409
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space in Olympic South

      Retail space with open floor plan and excellent signage.
      5825 Tacoma Mall Blvd, Tacoma, WA 98409
      View Details
    • Contact for pricing
      16,500 SF

      Restaurant Space Near Tacoma Mall

      Second generation restaurant space with hood in Evergreen Plaza.
      5015-5221 Tacoma Mall Blvd, Tacoma, WA 98409
      View Details
    • $15 SF/Yr
      11,866 SF

      Oakes Village Medical Office Space

      Tacoma retail space, prime location.
      4704 Oakes St, Tacoma, WA 98409
      View Details
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    Tacoma, WA 98409-7303
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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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