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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2631 38th St Tacoma, WA 98409-7355

    • Grocery and convenience stores
    • 2,497 SF
    • 0.38 lot acres
    OFF-MARKET
    Last Sale
    Jun 17, 2020
    Value Estimations
    $540,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1325064
    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

    • 7-Eleven / Grocery & Convenience Store
    • Western Union / Bank / Credit Union

    Property Details for 2631 38th St

    Year built
    1986
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.38 lot acres
    Property size
    2,497 SF
    Zone code
    UCX
    Property type
    Grocery and convenience stores
    APN
    5270000010
    APU
    5270000010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $445,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $632,000
      Market price range: $329k - $1.02M

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.473
    Latitude
    47.2228
    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
    $17,038
    $560,000
    $973,000
    $1,533,000
    -
    $560,000
    $973,000
    $1,533,000

    Comparable in this City

    • Value Estimation by Request
      0.14 Acres

      3807 Ctr St

      CONVENIENCE STORE • 0.14 Acres
      3807 Ctr St, Tacoma, WA 98409-3102
      View Details
    • Value Estimation
      $665,000
      2,523 SF

      4814 Ctr St

      CONVENIENCE STORE (W/FUEL PUMP) • 2,523 SF
      4814 Ctr St, Tacoma, WA 98409-2320
      View Details
    • Value Estimation by Request
      1,680 SF

      6440 Tyler St

      CONVENIENCE STORE (W/FUEL PUMP) • 1,680 SF
      6440 Tyler St, Tacoma, WA 98409-2524
      View Details
    • Value Estimation by Request
      1,749 SF

      5015 Ctr St

      CONVENIENCE STORE (W/FUEL PUMP) • 1,749 SF
      5015 Ctr St, Tacoma, WA 98409-2323
      View Details
    • Value Estimation by Request
      520 SF

      3002 38th St

      CONVENIENCE STORE (W/FUEL PUMP) • 520 SF
      3002 38th St, Tacoma, WA 98409-5613
      View Details
    • Value Estimation by Request
      1,809 SF

      7402 Tacoma Way

      CONVENIENCE STORE (W/FUEL PUMP) • 1,809 SF
      7402 Tacoma Way, Tacoma, WA 98409
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,936 SF

      Mixed-Use Retail and Multifamily Property

      Mixed-use property featuring retail spaces and multifamily units.
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      Tacoma Mall Retail Opportunity

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      Tacoma Mall Retail Opportunity

      Three-story, 2,707 SF building near Tacoma Mall entrance.
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      4,960 SF

      South Tacoma Way Retail Warehouse

      Freestanding retail warehouse with I-502 zoning and high visibility.
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      Mixed-Use Building in Tacoma, WA

      3,126-19,133 SF available in Tacoma's Urban Center Mixed-Use Zone.
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    • $1,660,800
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      Adaptable Commercial Space For Sale

      Commercial property suitable for retail, showroom, or light industrial use.
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    Similar Nearby for Lease

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      2,566 SF

      Tacoma Retail/Flex Space Available

      Retail/Flex space available for lease in Tacoma, Washington.
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    • Contact for pricing
      2,561 SF

      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
      4,900 SF

      Retail/Office/Warehouse Space Available

      Retail, office, and warehouse space with roll-up door.
      3802 S Warner St, Tacoma, WA 98409
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    • 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
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    • Contact for pricing
      2,000 SF

      Retail Space Near Tacoma Mall

      Retail space for lease near Tacoma Mall with excellent parking.
      2921 S 38Th St, Tacoma, WA 98409
      View Details
    • Contact for pricing
      10,408 SF

      Tacoma Retail Space For Lease

      Retail space available for lease in Tacoma, Washington.
      2501-2505 S 38Th St, Tacoma, WA 98409
      View Details
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    Tacoma, WA 98409-7355
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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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