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

    2637 Pearl St Tacoma, WA 98407-2416

    • Outlet malls
    • 47,543 SF
    • 4.94 lot acres
    OFF-MARKET
    Last Sale
    Oct 31, 2022
    Value Estimations
    $9,430,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1780194
    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

    • Safeway Bakery / Bakery
    • Eric Ho, BSc / Pharmacy
    • Safeway Pharmacy / Pharmacy / Drug Store
    • Redbox / Movie Rental Kiosk / Dvd Store
    • Gesa Credit Union / Credit Union / Car Finance And Loan Company

    Property Details for 2637 Pearl St

    Year built
    2002
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    4.94 lot acres
    Property size
    47,543 SF
    Zone code
    CCX
    Property type
    Outlet malls
    APN
    7045000302
    APU
    7045000302

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $9,535,000
      6.5%
      $8,800,000
      7%
      $8,175,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $11,641,000
      Market price range: $7.26M - $22.4M
      AI Estimate
      $7,847,000
      Market price range: $4.80M - $12.0M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $14,355,000
      Current use
      COMMERCIAL (GENERAL)
      $14,655,000
      Change: +2% Conversion: Easy
      WAREHOUSE, STORAGE
      $14,245,000
      Change: -1% Conversion: Difficult
      MEDICAL BUILDING
      $11,635,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.514
    Latitude
    47.2727
    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
    $112,846
    $4,772,700
    $5,386,200
    $10,158,900
    -
    $4,772,700
    $5,386,200
    $10,158,900

    Comparable in this City

    • Value Estimation
      $2,415,000
      13,120 SF

      2675 Pearl St

      WHOLESALE OUTLET, DISCOUNT STORE • 13,120 SF
      2675 Pearl St, Tacoma, WA 98407-2416
      View Details
    • Value Estimation
      $1,265,000
      6,299 SF

      2624 Pearl St

      SHOPPING CENTER, STRIP CENTER • 6,299 SF
      2624 Pearl St, Tacoma, WA 98407-2417
      View Details
    • Value Estimation by Request
      9,051 SF

      5701 26th St

      SHOPPING CENTER, STRIP CENTER • 9,051 SF
      5701 26th St, Tacoma, WA 98407-2408
      View Details
    • Value Estimation by Request
      30,116 SF

      2631st N Pearl St

      SHOPPING CENTER, STRIP CENTER • 30,116 SF
      2631st N Pearl St, Tacoma, WA 98407
      View Details
    • Value Estimation by Request
      5,158 SF

      2665th N Pearl St

      SHOPPING CENTER, STRIP CENTER • 5,158 SF
      2665th N Pearl St, Tacoma, WA 98407
      View Details
    • Value Estimation by Request
      8,500 SF

      2719 Pearl St

      SHOPPING CENTER, STRIP CENTER • 8,500 SF
      2719 Pearl St, Tacoma, WA 98407-2418
      View Details

    Similar Nearby for Sale

    • $4,250,000
      10,815 SF

      Proctor St. Retail Redevelopment

      Tacoma Storefront: Huge Redevelopment Potential
      2621 Proctor St, Tacoma, WA 98407
      View Details
    • $2,200,000

      Proctor Street Restaurant - Tacoma

      Upscale Restaurant, Prime Location, High Returns
      2620 Proctor St, Tacoma, WA 98407
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    • $59,000

      Established Taco Del Mar Franchise

      Thriving Taco Shop, Turnkey Operation
      5738 26Th St, Tacoma, WA 98407
      View Details
    • $3,500,000

      Tacoma Office Building For Sale

      Office building available for purchase in Tacoma, Washington.
      5954 N 26Th St, Tacoma, WA 98407
      View Details
    • $4,250,000

      Corner Property With Redevelopment Potential

      Two parcels with redevelopment potential in a mixed-use district.
      2621 Proctor St, Tacoma, WA 98407
      View Details
    • $1,225,000
      1,365 SF

      Rainier Condominium with Sound Views

      Condominium with unobstructed views, modern finishes, and tax abatement.
      4907 Main St, Tacoma, WA 98407
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    Similar Nearby for Lease

    • $35 SF/Yr
      200,000 SF

      Ruston Shops Retail Space Available

      Prime Ruston retail space, multiple units.
      5105 Main St, Ruston, WA 98407
      View Details
    • $38 SF/Yr
      2,196 SF

      Retail Space Available For Rent

      Retail space available for lease in Tacoma, Washington.
      2624 N Pearl St, Tacoma, WA 98407
      View Details
    • $3,950 /Mo
      2,276 SF

      North End Craftsman Home For Rent

      Charming 4-bedroom Craftsman in Tacoma's North End, available for rent.
      3617 N Verde St, Tacoma, WA 98407
      View Details
    • $19 SF/Yr
      1,680 SF

      Office Space with Free Parking

      Office space for rent with easy access and free parking.
      5219 N Shirley St, Ruston, WA 98407
      View Details
    • $32 SF/Yr
      1,960 SF

      Finished Office Building in Tacoma

      Turn-key office space with unique features in North Tacoma.
      5104 N Pearl St, Tacoma, WA 98407
      View Details

    Property Visit Statistics

    • Visits by month
      121.1k
    • Visitors by month
      54.6k
    • Avg Time on site
      19 min
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    Tacoma, WA 98407-2416
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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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