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    Property profile & analytics

    2748 Milton Way Milton, WA 98354

    • Office Properties & Spaces
    • 30,894 SF
    • 1.60 lot acres
    For Lease
    View listing
    $17 SF/Yr
    Value Estimations
    $815,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0316197
    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

    • Surprise Lake Professional Medical Center / Medical Center
    • Hopkins & Associates / Dentist
    • Franciscan Medical Clinic - Milton / Medical Clinic / Family Practice Physician
    • Chenoa A. Torklep, LMP / Doctor / Massage Therapist
    • Estrelino D Velasco Jr., MD / Family Practice Physician / Doctor

    Property Details for 2748 Milton Way

    Year built
    1991
    Construction
    STEEL FRAME
    Lot size
    1.60 lot acres
    Property size
    30,894 SF
    Zone code
    B
    Property type
    Office Properties & Spaces
    APN
    420041042
    APU
    420041042

    Description

    This exceptional two-story, 30,894 square foot office building, situated on a sprawling 69,735-acre lot at 2748 Milton Way, Milton, WA 98354, presents a unique investment opportunity. Built in 1991 and extensively renovated in 2018, the property boasts a prime location, offering excellent visibility with approximately 24,000 cars passing daily. The building features a single elevator, ample parking, and a convenient drive-up patient entrance, making it ideal for various office uses, including medical, creative, and traditional office spaces. Currently, there are several spaces available, ranging from 1,707 to 2,732 square feet, with a maximum contiguous space of 6,912 square feet. The building's attractive features include a bright entryway with floor-to-ceiling windows, ensuring natural light and a welcoming atmosphere. Its ADA accessibility further enhances its appeal. The property is zoned B and conveniently located near shopping, services, and major transportation arteries, including I-5, Hwy 18, and Hwy 167. The building's location, just one block west of Meridian on Milton Way, ensures high traffic counts and excellent exposure. With 6,609 square feet currently vacant, this presents a compelling opportunity for businesses seeking high-quality office space in a desirable location. The property's parcel number is 042004-1-042.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $815,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Milton
    County
    Pierce
    State
    Washington
    Longitude
    -122.297
    Latitude
    47.2506
    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
    $47,812
    $1,331,800
    $3,457,200
    $4,789,000
    -
    $1,331,800
    $3,457,200
    $4,789,000

    Comparable in this City

    • Value Estimation
      $345,000
      6,256 SF

      2825 Milton Way

      OFFICE (GENERAL) • 6,256 SF
      2825 Milton Way, Milton, WA 98354-8034
      View Details
    • Value Estimation
      $285,000
      1,861 SF

      7220 Pacific E Hwy

      OFFICE (GENERAL) • 1,861 SF
      7220 Pacific E Hwy, Milton, WA 98354-9654
      View Details
    • Value Estimation
      $385,000
      3,555 SF

      406 Porter Way, Unit 218218

      OFFICE (GENERAL) • 3,555 SF
      406 Porter Way, Milton, WA 98354-9638
      View Details
    • Value Estimation
      $285,000
      1,440 SF

      300 Birch St

      OFFICE (GENERAL) • 1,440 SF
      300 Birch St, Milton, WA 98354-9618
      View Details
    • Value Estimation
      $215,000
      1,152 SF

      807 70th E Ave

      OFFICE (GENERAL) • 1,152 SF
      807 70th E Ave, Milton, WA 98354-9600
      View Details
    • Value Estimation
      $330,000
      3,841 SF

      7808 Pacific E Hwy

      OFFICE (GENERAL) • 3,841 SF
      7808 Pacific E Hwy, Milton, WA 98354-9576
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Milton Land Zoned M-1

      Land in Milton, WA, suitable for construction or service center.
      320 Birch St, Milton, WA 98354
      View Details
    • $650,000
      50,530 SF

      Prime Milton Commercial Land Parcel

      1.16-acre commercial parcel in a fast-growing corridor.
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    • $650,000

      Prime Milton Commercial Land Site

      Approved commercial land for sale in Milton, WA.
      98 5Th Ave, Milton, WA 98354
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    • $1,360,000
      43,560 SF

      Acre Lot in Milton

      Acre lot with utilities, farmhouse, and workshop in Milton.
      2816 Redwood St, Milton, WA 98354
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    • $415,000
      1,426 SF

      Updated Townhome with Modern Features

      Updated end-unit townhome near shopping, dining, and parks.
      2750 Diamond Loop, Milton, WA 98354
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    Similar Nearby for Lease

    • $17 SF/Yr
      30,894 SF

      Surprise Lake Office Center

      Milton, WA: Prime Office Space Available
      2748 Milton Way, Milton, WA 98354
      View Details
    • $3,950 /Mo
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      Milton House/Office with Large Yard

      House/Office with 15,000 SF yard in Milton, WA.
      95 5Th Ave, Milton, WA 98354
      View Details
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      478,542 SF

      Kent Valley New Construction Opportunity

      New industrial construction for lease near I-5 and Tacoma Port.
      60 5Th Ave, Milton, WA 98354
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    • Contact for pricing
      1 SF

      Surprise Lake Square Retail Space

      Grocery-anchored Milton retail space. High visibility, excellent location.
      816-900 Meridian Ave, Milton, WA 98354
      View Details
    • Contact for pricing
      127,798 SF

      Kent Valley New Construction Opportunity

      New industrial construction for rent near I-5 and Tacoma Port.
      70 5Th Ave, Milton, WA 98354
      View Details
    • $32 SF/Yr
      9,900 SF

      Surprise Lake Square Retail Center

      Milton Shopping Center: High Visibility, Ample Parking
      900 Meridian Ave, Milton, WA 98354
      View Details
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    Milton, WA 98354
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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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