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Property profile & analytics
OFF-MARKET
Estimated value
$2,080,000
Warehouses
2912 69th W Ave, University Place, WA 98466-5225
Entity Owned
6-yr Hold
Free & Clear
Property ID
US90-1492345
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1975
Construction
WOOD FRAME
Total area
7,920 SF
Lot
2.37 ac (103,281 SF)
Zoning code
IB
APN
220104141
UPID
US90-1492345
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.95M
Blend (final)
Blend
$2.08M
Owner & transaction history
Spare Space LLC · 6 yrs held
Spare Space LLC
since 2020
2 recorded transactions
Zoning & alternative use
IB · University Place, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$3.4M
+41.5%
Restaurant
$3.1M
+30.7%
Auto repair, garage
$2.9M
+23.3%
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 University Place submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs University Place 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$2,375,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$3,360,000
Change: +42% · Conversion: Moderate
RESTAURANT
$3,100,000
Change: +31% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,925,000
Change: +23% · Conversion: Easy
RETAIL STORES
$2,390,000
Change: +1% · Conversion: Moderate
COMMERCIAL (GENERAL)
$2,345,000
Change: -1% · Conversion: Difficult
MEDICAL BUILDING
$1,940,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$2.08M
Range $1.87M – $2.29M · ±10%
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
$263 / 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
$56,513
Tax year 2024
Assessed value
$4,352,400
Assessed 2024
Previous assessed
$4,352,400
+0.0% YoY
Effective rate
1.30%
On assessed value
Assessed land
$1,221,900
Assessed improvement
$3,130,500
Land market value
$1,221,900
Improvement market value
$3,130,500
Total market value
$4,352,400
Applied tax rate
752.0000
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
1975
Construction
WOOD FRAME
Heating
NONE
Cooling
NONE
Buildings
6
Stories
1
Units
20
Total area
7,920 SF
Lot
2.37 ac (103,281 SF)
Zoning code
IB
APN
220104141
UPID
US90-1492345
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
IB · University Place, WA
Zoning IB · permitted uses
IB · University Place, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
University Place. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$2.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.4M
RESTAURANT
Est. value
$3.1M
AUTO REPAIR, GARAGE
Est. value
$2.9M
RETAIL STORES
Est. value
$2.4M
COMMERCIAL (GENERAL)
Est. value
$2.3M
MEDICAL BUILDING
Est. value
$1.9M
WAREHOUSE, STORAGE Current
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
MEDICAL BUILDING
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
1975
Construction
WOOD FRAME
Heating
NONE
Cooling
Yes
Stories
1
Buildings
6
Units
20
Lot
2.37 ac
Current owner
From public records · entity-resolved
Spare Space LLC
Entity
Free & Clear · 6 yrs held
Mailing address
3030 68TH AVE W STE H, UNIVERSITY PLACE, WA 98466-5231
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 30, 2020
—
Spare Space LLC
James E Kirkebo JR.
Quit Claim Deed
related
—
Feb 5, 2014
—
James E Kirkebo JR.
Kirkebo,james E JR
Quit Claim Deed
related
$1,150,000 · Bank Of The West
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.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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