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Property profile & analytics
FOR LEASE
Strip malls
2921 38Th St Tacoma, WA 98409
Entity Owned
3-yr Hold
Free & Clear
Property ID
US90-0939843
No photos on file
For Lease
$5,250/Mo
2921 38Th St, Tacoma, WA 98409
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
19,200 SF
Lot
15.37 ac (669,517 SF)
Zoning code
UCX
APN
9710000781
UPID
US90-0939843
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
Current use
Occupant on record · Public records
-
UPS Access Point location Courier Service Postal Service
-
Michaels (Bike/Boat/Book/etc) Store
-
Michaels Custom Framing (Bike/Boat/Book/etc) Store Home Decor Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.26M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.50M
Owner & transaction history
Burger King Company LLC · 3 yrs held
Burger King Company LLC
since 2023
7 recorded transactions
Zoning & alternative use
UCX · Tacoma, WA
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 Tacoma submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tacoma 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%
$4,615,000
6.5%
$4,260,000
7%
$3,960,000
Blend value · Realmo final
$3.50M
Range $3.15M – $3.84M · ±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
$182 / 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
$358,453
Tax year 2024
Assessed value
$32,271,700
Assessed 2024
Previous assessed
$32,271,700
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$17,713,200
Assessed improvement
$14,558,500
Land market value
$17,713,200
Improvement market value
$14,558,500
Total market value
$32,271,700
Applied tax rate
5.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
YES
Buildings
7
Stories
1
Total area
19,200 SF
Lot
15.37 ac (669,517 SF)
Zoning code
UCX
APN
9710000781
UPID
US90-0939843
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
UCX · Tacoma, WAZoning UCX · permitted uses
UCX · Tacoma, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Ordinance Table
Building & site characteristics
From public records
Year built
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
Yes
Stories
1
Buildings
7
Lot
15.37 ac
Current owner
From public records · entity-resolved
Burger King Company LLC
Entity
Free & Clear · 3 yrs held
Mailing address
PO BOX 98922, TACOMA, WA 98496-8922
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 23, 2023
—
Burger King Company LLC
Burger King Corporation
Assignment Of Lease (leasehold Sale)
—
Dec 30, 2020
—
Cascade Plaza Associates LLC
Cascade Plaza Ptshp
Correction Deed
related
—
Dec 7, 2020
—
Cascade Plaza Associates LLC
Cascade Plaza Ptshp
Quit Claim Deed
related
—
Aug 8, 2017
—
Cascade Plaza Ptshp
—
Loan Modification
related
$14,700,000 · Wells Fargo Bk
Jan 21, 2015
—
Northwest Restaurants INC
—
Grant Deed
related
$122,000,000 · Bank Of America
—
—
Cascade Plaza Partnership
—
Deed Of Trust
related
$25,000 · Wells Fargo Bank
—
—
Cascade Plaza Partnership
—
Deed Of Trust
related
$2,000,000 · Wells Fargo Financial Bank
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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