Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3002 224th E St Tacoma, WA 98409

    • Office properties & Spaces
    • 3,610 SF
    • 4.58 lot acres
    OFF-MARKET
    Value Estimations
    $825,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0745607
    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

    • Office properties & Spaces

    Property Details for 3002 224th E St

    Year built
    1970
    Construction
    WOOD FRAME
    Lot size
    4.58 lot acres
    Property size
    3,610 SF
    Zone code
    RSV5
    Property type
    Office properties & Spaces
    APN
    318141004
    APU
    318141004

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $830,000
      6.5%
      $765,000
      7%
      $710,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $781,000
      Market price range: $184k - $813k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $965,000
      Current use
      WAREHOUSE, STORAGE
      $950,000
      Change: -1% Conversion: Difficult
      MEDICAL BUILDING
      $885,000
      Change: -8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.389
    Latitude
    47.0527
    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
    $2,749
    $584,500
    $565,300
    $1,149,800
    -
    $584,500
    $565,300
    $1,149,800

    Comparable in this City

    • Value Estimation
      $1,115,000
      4,843 SF

      3727 Tacoma Way, Unit 75246

      OFFICE (GENERAL) • 4,843 SF
      3727 Tacoma Way, Lakewood, WA 98409-3134
      View Details
    • Value Estimation
      $1,235,000
      6,712 SF

      1235 Tacoma Way

      OFFICE (GENERAL) • 6,712 SF
      1235 Tacoma Way, Tacoma, WA 98409-8048
      View Details
    • Value Estimation
      $1,280,000
      6,146 SF

      3112 38th St

      OFFICE (GENERAL) • 6,146 SF
      3112 38th St, Tacoma, WA 98409-5615
      View Details
    • Value Estimation
      $700,000
      3,500 SF

      3501 58th St

      OFFICE (GENERAL) • 3,500 SF
      3501 58th St, Tacoma, WA 98409-4209
      View Details
    • Value Estimation
      $795,000
      3,182 SF

      3411 Un Ave

      OFFICE (GENERAL) • 3,182 SF
      3411 Un Ave, Tacoma, WA 98409-3139
      View Details
    • Value Estimation
      $1,570,000
      8,000 SF

      3802 Warner St

      OFFICE (GENERAL) • 8,000 SF
      3802 Warner St, Tacoma, WA 98409-4630
      View Details

    Similar Nearby for Sale

    • $499,000

      Standalone Commercial Building Near Highway

      Commercial building with flexible space, convenient location, and high visibility.
      3108 Union Ave, Tacoma, WA 98409
      View Details
    • $839,000

      Tacoma Mall Boulevard Office Investment

      Office property for sale on Tacoma Mall Boulevard.
      6003 Tacoma Mall Blvd, Tacoma, WA 98409
      View Details
    • $3,000,000

      Tacoma Commercial Office Building

      Commercial office building for sale in Tacoma, Washington.
      3650 South Cedar St, Tacoma, WA 98409
      View Details
    • Contact for pricing

      Established Tacoma Office Asset

      Well-located office building with development potential in Tacoma, Washington.
      3906 S 74Th St, Tacoma, WA 98409
      View Details
    • $2,450,000

      Warehouse and Office Space Available

      Warehouse and office space with secured yard in South Tacoma.
      6035 Adams St, Tacoma, WA 98409
      View Details
    • $4,750,000

      Standalone Flex Building For Sale

      Flex building with heavy power, prominent signage, and convenient location.
      4901 Center St, Tacoma, WA 98409
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Versatile Commercial Space Near Tacoma Mall

      Office, retail, and industrial spaces with ample parking, convenient location.
      3630 S Cedar St, Tacoma, WA 98409
      View Details
    • $21 SF/Yr
      4,072 SF

      Class A Office Space Available

      4,072 SF Class A office space near Tacoma Mall.
      6050 Tacoma Mall Blvd, Tacoma, WA 98409
      View Details
    • Contact for pricing
      1,936 SF

      Office Space Near Tacoma Mall

      Office space for rent with frontage on Tacoma Mall Blvd.
      2115 S 56Th St, Tacoma, WA 98409
      View Details
    • Contact for pricing
      20,672 SF

      Office Space Available For Rent

      Two full floors of office space available for lease.
      3901 S Fife St, Tacoma, WA 98409
      View Details
    • $8,575 /Mo
      4,900 SF

      Retail/Office/Warehouse Space Available

      Flex space with roll-up door for lease.
      3802 Warner St, Tacoma, WA 98409
      View Details
    • $2,000 /Mo
      1,137 SF

      Professional Office Space Available

      Inviting office suite suitable for professional services or small businesses.
      4020 56Th St, Tacoma, WA 98409
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3002 224th E St
    Tacoma, WA 98409
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!