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    Property profile & analytics

    3102 23Rd St Tacoma, WA 98405

    • Commercial real estate
    • 1.97 lot acres
    For Sale
    View listing
    $2,054,400
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0857545
    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

    • Young Life Greater Tacoma / Charitable Organization / Social Service Agency
    • New Community Church of Tacoma / Church
    • New Community Church Parking Lot / Parking Lot & Garage

    Property Details for 3102 23Rd St

    Lot size
    1.97 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 1.97-acre commercial land parcel, located at 3102 S 23rd St in Tacoma, Washington, 98405, presents a unique investment opportunity. Priced at $2,054,400, this property boasts a land value of $24 per square foot. The site is zoned CCX (City of Tacoma), designating it as a Community Commercial Mixed-Use District. This versatile zoning allows for a wide range of development possibilities, including retail, office, medical facilities, multifamily residential, hotels, and senior housing. A significant advantage is the potential for up to 150 additional parking spaces through a reciprocal agreement with an adjacent church. The property currently offers 50 on-site parking spaces. The site features a 60-foot height limit, with potential for increased height through a bonus program. Utilities are readily available on-site. A short plat subdivision is currently underway, streamlining the development process. This prime location in Pierce County offers excellent access and visibility, making it an ideal site for a variety of commercial ventures. Don't miss this chance to acquire a highly desirable and versatile commercial property in a thriving Tacoma neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.4770968
    Latitude
    47.2367327

    Comparable in this City

    • $899,500

      Centrally Located Parking Lot

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      Tacoma Commercial Land - $1.15M

      Prime Tacoma land, 63,993 sq ft, transitional zoning.
      4020 19Th St, Tacoma, WA 98405
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    • $3,950,000

      Land Near Tacoma Dome Station

      Commercial land with M1/M2 zoning near Tacoma Dome Station.
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      Land Parcel Near Highway 16

      Two combined land parcels totaling 11,681 SF with highway access.
      1510 Union Ave, Tacoma, WA 98405
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    • $2,689,000
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      High-Visibility Mixed-Use Development Opportunity

      Prime location with NCX zoning for diverse development possibilities.
      1016 10Th St, Tacoma, WA 98405
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    • $800,000

      Development Site with Highway Access

      Small development site with excellent highway access in Tacoma, Washington.
      1510-1516 S Union Ave, Tacoma, WA 98405
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    Similar Nearby for Sale

    • $899,500

      Centrally Located Parking Lot

      Parking lot with development potential near courthouse, jail, and amenities.
      921 S I St, Tacoma, WA 98405
      View Details
    • $800,000
      11,681 SF

      Land Parcel Near Highway 16

      Two combined land parcels totaling 11,681 SF with highway access.
      1510 Union Ave, Tacoma, WA 98405
      View Details
    • $2,689,000
      19,024 SF

      High-Visibility Mixed-Use Development Opportunity

      Prime location with NCX zoning for diverse development possibilities.
      1016 10Th St, Tacoma, WA 98405
      View Details
    • $800,000

      Development Site with Highway Access

      Small development site with excellent highway access in Tacoma, Washington.
      1510-1516 S Union Ave, Tacoma, WA 98405
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    • $1,150,000
      64,033 SF

      Vacant Land Near Future Rail

      Land zoned for office or townhouses near future light rail.
      4020 19Th St, Tacoma, WA 98405
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    • $1,150,000

      Vacant Land Near Future Rail

      Vacant land zoned for office or townhouses near future light rail.
      4020-4050 S 19Th St, Tacoma, WA 98405
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      280 SF

      Office Space Available For Rent

      Office unit available for rent, can be combined with Suite 207.
      2201 S 19Th St, Tacoma, WA 98405
      View Details
    • $24 SF/Yr
      1,550 SF

      Retail Space Available For Lease

      1550 SF retail space available for lease.
      1201 S Union Ave, Tacoma, WA 98405
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    • $19 SF/Yr
      2,928 SF

      Office Space with Basement

      Office space for rent with convenient parking and elevator.
      2013 S 19Th St, Tacoma, WA 98405
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    • $32 SF/Yr
      20,440 SF

      Union Avenue Medical Office Space

      Prime Tacoma medical building, 1,400 sq ft available.
      1530 Union Ave, Tacoma, WA 98405
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    • Contact for pricing
      6,649 SF

      Allenmore Medical Center Space Available

      Tacoma Medical Office Suites - Fully Vacant
      1901 Union Ave, Tacoma, WA 98405
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    • Contact for pricing
      1,365 SF

      Retail Space Available For Rent

      Retail space available for rent in a commercial district.
      4505 S 19Th St, Tacoma, WA 98405
      View Details
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    3102 23Rd St
    Tacoma, WA 98405
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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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