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    Property profile & analytics

    3102 6Th Ave Tacoma, WA 98406

    • Apartment buildings
    • 567 SF
    • 0.14 lot acres
    For Sale
    View listing
    $1,445,000
    Last Sale
    Nov 12, 2021
    $700,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-3309945
    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

    • Balcon Express / Salvadoran Restaurant / Mexican Restaurant
    • FLO Charging Station / Electric Vehicle Charging Station

    Property Details for 3102 6Th Ave

    Year built
    1955
    Construction
    WOOD FRAME
    Lot size
    0.14 lot acres
    Property size
    567 SF
    Zone code
    NCX
    Property type
    Apartment buildings
    APN
    3245003070
    APU
    3245003070

    Description

    This exceptional investment opportunity presents a thriving restaurant on Tacoma's bustling 6th Avenue, at 3102 6th Ave, in Pierce County, WA 98406. The property, encompassing a 6,000 square foot lot, features a single building with two units: a popular restaurant and an attached living space. The restaurant, El Balcon, benefits from a recently updated dining area and kitchen, creating a modern and inviting atmosphere for patrons. The attached living space provides additional rental income potential. Currently operating under a Net Lease (NNN) agreement with a single tenant, the lease has 4.5 years remaining, with a 4% year-over-year rent increase. The tenant is responsible for all utilities, minimizing landlord responsibilities. The tenant has also expressed interest in an early lease extension. The property boasts a 7.10% cap rate and is offered at an asking price of $1,445,000. Showings are by appointment only to allow for coordination with the tenant. A detailed financial breakdown is available upon request. This property offers a compelling blend of stability and growth potential, making it an attractive addition to any diversified real estate portfolio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $700,000
      ML approach
      $635,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.477
    Latitude
    47.255
    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
    $6,919
    $402,500
    $219,400
    $621,900
    -
    $402,500
    $219,400
    $621,900

    Comparable in this City

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      2910 7th St

      APARTMENT HOUSE (5+ UNITS) • 14,162 SF
      2910 7th St, Tacoma, WA 98406-6737
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      $810,000
      4,800 SF

      5930 6th Ave

      APARTMENT HOUSE (5+ UNITS) • 4,800 SF
      5930 6th Ave, Tacoma, WA 98406-2033
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    • Value Estimation
      $1,170,000
      7,668 SF

      7302 6th Ave

      APARTMENT HOUSE (5+ UNITS) • 7,668 SF
      7302 6th Ave, Tacoma, WA 98406-1222
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    • Value Estimation
      $1,665,000
      9,480 SF

      922 Pearl St

      APARTMENT HOUSE (100+ UNITS) • 9,480 SF
      922 Pearl St, Tacoma, WA 98406-7929
      View Details
    • Value Estimation
      $1,415,000
      9,020 SF

      1435 Pearl St

      APARTMENT HOUSE (5+ UNITS) • 9,020 SF
      1435 Pearl St, Tacoma, WA 98406-2478
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $38 SF/Yr
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      Retail Space Near Highway 16

      Retail space visible from Highway 16, near Winco grocery.
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      Retail space for rent in a great location.
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    • $28 SF/Yr
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      Tacoma Office Space Available

      Office space for lease in Tacoma, Washington.
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    • $24 SF/Yr
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      Retail Space in Tacoma

      Retail space with great access, parking, and signage.
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    • $28 SF/Yr
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      Prime Retail Space on 6th

      High-visibility retail space in active Tacoma commercial corridor.
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    • $20 SF/Yr
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      Mixed-Use Space in Tacoma

      5,000 SF space suitable for office or retail use.
      2407-2411 6Th Ave, Tacoma, WA 98406
      View Details
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    Tacoma, WA 98406
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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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