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Property profile & analytics
OFF-MARKET
Estimated value
$1,440,000
Apartment buildings
3118 Morrison W Rd A, University Place, WA 98466-4500
Individually Owned
2-yr Hold
Property ID
US90-1245432
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1988
Construction
FRAME
Total area
4,704 SF
Lot
0.38 ac (16,553 SF)
Zoning code
MF
APN
220104037
UPID
US90-1245432
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
$1.44M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$865k
Blend (final)
Blend
$1.44M
Owner & transaction history
Mike Petlovany And Carl Petlovany L · 2 yrs held
Mike Petlovany And Carl Petlovany L
since 2024
Last sale
$1.4M
6 recorded transactions
Zoning & alternative use
MF · University Place, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$2.0M
+104.8%
Auto repair, garage
$1.7M
+78.3%
Retail stores
$1.4M
+45.8%
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
$1,440,000
ML approach
$1,440,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$975,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$1,995,000
Change: +105% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,735,000
Change: +78% · Conversion: Difficult
RETAIL STORES
$1,420,000
Change: +46% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,410,000
Change: +45% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,395,000
Change: +43% · Conversion: Moderate
MEDICAL BUILDING
$1,150,000
Change: +18% · Conversion: Moderate
Blend value · Realmo final
$1.44M
Range $1.30M – $1.58M · ±10% · vs last sale $1.44M (May 6 2024)
Last sale anchor
$1.44M
May 6 2024
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
$306 / 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
$14,035
Tax year 2024
Assessed value
$1,195,800
Assessed 2024
Previous assessed
$1,195,800
+0.0% YoY
Effective rate
1.17%
On assessed value
Assessed land
$323,900
Assessed improvement
$871,900
Land market value
$323,900
Improvement market value
$871,900
Total market value
$1,195,800
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1988
Construction
FRAME
Heating
BASEBOARD
Stories
2
Units
4
Bathrooms
6
Total area
4,704 SF
Lot
0.38 ac (16,553 SF)
Zoning code
MF
APN
220104037
UPID
US90-1245432
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
MF · University Place, WA
Zoning MF · permitted uses
MF · 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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$975,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.0M
AUTO REPAIR, GARAGE
Est. value
$1.7M
RETAIL STORES
Est. value
$1.4M
WAREHOUSE, STORAGE
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$1.4M
MEDICAL BUILDING
Est. value
$1.2M
APARTMENT HOUSE (5+ UNITS) Current
NEIGHBORHOOD: SHOPPING CENTER
AUTO REPAIR, GARAGE
RETAIL STORES
WAREHOUSE, STORAGE
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
1988
Construction
FRAME
Heating
BASEBOARD
Stories
2
Units
4
Bathrooms
6
Lot
0.38 ac
Current owner
From public records · entity-resolved
Mike Petlovany And Carl Petlovany L
Individual
Mailing address
1101 KITZMILLER RD, PULLMAN, WA 99163-8728
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 6, 2024
—
Mike Petlovany And Carl Petlovany L
Michael James Petlovany
Quit Claim Deed
related
—
Feb 3, 2022
$1,440,500
Cari Rae Petlovany
Nicholas A Wilcox
Warranty Deed
$1,065,750 · Finance Of America Mortgage LLC
Feb 24, 2012
$282,000
Nicholas A Wilcox
Brooks,julie
Warranty Deed
$226,400 · Red Canoe Cu
Mar 25, 2004
$153,652
Julie Brooks
Cowan,arthur V
Quit Claim Deed
related
$257,600 · Chase Manhattan Mortgage Corp
Aug 20, 2002
$329,000
Arthur N Cowan
Kawabata,yosh & Mary A
Grant Deed
$263,200 · Greenpoint Mortgage Funding
Feb 21, 1991
$205,000
Efren V Mateo
Unknown
Grant Deed
—
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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