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    Property profile & analytics

    3123 56th St Ste, Unit 14 Gig Harbor, WA 98335-1363

    • Strip malls
    • 8,640 SF
    • 0.79 lot acres
    OFF-MARKET
    Value Estimations
    $790,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0520229
    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

    • Russell G. Galarneau, DC / Alternative Medicine Practice
    • S.H Home Staging / Interior Design / Home Decor Store
    • Better Properties Gig Harbor / Real Estate Agency
    • Narrows Passage Window & Door / Hardware & Home Improvement / Interior Design
    • Gig Harbor Window & Door, LLC / Hardware & Home Improvement / Interior Design

    Property Details for 3123 56th St Ste

    Year built
    1971
    Construction
    WOOD FRAME
    Lot size
    0.79 lot acres
    Property size
    8,640 SF
    Zone code
    C-1
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    221172036
    APU
    221172036

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $625,000
      Market price range: $369k - $997k

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

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.581
    Latitude
    47.3096
    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
    $20,718
    $877,000
    $1,567,700
    $2,444,700
    -
    $877,000
    $1,567,700
    $2,444,700

    Comparable in this City

    • Value Estimation
      $1,170,000
      12,163 SF

      6820 Kimball Dr

      SHOPPING CENTER, STRIP CENTER • 12,163 SF
      6820 Kimball Dr, Gig Harbor, WA 98335-5123
      View Details
    • Value Estimation
      $1,045,000
      11,576 SF

      5125 Olympic Dr

      SHOPPING CENTER, STRIP CENTER • 11,576 SF
      5125 Olympic Dr, Gig Harbor, WA 98335-1712
      View Details
    • Value Estimation
      $8,145,000
      31,319 SF

      5010 Pt Fosdick Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 31,319 SF
      5010 Pt Fosdick Dr, Gig Harbor, WA 98335-1715
      View Details
    • Value Estimation
      $2,150,000
      15,900 SF

      19323 Mtn E Hwy

      MINI-MALL • 15,900 SF
      19323 Mtn E Hwy, Gig Harbor, WA 98335
      View Details
    • Value Estimation by Request

      5229 Olympic Dr

      Individual retail properties
      5229 Olympic Dr, Gig Harbor, WA 98335
      View Details
    • Value Estimation by Request
      540 SF

      1855 Day Is Blvd Wc24

      VEHICLE SALES, RENTALS • 540 SF
      1855 Day Is Blvd Wc24, Gig Harbor, WA 98335
      View Details

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    Similar Nearby for Lease

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      1,421 SF

      Landmark Shopping Center Anchor Space

      Anchor space available in redeveloping shopping center near Highway 16.
      3006-3118 Judson St, Gig Harbor, WA 98335
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      Retail Space in Gig Harbor

      Retail spaces available within the Olympic Towne Center.
      5118 Point Fosdick Dr NW, Gig Harbor, WA 98335
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      Gig Harbor Retail Space Available

      Premier shopping destination with high gross leasable area.
      4831 Point Fosdick Dr NW, Gig Harbor, WA 98335
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    • $13,662 /Mo
      5,855 SF

      Retail Space in Pioneer Plaza

      Retail center with high visibility and accessibility off Highway 16.
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      Retail Center in Gig Harbor

      Well-positioned retail center with strong visibility and accessibility.
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      3,800 SF

      Retail Space with Highway Access

      Retail space with excellent highway access and ample parking.
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      View Details
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    Gig Harbor, WA 98335-1363
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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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