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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    321 138th S St, Unit 4 Tacoma, WA 98444-4749

    • Office Properties & Spaces
    • 1,018 SF
    • 0.13 lot acres
    OFF-MARKET
    Value Estimations
    $230,000
    Show details
    Cap Rate Potential
    7%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US90-0899489
    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

    • Pacific Family Dentistry / Dentist
    • Dr. Sang Shin / Dentist
    • Los Barber Lounge / Barber Shop
    • Sang Yoon Shin / Dentist
    • Neu Skin / Spa / Service Establishment

    Property Details for 321 138th S St

    Year built
    1977
    Construction
    WOOD FRAME
    Lot size
    0.13 lot acres
    Property size
    1,018 SF
    Zone code
    CMUD
    Property type
    Office Properties & Spaces
    APN
    6761000040
    APU
    6761000040

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $200,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $235,000
      6.5%
      $215,000
      7%
      $200,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $283,000
      Market price range: $174k - $628k
      AI Estimate
      $125,000
      Market price range: $73.8k - $201k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $315,000
      Current use
      RETAIL STORES
      $305,000
      Change: -2% Conversion: Easy
      WAREHOUSE, STORAGE
      $305,000
      Change: -3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.436
    Latitude
    47.1318
    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
    $2,703
    $83,100
    $98,300
    $181,400
    -
    $83,100
    $98,300
    $181,400

    Comparable in this City

    • Value Estimation
      $365,000
      11,400 SF

      12001 Pacific S Ave

      OFFICE (GENERAL) • 11,400 SF
      12001 Pacific S Ave, Tacoma, WA 98444-5101
      View Details
    • Value Estimation
      $530,000
      2,828 SF

      2201 112th S St

      OFFICE (GENERAL) • 2,828 SF
      2201 112th S St, Tacoma, WA 98444-1545
      View Details
    • Value Estimation
      $290,000
      5,668 SF

      215 Garfield S St

      OFFICE (GENERAL) • 5,668 SF
      215 Garfield S St, Tacoma, WA 98444-5154
      View Details
    • Value Estimation
      $415,000
      1,426 SF

      205 117th S St

      OFFICE (GENERAL) • 1,426 SF
      205 117th S St, Tacoma, WA 98444-5409
      View Details
    • Value Estimation
      $255,000
      3,544 SF

      10524 A S St, Unit 1

      OFFICE (GENERAL) • 3,544 SF
      10524 A S St, Tacoma, WA 98444-6020
      View Details
    • Value Estimation
      $285,000
      11,756 SF

      8833 Pacific Ave

      OFFICE (GENERAL) • 11,756 SF
      8833 Pacific Ave, Tacoma, WA 98444-6490
      View Details

    Similar Nearby for Sale

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      Office space with garages in high-traffic Tacoma/Parkland area.
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      Medical Office Building For Sale

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      New Townhome Development For Sale

      38-unit townhome development completed in 2022 in Parkland, Washington.
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    • $1,349,950

      Commercial Land with High Traffic

      26,980 SF commercial land with high traffic frontage.
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      View Details
    • $2,250,000

      Parkland Apartments Near Downtown Tacoma

      Apartment community with updated units near Downtown Tacoma and university.
      1420 112Th St S, Tacoma, WA 98444
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      3,245 SF

      Tacoma Executive Office Suites

      Prime Tacoma location, multiple suites available.
      0 S & C St, Tacoma, WA 98444
      View Details
    • $18 SF/Yr
      5,668 SF

      Tacoma Office Space Available

      2,405 sq ft Traditional Office Suite
      215 Garfield St, Tacoma, WA 98444
      View Details
    • Contact for pricing
      273,816 SF

      Tacoma Industrial Flex Space

      Modern warehouse/office space, flexible options.
      12005 Steele St, Tacoma, WA 98444
      View Details
    • $20 SF/Yr
      11,756 SF

      Tacoma Office Building For Lease

      Prime Tacoma office space, ample parking.
      8833 Pacific Ave, Tacoma, WA 98444
      View Details
    • $28 SF/Yr
      2,107 SF

      Former Tanning Salon Retail Space

      Retail space suitable for medical or other businesses.
      208-212 Garfield St S, Tacoma, WA 98444
      View Details
    • $34 SF/Yr
      2,000 SF

      Remodeled Commercial Space on Pacific

      2,000 SF commercial space with offices and showroom.
      15005 Pacific Ave S, Tacoma, WA 98444
      View Details
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    Tacoma, WA 98444-4749
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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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