Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$2,360,000
Apartment buildings
323rd N I St Tacoma, WA 98403
Individually Owned
28-yr Hold
Free & Clear
Property ID
US90-1222702
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1926
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
15,520 SF
Lot
0.37 ac (16,250 SF)
Zoning code
HMR-SRD
APN
2033170010
UPID
US90-1222702
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
by Request
CAP Approach
CAP
$2.74M
Comparable Approach
Comparable
$1.72M
Blend (final)
Blend
$2.36M
Owner & transaction history
Fourth Ll · 28 yrs held
Fourth Ll
since 1998
7 recorded transactions
Zoning & alternative use
HMR-SRD · Tacoma, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$3.8M
+9.6%
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 Tacoma submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tacoma 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,960,000
6.5%
$2,735,000
7%
$2,540,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$3,465,000
Current use
MEDICAL BUILDING
$3,800,000
Change: +10% · Conversion: Moderate
Blend value · Realmo final
$2.36M
Range $2.12M – $2.60M · ±10%
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
$152 / 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
$12
Tax year 2024
Assessed value
$7,568,800
Assessed 2024
Previous assessed
$7,568,800
+0.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$477,500
Assessed improvement
$7,091,300
Land market value
$477,500
Improvement market value
$7,091,300
Total market value
$7,568,800
Applied tax rate
5.0000
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
1926
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
STEAM
Stories
3
Units
20
Total area
15,520 SF
Lot
0.37 ac (16,250 SF)
Zoning code
HMR-SRD
APN
2033170010
UPID
US90-1222702
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
HMR-SRD · Tacoma, WA
Zoning HMR-SRD · permitted uses
HMR-SRD · Tacoma, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Tacoma. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$3.5M
MEDICAL BUILDING
Est. value
$3.8M
APARTMENT HOUSE (5+ UNITS) Current
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
1926
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
STEAM
Stories
3
Units
20
Lot
0.37 ac
Current owner
From public records · entity-resolved
Fourth Ll
Individual
Free & Clear · 28 yrs held
Mailing address
PO BOX 1083, MERCER ISLAND, WA 98040-1083
Ownership since
1998
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 30, 2016
—
Fourth & I Street Investors LLC
—
Deed
related
$1,575,000 · Wells Fargo Bank NA
Jan 12, 2000
—
Fourth & I Street Investors Ll
—
Grant Deed
related
$1,160,000 · Key Bank NA
Jul 7, 1998
$407,189
Fourth Ll
Raskins INC
Grant Deed
—
May 13, 1992
$460,000
Raskins INC
Unknown
Grant Deed
$432,400 · Company Misc
—
—
Fourth Ll
—
Deed Of Trust
related
$165,000 · Tacoma Community Redevelopment
—
—
Fourth Ll
—
Deed Of Trust
related
$750,000 · Tacoma Community Redevelopment
—
—
Raskins INC
—
Deed Of Trust
related
$845,000 · Centrum Financial Services INC
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 323rd N I St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
