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

    3444 Erickson St Gig Harbor, WA 98335-1279

    • Apartment buildings
    • 21,683 SF
    • 0.78 lot acres
    OFF-MARKET
    Last Sale
    Feb 22, 2021
    $5,100,000
    Value Estimations
    $5,160,000
    Show details
    Cap Rate Potential
    5.2%
    Apartment buildings
    Location Intelligence
    Property ID
    US90-0853273
    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

    • Fira Apartments / Apartment Building

    Property Details for 3444 Erickson St

    Year built
    1989
    Construction
    WOOD FRAME
    Lot size
    0.78 lot acres
    Property size
    21,683 SF
    Zone code
    R-3
    Property type
    Apartment buildings
    APN
    221087014
    APU
    221087014

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,045,000
      ML approach
      $5,390,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,375,000
      6.5%
      $4,035,000
      7%
      $3,750,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $5,120,000
      Current use
      AUTO REPAIR, GARAGE
      $7,965,000
      Change: +56% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $7,005,000
      Change: +37% Conversion: Moderate
      RETAIL STORES
      $6,640,000
      Change: +30% Conversion: Difficult
      WAREHOUSE, STORAGE
      $6,470,000
      Change: +26% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.586
    Latitude
    47.3202
    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
    $41,333
    $956,900
    $3,921,700
    $4,878,600
    -
    $956,900
    $3,921,700
    $4,878,600

    Comparable in this City

    • Value Estimation
      $840,000
      6,440 SF

      1612 Vly Ave

      APARTMENT HOUSE (5+ UNITS) • 6,440 SF
      1612 Vly Ave, Gig Harbor, WA 98335
      View Details
    • Value Estimation
      $750,000
      7,104 SF

      6425 Lk Grv SW St

      APARTMENT HOUSE (5+ UNITS) • 7,104 SF
      6425 Lk Grv SW St, Gig Harbor, WA 98335
      View Details
    • Value Estimation
      $995,000
      6,816 SF

      3016 Thru 3030th Steilacoom Blvd

      APARTMENT HOUSE (5+ UNITS) • 6,816 SF
      3016 Thru 3030th Steilacoom Blvd, Gig Harbor, WA 98335
      View Details
    • Value Estimation
      $1,050,000
      7,038 SF

      2330 70th W Ave

      APARTMENT HOUSE (5+ UNITS) • 7,038 SF
      2330 70th W Ave, Gig Harbor, WA 98335
      View Details
    • Value Estimation
      $830,000
      5,657 SF

      2428 70th W Ave

      APARTMENT HOUSE (5+ UNITS) • 5,657 SF
      2428 70th W Ave, Gig Harbor, WA 98335
      View Details
    • Value Estimation
      $700,000
      4,732 SF

      5900 Soundview Dr

      APARTMENT HOUSE (5+ UNITS) • 4,732 SF
      5900 Soundview Dr, Gig Harbor, WA 98335-2059
      View Details

    Similar Nearby for Sale

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      Gig Harbor Duplex Investment Opportunity

      Well-maintained duplex on nearly an acre with development potential.
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      Two-story building with parking, ideal for owner-user or investment.
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    • $2,250,000

      Gig Harbor Commercial Land Available

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      Gig Harbor Commercial Land Opportunity

      Commercial land with reconstructed buildings in Gig Harbor, WA.
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      Recreational waterfront property near Gig Harbor, explore waterways by boat.
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    Similar Nearby for Lease

    • $21 SF/Yr
      5,379 SF

      Gig Harbor Executive Office Space

      Prime Gig Harbor location, 1,188 sq ft available.
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      View Details
    • $28 SF/Yr
      20,311 SF

      Mallard's Landing I Office Space

      Prime Office Suites, Downtown Proximity
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      View Details
    • $34 SF/Yr
      5,855 SF

      Retail Building with High Visibility

      Standalone retail building with ample parking and excellent access.
      6876-6978 Kimball Dr, Gig Harbor, WA 98335
      View Details
    • $25 SF/Yr
      1,383 SF

      Gig Harbor Office Space Available

      Office space for rent in Gig Harbor, Washington.
      5775 Soundview Dr, Gig Harbor, WA 98335
      View Details
    • $26 SF/Yr
      1,271 SF

      Gig Harbor Office Space Available

      Second floor office space in a quiet Gig Harbor building.
      7195 Wagner Way NW, Gig Harbor, WA 98335
      View Details
    • $30 SF/Yr
      1,675 SF

      Gig Harbor Office Space Available

      Office space available for lease in Gig Harbor, WA.
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      View Details
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    3444 Erickson St
    Gig Harbor, WA 98335-1279
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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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