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    3615 Steilacoom Blvd Lakewood, WA 98499
    Property profile & analytics

    3615 Steilacoom Blvd Lakewood, WA 98499

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    • Office Spaces
    • 21,250 SF
    • 0.48 lot acres
    For Sale
    $4,750,000
    View Listing →
    Lakewood Center Plaza Professional Building For Sale
    $4,750,000
    21,000 SF

    Lakewood Center Plaza Professional Building

    Three-story office building in Lakewood's business district.

    3615 Steilacoom Blvd, Lakewood, WA 98499
    View Listing
    Property ID
    US90-1187185
    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.
    Value Estimations
    Cap Rate Potential
    7%
    Office Spaces
    Location Intelligence

    Current Use by Public Records

    • Dr. Song C. Yi, DDS / Dental Office
    • Kim Joy DDS / Dental Office
    • Lakewood Dental Care / Dental Office
    • Pho Viet Thai / Restaurant
    • Law Office of Ephraim W. Benjamin / Law Firm

    Property Details for 3615 Steilacoom Blvd

    Year built
    2004
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.48 lot acres
    Property size
    21,250 SF
    Zone code
    C2
    Property type
    Office Spaces
    APN
    220364100
    APU
    220364100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,625,000
      ML approach
      $3,795,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,210,000
      6.5%
      $3,885,000
      7%
      $3,605,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,284,000
      Market price range: $3.79M - $11.0M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $5,835,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Pierce
    State
    Washington
    Longitude
    -122.485
    Latitude
    47.177
    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
    $35,882
    $771,900
    $2,526,000
    $3,297,900
    -
    $771,900
    $2,526,000
    $3,297,900

    Comparable in this City

    • Value Estimation
      $1,175,000
      7,036 SF

      11020 Tacoma Way

      OFFICE (GENERAL) • 7,036 SF
      11020 Tacoma Way, Tacoma, WA 98499-4687
      View Details
    • Value Estimation
      $735,000
      4,223 SF

      8960 Gravelly Lk SW Dr

      OFFICE (GENERAL) • 4,223 SF
      8960 Gravelly Lk SW Dr, Lakewood, WA 98499-3110
      View Details
    • Value Estimation
      $5,370,000
      23,932 SF

      6019 Lk Grv SW St

      OFFICE (GENERAL) • 23,932 SF
      6019 Lk Grv SW St, Tacoma, WA 98499-2761
      View Details
    • Value Estimation
      $760,000
      4,846 SF

      9904 Sales S Rd

      OFFICE (GENERAL) • 4,846 SF
      9904 Sales S Rd, Lakewood, WA 98499-8896
      View Details
    • Value Estimation
      $745,000
      4,160 SF

      10910 26th S Ave

      OFFICE (GENERAL) • 4,160 SF
      10910 26th S Ave, Lakewood, WA 98499-8854
      View Details
    • Value Estimation
      $1,125,000
      7,322 SF

      10013 59th SW Ave

      OFFICE (GENERAL) • 7,322 SF
      10013 59th SW Ave, Lakewood, WA 98499-2757
      View Details

    Similar Nearby for Sale

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      Commercial Lot Near Sound Transit

      Commercial lot suitable for retail or multifamily development.
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    • Contact for pricing
      Pending

      Professional Office Building For Sale

      3,885 SF office building with high visibility and upgraded HVAC.
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    • $1,999,950
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      Versatile Industrial Property in Lakewood

      Paved, fenced property with three buildings in Lakewood's industrial area.
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    • $485,000

      Lakewood Professional Office Space

      Professional office space suitable for medical, dental, or other services.
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      Pacific Square Business Condo

      Lower level business condo in Pacific Square, Lakewood.
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    • $1,995,000
      10,660 SF

      Former Bank Building with Drive-Through

      Unique mid-century modern building suitable for retail, restaurant, or office.
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      View Details

    Similar Nearby for Lease

    • $2,238 /Mo
      1,946 SF

      Lakewood Flex Space Available Now

      Flex space with office, GL door, available for rent.
      10025 Tacoma Way, Lakewood, WA 98499
      View Details
    • $17 SF/Yr

      Former Bank Building with Mezzanine

      Former bank building featuring high ceilings and drive-through lanes.
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      View Details
    • Contact for pricing
      900 SF

      Lakewood Office Space For Lease

      Office space available for lease in Lakewood, Washington.
      11318 Bridgeport Way SW, Lakewood, WA 98499
      View Details
    • Contact for pricing
      7,910 SF

      Medical Office Building For Lease

      7,910 SF medical office building with ample parking.
      5919 100Th St SW, Lakewood, WA 98499
      View Details
    • Contact for pricing
      2,411 SF

      Lakewood Office Space Available

      Office space for rent in Lakewood, Washington.
      8811 S Tacoma Way, Lakewood, WA 98499
      View Details
    • Contact for pricing
      978 SF

      Retail, Medical, Professional Suites

      Retail, medical, and professional suites for lease in Lakewood, WA.
      10009-10011 Bridgeport Way SW, Lakewood, WA 98499
      View Details
    View Listing
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    Lakewood, WA 98499
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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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    3615 Steilacoom Blvd, Lakewood, WA, 98499
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