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    Property profile & analytics

    3715 56th St Gig Harbor, WA 98335-8240

    • Office properties & Spaces
    • 3,265 SF
    • 0.64 lot acres
    OFF-MARKET
    Last Sale
    Jun 16, 2021
    Value Estimations
    $655,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1269244
    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

    • Mr. Thomas Talburt / Alternative Medicine Practice
    • Thomas Duayne Talburt / Alternative Medicine Practice
    • Jessica Turner / Alternative Medicine Practice / Spa & Massage Center
    • Fox Chiropractic Wellness Center / Alternative Medicine Practice

    Property Details for 3715 56th St

    Year built
    1976
    Construction
    WOOD FRAME
    Lot size
    0.64 lot acres
    Property size
    3,265 SF
    Zone code
    RB-1
    Property type
    Office properties & Spaces
    APN
    221176018
    APU
    221176018

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $645,000
      6.5%
      $595,000
      7%
      $555,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $517,000
      Market price range: $134k - $696k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,055,000
      Current use
      RETAIL STORES
      $1,000,000
      Change: -5% Conversion: Easy
      WAREHOUSE, STORAGE
      $975,000
      Change: -8% Conversion: Difficult
      MEDICAL BUILDING
      $895,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.589
    Latitude
    47.3092
    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
    $8,334
    $503,800
    $478,800
    $982,600
    -
    $503,800
    $478,800
    $982,600

    Comparable in this City

    • Value Estimation
      $3,225,000
      16,580 SF

      6625 Wagner Way

      OFFICE (GENERAL) • 16,580 SF
      6625 Wagner Way, Gig Harbor, WA 98335-8392
      View Details
    • Value Estimation
      $3,605,000
      21,200 SF

      6622 Wollochet Dr

      OFFICE (GENERAL) • 21,200 SF
      6622 Wollochet Dr, Gig Harbor, WA 98335-8325
      View Details
    • Value Estimation by Request
      33,796 SF

      6515 43Rd Avenue Ct

      Office properties & Spaces • 33,796 SF
      6515 43Rd Avenue Ct, Gig Harbor, WA 98335
      View Details
    • Value Estimation
      $920,000
      4,188 SF

      2801 Hollycroft St

      OFFICE (GENERAL) • 4,188 SF
      2801 Hollycroft St, Gig Harbor, WA 98335-1372
      View Details
    • Value Estimation
      $1,115,000
      9,840 SF

      2703 Jahn NW Ave

      OFFICE (GENERAL) • 9,840 SF
      2703 Jahn NW Ave, Gig Harbor, WA 98335-7977
      View Details
    • Value Estimation
      $1,115,000
      9,840 SF

      2619 Jahn NW Ave

      OFFICE (GENERAL) • 9,840 SF
      2619 Jahn NW Ave, Gig Harbor, WA 98335-7972
      View Details

    Similar Nearby for Sale

    • $800,000

      Soundview Drive Office Investment

      Well-maintained 2,380 SF office building with 6 units.
      5800 Soundview Dr, Gig Harbor, WA 98335
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    • Contact for pricing

      Gig Harbor Office Building For Sale

      Office building in Gig Harbor, WA, suitable for investment or owner-user.
      3710 Grandview St, Gig Harbor, WA 98335
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      3,872 SF

      Two-Story Building with Parking

      Two-story building with parking, ideal for owner-user or investment.
      5315 57Th St NW, Gig Harbor, WA 98335
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      Two-Story Office Building For Sale

      Two-story office building with parking and versatile floor plan.
      5315 57Th St NW, Gig Harbor, WA 98335
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      9.99 Acres of Nature's Paradise

      Secluded Gig Harbor property with serene greenery and thriving wooded wetland.
      76th 76Th Ave Nw, Gig Harbor, WA 98335
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    • Contact for pricing

      2.75 Acre Commercial Property

      2.75 acres with shop and immediate highway access for sale.
      4542 Neel Ct, Gig Harbor, WA 98335
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    Similar Nearby for Lease

    • $2,243 /Mo
      1,346 SF

      Office Retail Flex Space Available

      Institutional-quality office park with retail and flex space.
      5775 Soundview Dr, Gig Harbor, WA 98335
      View Details
    • $2,243 /Mo
      1,346 SF

      Office, Retail, and Flex Space

      Office, retail, and flex spaces available for lease.
      5775 Soundview Dr, Gig Harbor, WA 98335
      View Details
    • Contact for pricing

      Professional Business Park For Rent

      Professional business park with high visibility and quick highway access.
      2601-2715 Jahn Ave NW, Gig Harbor, WA 98335
      View Details
    • Contact for pricing

      Office Space for Rent

      Office spaces available for rent in Gig Harbor, WA.
      6625 Wagner Way NW, Gig Harbor, WA 98335
      View Details
    • Contact for pricing

      Soundview Drive Office Space Available

      Office suites available for rent in Gig Harbor, Washington.
      5801 Soundview Dr, Gig Harbor, WA 98335
      View Details
    • Contact for pricing
      4,211 SF

      Move-In Ready Professional Office Space

      Professional office space available for rent in Gig Harbor, WA.
      5403 Olympic Dr NW, Gig Harbor, WA 98335
      View Details
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    Gig Harbor, WA 98335-8240
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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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