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Property profile & analytics
OFF-MARKET
Estimated value
$2,000,000
Office buildings
403 Cleveland SE Ave Tumwater, WA 98501-3311
Entity Owned
~
Est. High Equity
Property ID
US90-1415405
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1973
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
10,800 SF
Lot
0.91 ac (39,640 SF)
APN
8490-03-00800
UPID
US90-1415405
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
$2.31M
Comparable Approach
Comparable
$1.55M
Blend (final)
Blend
$2.00M
Owner & transaction history
Department Of Enterprise Services
Department Of Enterprise Services
since 2025
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.7M
+5.8%
Retail stores
$2.7M
+3.4%
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 Tumwater submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tumwater 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%
$2,500,000
6.5%
$2,310,000
7%
$2,145,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$2,580,000
Current use
COMMERCIAL (GENERAL)
$2,730,000
Change: +6% · Conversion: Easy
RETAIL STORES
$2,670,000
Change: +3% · Conversion: Moderate
Blend value · Realmo final
$2.00M
Range $1.80M – $2.20M · ±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
$185 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$30,066
Tax year 2023
Assessed value
$3,086,100
Assessed 2022
Previous assessed
$2,596,400
+18.9% YoY
Effective rate
0.97%
On assessed value
Assessed land
$649,800
Assessed improvement
$2,436,300
Land market value
$649,800
Improvement market value
$2,436,300
Total market value
$3,086,100
Applied tax rate
440.0000
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
Office buildings
Use group
PROFESSIONAL BUILDING
Status
Off-Market
Year built
1973
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
10,800 SF
Lot
0.91 ac (39,640 SF)
APN
8490-03-00800
UPID
US90-1415405
Jurisdiction
THURSTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$2.6M
COMMERCIAL (GENERAL)
Est. value
$2.7M
RETAIL STORES
Est. value
$2.7M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
RETAIL STORES
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
1973
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
0.91 ac
Current owner
From public records · entity-resolved
Department Of Enterprise Services
Entity
Mailing address
2739 WALKER CT, OLYMPIA, WA 98501-4968
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 3, 2025
—
Department Of Enterprise Services
Mkds LLC
Deed
—
Nov 20, 2023
—
Mkds LLC
Tumwater Triangle LLC
Lease
—
Mar 29, 2023
$1,600,000
Mkds LLC
Tumwater Triangle LLC
Contract Sale
$1,600,000 · Tumwater Triangle LLC
Jan 31, 2022
—
Washington State Patrol
Tumwater Triangle LLC
Lease
—
Feb 1, 2019
$1,712,860
Tumwater Triangle LLC
Narozonick LLC
Warranty Deed
$500,000 · Us Bank NA
Sep 23, 2015
—
Narozonick LLC
Narozonick Family LLC
Quit Claim Deed
related
—
Jun 12, 2001
—
Narozonick Family LLC
—
Deed Of Trust
related
$1,067,053 · Columbia State Bank
—
—
Narozonick Family LLC
—
Deed Of Trust
related
$2,150,000 · Columbia State Bank
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.
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