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Property profile & analytics
OFF-MARKET
Estimated value
$965,000
Apartment buildings
408 Meridian, Puyallup, WA 98371-8638
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-1254806
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1900
Construction
WOOD FRAME
Total area
3,872 SF
Lot
0.14 ac (6,000 SF)
Zoning code
CBD-CORE
APN
7725000140
UPID
US90-1254806
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
$1.02M
CAP Approach
CAP
$720k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$965k
Owner & transaction history
Meridian Castle LLC · 4 yrs held
Meridian Castle LLC
since 2021
Last sale
$949,200
7 recorded transactions
Zoning & alternative use
CBD-CORE · Puyallup, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.5M
+101.6%
Retail stores
$1.2M
+61.5%
Medical building
$1.1M
+43.5%
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 Puyallup submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Puyallup 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
$940,000
ML approach
$1,015,000
CAP Approach
CAP Return
Estimation
6%
$780,000
6.5%
$720,000
7%
$670,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$740,000
Current use
AUTO REPAIR, GARAGE
$1,495,000
Change: +102% · Conversion: Difficult
RETAIL STORES
$1,195,000
Change: +61% · Conversion: Difficult
MEDICAL BUILDING
$1,065,000
Change: +43% · Conversion: Moderate
WAREHOUSE, STORAGE
$980,000
Change: +32% · Conversion: Difficult
Blend value · Realmo final
$965k
Range $869k – $1.06M · ±10% · vs last sale $949k (Dec 30 2021)
Last sale anchor
$949k
Dec 30 2021
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
$249 / 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
$6,637
Tax year 2024
Assessed value
$548,300
Assessed 2024
Previous assessed
$548,300
+0.0% YoY
Effective rate
1.21%
On assessed value
Assessed land
$261,500
Assessed improvement
$286,800
Land market value
$261,500
Improvement market value
$286,800
Total market value
$548,300
Applied tax rate
96.0000
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
1900
Construction
WOOD FRAME
Heating
HOT WATER
Stories
3
Units
8
Total area
3,872 SF
Lot
0.14 ac (6,000 SF)
Zoning code
CBD-CORE
APN
7725000140
UPID
US90-1254806
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
CBD-CORE · Puyallup, WA
Zoning CBD-CORE · permitted uses
CBD-CORE · Puyallup, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Puyallup. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$740,000
AUTO REPAIR, GARAGE
Est. value
$1.5M
RETAIL STORES
Est. value
$1.2M
MEDICAL BUILDING
Est. value
$1.1M
WAREHOUSE, STORAGE
Est. value
$980,000
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
WAREHOUSE, STORAGE
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
1900
Construction
WOOD FRAME
Heating
HOT WATER
Stories
3
Units
8
Lot
0.14 ac
Current owner
From public records · entity-resolved
Meridian Castle LLC
Entity
Mailing address
2520 103RD AVE SE, BELLEVUE, WA 98004-7204
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 8, 2022
—
Meridian Castle LLC
—
Deed
related
$644,000 · Bank Of The West
Dec 30, 2021
$949,200
Meridian Castle LLC
David B Ladenburg
Warranty Deed
$800,000 · David B Ladenburg Etux
Apr 10, 2018
—
David B Ladenburg
—
Deed
related
$130,390 · Us Bk
Oct 4, 1999
—
David B Ladenburg
Ladenburg,diane M
Quit Claim Deed
related
$111,549 · Key Bank NA
Jan 2, 1991
$143,000
Diane M Ladenburg
Unknown
Grant Deed
$108,680 · Seller
—
—
David B Ladenburg
—
Loan Modification
related
$110,000 · Us Bank NA
—
—
David B Ladenburg
—
Deed Of Trust
related
$28,400 · Us Small Business Admn
—
—
David B Ladenburg
—
Deed Of Trust
related
$150,000 · Frontier Bank
—
—
David B Ladenburg
—
Loan Modification
related
$130,390 · Us Bk
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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