Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    423 Martin Luther King Jr Way Tacoma, WA 98405-4236
    Property profile & analytics

    423 Martin Luther King Jr Way, Tacoma, WA 98405-4236

    View on Map
    • Hospitals
    • 138,020 SF
    • 0.93 lot acres
    Off-Market
    Property ID
    US90-0079640
    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
    $24,840,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hospitals

    Property Details for 423 Martin Luther King Jr Way

    Year built
    2010
    Construction
    CONCRETE
    Lot size
    0.93 lot acres
    Zone code
    HM
    Property type
    Hospitals
    APN
    2004210023
    APU
    2004210023

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 12, 2019 — Multicare Health System — Deed · related $793k · Miscellaneous Govt Agcy
    Apr 6, 2007 $8,100,000 Multicare Health System First United Methodist Church Warranty Deed —
    Jun 23, 2006 — United Methodist Church First Multicare Health System Quit Claim Deed · related —
    May 2, 2006 $8,000,000 Multicare Health System First United Methodist Church Warranty Deed —
    — — Multicare Health System — Deed Of Trust · related $793k · Miscellaneous Govt Agcy

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $32,885,000
      6.5%
      $30,355,000
      7%
      $28,190,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $20,290,000
      Market price range: $3.25M - $20.3M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $33,775,000
      Current use
      WAREHOUSE, STORAGE
      $41,355,000
      Change: +22% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $30,600,000
      Change: -9% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $30,510,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.453
    Latitude
    47.2586
    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
    $11
    $1,489,400
    $62,454,000
    $63,943,400
    -
    $1,489,400
    $62,454,000
    $63,943,400

    Comparable in this City

    • Value Estimation by Request
      0.67 Acres

      1102 4th St

      HOSPITAL - PRIVATE
      1102 4th St, Tacoma, WA 98405
      View Details
    • Value Estimation by Request
      0.24 Acres

      316 I St

      HOSPITAL - PRIVATE
      316 I St, Tacoma, WA 98405-4212
      View Details
    • Value Estimation by Request
      0.13 Acres

      319 J St, Unit 22903

      HOSPITAL - PRIVATE
      319 J St, Tacoma, WA 98405
      View Details
    • Value Estimation by Request
      318,473 SF

      315 Martin Luther King Jr Way, Unit 17841

      HOSPITAL - PRIVATE
      315 Martin Luther King Jr Way, Tacoma, WA 98405-4234
      View Details
    • Value Estimation by Request
      0.13 Acres

      1115 4th St

      HOSPITAL - PRIVATE
      1115 4th St, Tacoma, WA 98405
      View Details
    • Value Estimation by Request
      0.10 Acres

      1009 5th St

      HOSPITAL - PRIVATE
      1009 5th St, Tacoma, WA 98405-4210
      View Details

    Similar Nearby for Sale

    • $800,000
      11,681 SF

      Land Parcel Near Highway 16

      Two combined land parcels totaling 11,681 SF with highway access.
      1510 Union Ave, Tacoma, WA 98405
      View Details
    • $399,000

      Turnkey Nail Salon with Living

      Fully equipped nail salon with upstairs living space for sale.
      3606 S 12Th St, Tacoma, WA 98405
      View Details
    • $975,000
      4,920 SF

      Downtown Tacoma Multifamily Investment Opportunity

      7-unit multifamily property in Tacoma's 6th Ave Business District.
      801 Martin Luther King Jr Way, Tacoma, WA 98405
      View Details
    • $1,500,000

      Prime Mixed-Use Lot in Tacoma

      Mixed-use development opportunity near light rail and St. Joseph Hospital.
      2147 Martin Luther King Jr Way, Tacoma, WA 98405
      View Details
    • Contact for pricing

      Downtown Residential Land Opportunity

      Small, fenced lot in Downtown Residential District with growth potential.
      2531 S G St, Tacoma, WA 98405
      View Details
    • $1,650,000

      Rehabbed Office Building Near Downtown

      Recently renovated office building with parking near downtown Tacoma.
      919 S 9Th St, Tacoma, WA 98405
      View Details

    Similar Nearby for Lease

    • $6,417 /Mo
      3,500 SF

      Medical Building with Renovated First

      Three-story medical building with versatile floor plates and adjacent parking.
      502 M St, Tacoma, WA 98405
      View Details
    • $33,040
      12,390 SF

      Retail Space in Apartment Development

      Ground floor retail space in a 289-unit apartment development.
      1023 Martin Luther King Jr Way, Tacoma, WA 98405
      View Details
    • Contact for pricing
      2,982 SF

      Tacoma Office Space Available

      3,178 SF office space for rent in Tacoma.
      2420 S Union Ave, Tacoma, WA 98405
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space in Tacoma, WA

      2000 square foot retail property available for rent.
      3411 S 23Rd St, Tacoma, WA 98405
      View Details
    • $560 /Mo
      188 SF

      Commercial Space Available For Rent

      Commercial space suitable for office or retail use.
      2201 19Th St, Tacoma, WA 98405
      View Details
    • $15,000 /Mo
      10,000 SF

      Modern Commercial Space in Tacoma

      New commercial development in Tacoma's Hilltop District available for rent.
      1011 L St, Tacoma, WA 98405
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    423 Martin Luther King Jr Way
    Tacoma, WA 98405-4236
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    423 Martin Luther King Jr Way, Tacoma, WA, 98405
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!