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Property profile & analytics
OFF-MARKET
Estimated value
$1,795,000
Flex space
5011 Burlington Way Tacoma, WA 98409-2801
Entity Owned
20-yr Hold
~
Est. High Equity
Property ID
US90-1429223
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
2005
Construction
WOOD FRAME
Total area
13,500 SF
Lot
0.91 ac (39,502 SF)
Zoning code
M2
APN
9005940040
UPID
US90-1429223
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
Current use
Occupant on record · Public records
-
Electric Systems Electrical Service General Contractor
-
Hughes Fire Equipment, Inc Production Facility Building Supply
-
Sealegs Northwest (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.23M
Comparable Approach
Comparable
$1.18M
Blend (final)
Blend
$1.80M
Owner & transaction history
S2 Properties LLC · 20 yrs held
S2 Properties LLC
since 2006
5 recorded transactions
Zoning & alternative use
M2 · Tacoma, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Tacoma submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tacoma 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%
$2,410,000
6.5%
$2,225,000
7%
$2,065,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$2,985,000
Current use
Blend value · Realmo final
$1.80M
Range $1.62M – $1.97M · ±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
$133 / 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
$19,292
Tax year 2024
Assessed value
$1,735,900
Assessed 2024
Previous assessed
$1,735,900
+0.0% YoY
Effective rate
1.11%
On assessed value
Assessed land
$617,700
Assessed improvement
$1,118,200
Land market value
$617,700
Improvement market value
$1,118,200
Total market value
$1,735,900
Applied tax rate
5.0000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
2005
Construction
WOOD FRAME
Heating
CENTRAL
Cooling
AC.PACKAGE
Stories
1
Total area
13,500 SF
Lot
0.91 ac (39,502 SF)
Zoning code
M2
APN
9005940040
UPID
US90-1429223
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
M2 · Tacoma, WA
Zoning M2 · permitted uses
M2 · Tacoma, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Tacoma. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$3.0M
INDUSTRIAL (GENERAL) Current
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
2005
Construction
WOOD FRAME
Heating
CENTRAL
Cooling
Yes
Stories
1
Lot
0.91 ac
Current owner
From public records · entity-resolved
S2 Properties LLC
Entity
Mailing address
PO BOX 9276, TACOMA, WA 98490-0276
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 18, 2025
—
S2 Properties LLC
—
Deed
related
$1,665,000 · Heritage Southeast Bank
Mar 2, 2020
—
S2 Properties LLC
—
Deed
related
$668,185 · Bank Of The West
Apr 6, 2006
$1,031,372
S2 Properties LLC
Burlington Way LLC
Warranty Deed
$855,000 · Pierce Commercial Bank
—
—
S2 Properties LLC
—
Deed Of Trust
related
$751,000 · Bank Of The West
—
—
S2 Properties LLC
—
Loan Modification
related
$668,185 · Bank Of The West
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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