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Property profile & analytics
OFF-MARKET
Estimated value
$1,640,000
Medical Office Space
502 54th E Ave Tacoma, WA 98424-2724
Entity Owned
4-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-0811273
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1984
Construction
WOOD FRAME
Total area
6,816 SF
Lot
0.89 ac (38,913 SF)
Zoning code
INDUSTRIAL
APN
320011096
UPID
US90-0811273
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
-
Multicare Health System Charitable Organization Social Service Agency
-
Gilbert Richard MD Physician
-
Billingsley James G MD Physician
-
Justin Cooper Physician
-
Pacific Garage Door Building Supply General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.29M
Blend (final)
Blend
$1.64M
Owner & transaction history
Graham Real Ventures LLC · 4 yrs held
Graham Real Ventures LLC
since 2022
Last sale
$16,903
7 recorded transactions
Zoning & alternative use
INDUSTRIAL · Tacoma, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.7M
+60.0%
Auto repair, garage
$2.5M
+50.9%
Retail stores
$2.1M
+23.4%
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 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,670,000
Current use
RESTAURANT
$2,670,000
Change: +60% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,515,000
Change: +51% · Conversion: Difficult
RETAIL STORES
$2,060,000
Change: +23% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,040,000
Change: +22% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,795,000
Change: +8% · Conversion: Moderate
Blend value · Realmo final
$1.64M
Range $1.48M – $1.80M · ±10% · vs last sale $17k (May 3 2022)
Last sale anchor
$17k
May 3 2022
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
$241 / 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
$19,790
Tax year 2024
Assessed value
$2,082,000
Assessed 2024
Previous assessed
$2,082,000
+0.0% YoY
Effective rate
0.95%
On assessed value
Assessed land
$1,056,100
Assessed improvement
$1,025,900
Land market value
$1,056,100
Improvement market value
$1,025,900
Total market value
$2,082,000
Applied tax rate
66.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1984
Construction
WOOD FRAME
Heating
HEAT PUMP
Stories
1
Units
1
Total area
6,816 SF
Lot
0.89 ac (38,913 SF)
Zoning code
INDUSTRIAL
APN
320011096
UPID
US90-0811273
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
INDUSTRIAL · Tacoma, WA
Zoning INDUSTRIAL · permitted uses
INDUSTRIAL · 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
MEDICAL BUILDING Current
Est. value
$1.7M
RESTAURANT
Est. value
$2.7M
AUTO REPAIR, GARAGE
Est. value
$2.5M
RETAIL STORES
Est. value
$2.1M
WAREHOUSE, STORAGE
Est. value
$2.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.8M
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
WAREHOUSE, STORAGE
APARTMENT HOUSE (5+ UNITS)
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
1984
Construction
WOOD FRAME
Heating
HEAT PUMP
Stories
1
Units
1
Lot
0.89 ac
Current owner
From public records · entity-resolved
Graham Real Ventures LLC
Entity
Free & Clear · 4 yrs held
Mailing address
14400 METCALF AVE, OVERLAND PARK, KS 66223-2989
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 3, 2022
$2,235,000
Graham Real Ventures LLC
Boulton Enterprises LLC
Warranty Deed
—
Feb 16, 2018
$385,033
Department Of Transportation
Carl,kevin
Warranty Deed
—
Feb 16, 2018
—
Department Of Transportation
Carl,kevin
Warranty Deed
related
—
Apr 1, 2015
$1,324,719
Boulton Enterprises LLC
Debra A Gordon
Special Warranty Deed
$760,000 · Us Bank NA
Aug 3, 2011
$1,275,000
Gordon Glen A Trust
Gordon Glen A
Quit Claim Deed
related
—
Mar 24, 2011
—
Gordon Glen A Trust
Gordon Glen A
Quit Claim Deed
related
—
Jan 7, 2011
—
Carl,kevin
Midway Land Dev LLC
Quit Claim Deed
related
—
Jan 9, 2006
$375,000
Midway Land Dev LLC
Jsl Investments LLC
Warranty Deed
—
—
—
Glen Gordon
—
Deed Of Trust
related
$208,531 · Bank Of America
—
—
Midway Land Dev LLC
—
Loan Modification
related
$182,000 · Heritage 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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