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    Property profile & analytics

    507 Levee E Rd Tacoma, WA 98424

    • Flex space
    • 109,564 SF
    • 8.12 lot acres
    OFF-MARKET
    Last Sale
    Feb 08, 2025
    $18,250,000
    Value Estimations
    $14,610,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1268012
    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.

    Current Use by Public Records

    • Flex space

    Property Details for 507 Levee E Rd

    Year built
    1997
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    8.12 lot acres
    Property size
    109,564 SF
    Zone code
    ML
    Property type
    Flex space
    APN
    6021320031
    APU
    6021320031

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $19,550,000
      6.5%
      $18,050,000
      7%
      $16,760,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $11,757,000
      Market price range: $11.8M - $41.5M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $24,220,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.302
    Latitude
    47.2047
    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
    $129,104
    $7,426,100
    $4,551,500
    $11,977,600
    -
    $7,426,100
    $4,551,500
    $11,977,600

    Comparable in this City

    • Value Estimation
      $1,330,000
      14,400 SF

      6411 Pacific E Hwy

      LIGHT INDUSTRIAL • 14,400 SF
      6411 Pacific E Hwy, Fife, WA 98424-1537
      View Details
    • Value Estimation
      $2,190,000
      14,265 SF

      2802 Pacific E Hwy

      LIGHT INDUSTRIAL • 14,265 SF
      2802 Pacific E Hwy, Tacoma, WA 98424-1021
      View Details
    • Value Estimation
      $26,115,000
      318,800 SF

      3011 70th Ave Ea

      LIGHT INDUSTRIAL • 318,800 SF
      3011 70th Ave Ea, Fife, WA 98424-3609
      View Details
    • Value Estimation
      $1,950,000
      8,960 SF

      1108 54th E Ave

      LIGHT INDUSTRIAL • 8,960 SF
      1108 54th E Ave, Fife, WA 98424-2733
      View Details
    • Value Estimation
      $1,275,000
      7,680 SF

      4310 70th E Ave

      LIGHT INDUSTRIAL • 7,680 SF
      4310 70th E Ave, Tacoma, WA 98424-9800
      View Details
    • Value Estimation
      $1,745,000
      2,422 SF

      6423 Pacific E Hwy

      LIGHT INDUSTRIAL • 2,422 SF
      6423 Pacific E Hwy, Fife, WA 98424-1537
      View Details

    Similar Nearby for Sale

    • $1,350,000

      Fife Contractor Yard For Sale

      Fenced and secure contractor yard with office/shop in Fife.
      4323 70Th Ave East, Fife, WA 98424
      View Details
    • Contact for pricing
      18,754 SF

      Fife Warehouse with I-5 Visibility

      Fife warehouse with I-5 visibility, floor drains, shop with yard.
      6407 20Th St E, Fife, WA 98424
      View Details
    • $1,200,000

      Fife Warehouse and Residence

      Warehouse/Commercial property with residence on a nearly one-acre corner lot.
      6216 20Th St E, Fife, WA 98424
      View Details
    • $1,100,000
      33,106 SF

      Fife Land with Shop Structure

      33,106 SF site with shop, zoned City Center North.
      6214 16Th St E, Fife, WA 98424
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    • $2,100,000

      Fife Village Apartments For Sale

      16-unit multifamily community in Fife, Washington.
      2102 62Nd Ave E, Fife, WA 98424
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    • Contact for pricing
      6,065 SF

      Fife Commercial Building with Parking

      Commercial building in Fife with ample parking and recent renovations.
      5303 Pacific Hwy E, Fife, WA 98424
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    Similar Nearby for Lease

    • $4,845 /Mo
      4,213 SF

      Fife Flex Space Available

      4,213 SF flex space with office and warehouse components.
      2523 Pacific Hwy E, Fife, WA 98424
      View Details
    • $1.15 SF/Yr

      Fife Industrial Space For Lease

      Industrial space with convenient access to major transportation routes.
      2523 Pacific Hwy E, Fife, WA 98424
      View Details
    • $6,179 /Mo
      4,753 SF

      Fife Flex Space Available

      Flex space with loading doors and convenient location.
      4630 16Th St E, Fife, WA 98424
      View Details
    • $2,865 /Mo
      2,122 SF

      Fife Flex Space Available

      Flex space with easy freeway access and on-site management.
      5009 Pacific Hwy E, Fife, WA 98424
      View Details
    • $5,452 /Mo
      4,543 SF

      Fife Flex Space Available

      Flex space with I-5 and Port of Tacoma access.
      4630 16Th St E, Fife, WA 98424
      View Details
    • Contact for pricing
      2,078 SF

      Fife Flex Space Available

      2,078 SF flex space with office and grade-level door.
      5007 Pacific Hwy E, Fife, WA 98424
      View Details
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    507 Levee E Rd
    Tacoma, WA 98424
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    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
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