5226 Chicago Ave SW Lakewood, WA 98499
Apartment buildings
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Entity Owned
~
Est. High Equity
No photos on file
For Sale
$4,000,000
5226 Chicago Ave SW, Lakewood, WA 98499
View Listing →
Estimated value (blended)
$3.70M
Range $3.33M – $4.07M (±10%)
Implied cap rate
4.40%
In-place · NOI ÷ last sale
Property ID
US90-1789525
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1969
Construction
WOOD FRAME
Total area
13,308 SF
Lot
1.03 ac (44,997 SF)
Zoning code
MF1
APN
219141053
UPID
US90-1789525
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.23M
CAP Approach
CAP
$2.48M
Comparable Approach
Comparable
$3.81M
Blend (final)
Blend
$3.70M
Owner & transaction history
since 2026
Last sale
$2.8M
7 recorded transactions
Zoning & alternative use
MF1 · Lakewood, WA
Zoning description
The Multifamily 1 zoning district provides for a variety of medium density housing types and designs offering a wide choice of living accommodations for families of diverse composition and lifestyles
General category
RESIDENTIAL
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$3.70M
Value range
$3.33M – $4.07M
±10% around blend
Estimated value / SF
$278 / SF
Confidence
None
2 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
20
$3.33M
blend $3.70M
$4.07M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
13,308 SF
Lot area
1.03 ac
Year built
1969
Stories
2
APN
219141053
Assessed value
$4,053,400
Annual tax
$43,939
3
Income approach: direct capitalization
Partial preview
Income approach indication
$2.48M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$2.69M
@ 6.5% CAP return
$2.48M
@ 7% CAP return
$2.30M
4
Sales comparison
Partial preview
Sales approach indication
$3.81M
Weighted, 0 comps · none confidence
Evidence
2 found
County-verified recorded sales
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$3.70M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 62 sales
$389
-29%
Submarket 73 sales
$405
-31%
County 597 sales
$236
+18%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $278/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 2 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
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Overview
Implied cap rate
4.40%
Implied, in-place cap rate for this apartment buildings
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 4.40%
9.0%
NOI (est.)
$197k *
Last sale · Mar 2020
$2.82M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$4.49M
Move the market yield to see immediate price impact.
Value / SF
$337
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
3.90%4.40%4.90%
$178k
$4.56M
$4.04M
$3.63M
$197k
$5.06M
$4.49M
$4.03M
$217k
$5.57M
$4.93M
$4.43M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
2 found
None confidence · county-verified
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$43,939
Tax year 2024
Assessed value
$4,053,400
Assessed 2024
Previous assessed
$4,053,400
+0.0% YoY
Effective rate
1.08%
On assessed value
Assessed land
$2,305,800
Assessed improvement
$1,747,600
Land market value
$2,305,800
Improvement market value
$1,747,600
Total market value
$4,053,400
Applied tax rate
760.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
For Sale
Year built
1969
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
2
Units
21
Total area
13,308 SF
Lot
1.03 ac (44,997 SF)
Zoning code
MF1
APN
219141053
UPID
US90-1789525
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
MF1 · Lakewood, WAZoning MF1 · permitted uses
MF1 · Lakewood, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Zoning description
The Multifamily 1 zoning district provides for a variety of medium density housing types and designs offering a wide choice of living accommodations for families of diverse composition and lifestyles
General category
RESIDENTIAL
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1969
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
2
Units
21
Lot
1.03 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Matched to the official district catalog
MF1
RESIDENTIAL
Jurisdiction
Lakewood, WA
Recorded code
MF1
Official district
MF1
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for MF1 in Lakewood, WA.
What opens after registration
Zoning profile
Official descriptionThe district text from the municipal code
District factsZone name, category and district area
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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