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Property profile & analytics
OFF-MARKET
Estimated value
$905,000
Apartment buildings
6022 78th St W Ct, Lakewood, WA 98499-8508
Entity Owned
17-yr Hold
~
Est. High Equity
Property ID
US90-1453599
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Year built
1994
Construction
WOOD FRAME
Total area
4,174 SF
Lot
13.87 ac (604,221 SF)
Zoning code
OSR1
APN
220267044
UPID
US90-1453599
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
-
Merrill Creek Apartments Apartment Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.01M
CAP Approach
CAP
$775k
Comparable Approach
Comparable
$935k
Blend (final)
Blend
$905k
Owner & transaction history
Canal Office Limited Partnership · 17 yrs held
Canal Office Limited Partnership
since 2009
4 recorded transactions
Zoning & alternative use
OSR1 · Lakewood, 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 Lakewood submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lakewood 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
$1,005,000
CAP Approach
CAP Return
Estimation
6%
$840,000
6.5%
$775,000
7%
$720,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,315,000
Change: -19% · Conversion: Moderate
Blend value · Realmo final
$905k
Range $815k – $996k · ±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
$217 / 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
$437,945
Tax year 2024
Assessed value
$40,965,100
Assessed 2024
Previous assessed
$40,965,100
+0.0% YoY
Effective rate
1.07%
On assessed value
Assessed land
$14,458,200
Assessed improvement
$26,506,900
Land market value
$14,458,200
Improvement market value
$26,506,900
Total market value
$40,965,100
Applied tax rate
760.0000
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
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Status
Off-Market
Year built
1994
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
15
Stories
3
Units
10
Total area
4,174 SF
Lot
13.87 ac (604,221 SF)
Zoning code
OSR1
APN
220267044
UPID
US90-1453599
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
OSR1 · Lakewood, WA
Zoning OSR1 · permitted uses
OSR1 · Lakewood, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lakewood. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$1.3M
COMMERCIAL (GENERAL)
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
1994
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
3
Buildings
15
Units
10
Lot
13.87 ac
Current owner
From public records · entity-resolved
Canal Office Limited Partnership
Entity
Mailing address
1901 W A ST, KANNAPOLIS, NC 28081-9315
Ownership since
2009
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 1, 2019
—
Canal Office LP
—
Deed
related
$10,500,000 · Berkadia Com'l Mtg
Jun 3, 2009
$15,900,000
Canal Office Limited Partnership
Erp Operating Limited Partnership
Special Warranty Deed
$11,177,400 · Alliant Capital LLC
Aug 7, 1990
$851,000
Holly Homes Co
Unknown
Grant Deed
—
—
—
Canal Office LP
—
Deed Of Trust
related
$10,500,000 · Berkadia Com'l Mtg
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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