Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6124 88th SW St Tacoma, WA 98499-2601

    • Apartment buildings
    • 5,271 SF
    • 0.29 lot acres
    OFF-MARKET
    Last Sale
    Oct 28, 2024
    $1,500,000
    Value Estimations
    $1,500,000
    Show details
    Cap Rate Potential
    4%
    Apartment buildings
    Location Intelligence
    Property ID
    US90-0608795
    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

    • Apartment buildings

    Property Details for 6124 88th SW St

    Year built
    1957
    Construction
    WOOD FRAME
    Lot size
    0.29 lot acres
    Property size
    5,271 SF
    Zone code
    MF1
    Property type
    Apartment buildings
    APN
    220352047
    APU
    220352047

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,500,000
      ML approach
      $1,500,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,005,000
      6.5%
      $930,000
      7%
      $860,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,122,000
      Market price range: $1.08M - $3.45M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,055,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $2,235,000
      Change: +9% Conversion: Difficult
      RESTAURANT
      $2,065,000
      Change: +1% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,945,000
      Change: -5% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,660,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.519
    Latitude
    47.1775
    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
    $13,043
    $404,600
    $788,100
    $1,192,700
    -
    $404,600
    $788,100
    $1,192,700

    Comparable in this City

    • Value Estimation
      $880,000
      7,760 SF

      5915 99th SW St

      APARTMENT HOUSE (5+ UNITS) • 7,760 SF
      5915 99th SW St, Tacoma, WA 98499-2701
      View Details
    • Value Estimation
      $1,830,000
      14,968 SF

      3918 108th SW St

      APARTMENT HOUSE (5+ UNITS) • 14,968 SF
      3918 108th SW St, Tacoma, WA 98499-4181
      View Details
    • Value Estimation
      $1,025,000
      5,400 SF

      4001 109th SW St

      APARTMENT HOUSE (5+ UNITS) • 5,400 SF
      4001 109th SW St, Tacoma, WA 98499-4180
      View Details
    • Value Estimation
      $1,550,000
      13,792 SF

      5311 Chicago SW Ave

      APARTMENT HOUSE (5+ UNITS) • 13,792 SF
      5311 Chicago SW Ave, Tacoma, WA 98499-5712
      View Details
    • Value Estimation
      $565,000
      4,580 SF

      10902 Freiday SW St

      APARTMENT HOUSE (5+ UNITS) • 4,580 SF
      10902 Freiday SW St, Tacoma, WA 98499-5601
      View Details
    • Value Estimation
      $1,715,000
      10,290 SF

      4521 Mcchord SW Dr

      APARTMENT HOUSE (5+ UNITS) • 10,290 SF
      4521 Mcchord SW Dr, Tacoma, WA 98499-3488
      View Details

    Similar Nearby for Sale

    • $4,000,000

      Turnkey Lakewood Apartment Investment Opportunity

      29-unit apartment community in Lakewood's Springbrook neighborhood.
      5226 Chicago Ave SW, Lakewood, WA 98499
      View Details
    • $1,550,000
      6,936 SF

      Mixed-Use Retail and Multifamily Property

      Mixed-use property featuring retail spaces and multifamily units.
      8201 Tacoma Way, Tacoma, WA 98499
      View Details
    • $600,000

      Multifamily Land Opportunity

      Bare land ready for multifamily development with utilities on site.
      5408 Steilacoom Blvd SW, Lakewood, WA 98499
      View Details
    • $2,500,000

      Lakewood Trailer/RV Park for Sale

      1.71-acre trailer/RV park with 37 pads and 100% occupancy.
      10404 S Tacoma Way, Lakewood, WA 98499
      View Details
    • Contact for pricing
      1.23 Acres

      Lakewood Development Land, 1.23 Acres

      Prime Commercial/Residential Lot, Hwy 16 Access
      7505 52Nd Ave, Lakewood, WA 98499
      View Details
    • $675,000

      Three-Story Office Condo with Income

      Three-story office condo with leased unit and owner financing.
      3815 100Th St Sw, Lakewood, WA 98499
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,000 SF

      Office/Medical Space on Steilacoom Blvd

      Well-maintained office/medical space with excellent visibility and access.
      3615 Steilacoom Blvd SW, Lakewood, WA 98499
      View Details
    • $1.15 SF/Yr
      2,315 SF

      Lakewood Flex Space Available Now

      Flex space with office and ground-level door, ready for occupancy.
      10025 S Tacoma Way, Lakewood, WA 98499
      View Details
    • $19 SF/Yr
      2,700 SF

      Office/Retail Building with Ample Parking

      Office/retail building with strong demographics and excellent traffic.
      8510-8534 S Tacoma Way, Lakewood, WA 98499
      View Details
    • $21 SF/Yr
      9,100 SF

      Retail Space in High-Traffic Area

      Retail space with high visibility and convenient access.
      10019 59Th Ave SW, Lakewood, WA 98499
      View Details
    • $17 SF/Yr
      2,390 SF

      Retail Space on Custer Rd

      2,390 SF retail space in prime location for lease.
      7402-7406 Custer Rd W, Lakewood, WA 98499
      View Details
    • Contact for pricing
      900 SF

      Lakewood Office Space For Lease

      Office space available for lease in Lakewood, Washington.
      11318 Bridgeport Way SW, Lakewood, WA 98499
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    6124 88th SW St
    Tacoma, WA 98499-2601
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.