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Property profile & analytics
OFF-MARKET
Estimated value
$1,180,000
Apartment buildings
6224 70th Ave W Ct, University Place, WA 98467-4694
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US90-1595884
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Year built
1986
Construction
WOOD FRAME
Total area
5,856 SF
Lot
6.79 ac (295,772 SF)
Zoning code
MF
APN
220224060
UPID
US90-1595884
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.11M
CAP Approach
CAP
$1.03M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.18M
Owner & transaction history
City Of University Place · 7 yrs held
City Of University Place
since 2018
5 recorded transactions
Zoning & alternative use
MF · University Place, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.8M
+48.9%
Retail stores
$1.8M
+45.8%
Warehouse, storage
$1.8M
+44.7%
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 University Place submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs University Place 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
$1,110,000
CAP Approach
CAP Return
Estimation
6%
$1,120,000
6.5%
$1,030,000
7%
$960,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,215,000
Current use
COMMERCIAL (GENERAL)
$1,805,000
Change: +49% · Conversion: Moderate
RETAIL STORES
$1,770,000
Change: +46% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,755,000
Change: +45% · Conversion: Difficult
MEDICAL BUILDING
$1,435,000
Change: +18% · Conversion: Moderate
Blend value · Realmo final
$1.18M
Range $1.06M – $1.30M · ±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
$202 / 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
$408,204
Tax year 2024
Assessed value
$34,522,400
Assessed 2024
Previous assessed
$34,522,400
+0.0% YoY
Effective rate
1.18%
On assessed value
Assessed land
$10,518,000
Assessed improvement
$24,004,400
Land market value
$10,518,000
Improvement market value
$24,004,400
Total market value
$34,522,400
Applied tax rate
752.0000
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
1986
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
12
Stories
3
Units
12
Total area
5,856 SF
Lot
6.79 ac (295,772 SF)
Zoning code
MF
APN
220224060
UPID
US90-1595884
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
MF · University Place, WA
Zoning MF · permitted uses
MF · University Place, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
University Place. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.2M
COMMERCIAL (GENERAL)
Est. value
$1.8M
RETAIL STORES
Est. value
$1.8M
WAREHOUSE, STORAGE
Est. value
$1.8M
MEDICAL BUILDING
Est. value
$1.4M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
RETAIL STORES
WAREHOUSE, STORAGE
MEDICAL BUILDING
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
1986
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
3
Buildings
12
Units
12
Lot
6.79 ac
Current owner
From public records · entity-resolved
City Of University Place
Entity
Mailing address
9500 SW BARBUR BLVD STE #300, PORTLAND, OR 97219-5436
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 5, 2018
$9,171
City Of University Place
Chambers Creek 433 LLC
Grant Deed
—
Apr 29, 2011
—
Chambers Creek-433 LLC
Chambers Creek Venture LP
Quit Claim Deed
related
$22,584,000 · Red Mortgage Capital INC
Dec 17, 1996
—
Creek Venture LP Chambers
—
Deed Of Trust
related
$80,000,000 · General Electric Capital Corp
—
—
Creek Venture LP Chambers
—
Deed Of Trust
related
$18,080,000 · Red Mortgage Capital INC
—
—
Chambers Creek-433 LLC
—
Deed Of Trust
related
$27,772,300 · Red Mtg Cap
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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