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Property profile & analytics
FOR LEASE
Medical Office Space
7402 Custer Rd W Lakewood, WA 98499
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-1521739
For Lease
$3,386/Mo
7402 Custer Rd W, Lakewood, WA 98499
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1995
Construction
WOOD FRAME
Total area
7,380 SF
Lot
0.91 ac (39,452 SF)
Zoning code
NC2
APN
220264038
UPID
US90-1521739
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
-
Light Dental Studios of Lakewood Dental Office
-
Bloom Thai cuisine Restaurant
-
Bella Salon and Spa Hair Salon Nail Salon
-
Dr. Steven Broughton Dental Office
-
Perfect 10 Wax Bar and Skincare Spa & Massage Center Skin Care Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.43M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.76M
Blend (final)
Blend
$3.07M
Owner & transaction history
Custer Square LLC · 4 yrs held
Custer Square LLC
since 2021
Last sale
$2.9M
6 recorded transactions
Zoning & alternative use
NC2 · Lakewood, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The Neighborhood Commercial 2 zoning district is intended to foster a sense of urban community in Lakewood The district provides for a concentrated mix of activities, including residential, retail, office, and local services, which may serve the surrounding neighborhood or may serve more than one neighborhood and attract people from other areas
Zone name
Neighborhood Commercial 2
General category
COMMERCIAL
Zone area
268.38 ac
Source
Realmo
Top alternative use upside
Restaurant
$3.4M
+67.8%
Neighborhood: shopping center
$3.1M
+55.3%
Industrial (general)
$3.1M
+53.8%
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
$3,360,000
ML approach
$3,425,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$2,025,000
Current use
RESTAURANT
$3,400,000
Change: +68% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$3,145,000
Change: +55% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$3,115,000
Change: +54% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$2,875,000
Change: +42% · Conversion: Moderate
AUTO REPAIR, GARAGE
$2,725,000
Change: +34% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,320,000
Change: +15% · Conversion: Easy
RETAIL STORES
$1,845,000
Change: -9% · Conversion: Difficult
Blend value · Realmo final
$3.07M
Range $2.76M – $3.38M · ±10% · vs last sale $2.90M (Sep 7 2021)
Last sale anchor
$2.90M
Sep 7 2021
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
$416 / 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
$26,452
Tax year 2024
Assessed value
$2,227,300
Assessed 2024
Previous assessed
$2,227,300
+0.0% YoY
Effective rate
1.19%
On assessed value
Assessed land
$1,208,000
Assessed improvement
$1,019,300
Land market value
$1,208,000
Improvement market value
$1,019,300
Total market value
$2,227,300
Applied tax rate
764.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
1995
Construction
WOOD FRAME
Heating
HEAT PUMP
Buildings
2
Stories
1
Units
1
Total area
7,380 SF
Lot
0.91 ac (39,452 SF)
Zoning code
NC2
APN
220264038
UPID
US90-1521739
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
NC2 · Lakewood, WAZoning NC2 · permitted uses
NC2 · Lakewood, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The Neighborhood Commercial 2 zoning district is intended to foster a sense of urban community in Lakewood The district provides for a concentrated mix of activities, including residential, retail, office, and local services, which may serve the surrounding neighborhood or may serve more than one neighborhood and attract people from other areas
Zone name
Neighborhood Commercial 2
General category
COMMERCIAL
Zone area
268.38 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$2.0M
RESTAURANT
Est. value
$3.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.1M
INDUSTRIAL (GENERAL)
Est. value
$3.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.9M
AUTO REPAIR, GARAGE
Est. value
$2.7M
COMMERCIAL (GENERAL)
Est. value
$2.3M
RETAIL STORES
Est. value
$1.8M
MEDICAL BUILDING Current
RESTAURANT
NEIGHBORHOOD: SHOPPING CENTER
INDUSTRIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
RETAIL STORES
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
1995
Construction
WOOD FRAME
Heating
HEAT PUMP
Stories
1
Buildings
2
Units
1
Lot
0.91 ac
Current owner
From public records · entity-resolved
Custer Square LLC
Entity
Mailing address
12704 NE 97TH PL, KIRKLAND, WA 98033-5200
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 7, 2021
$2,900,000
Custer Square LLC
Fair Cororation
Warranty Deed
$1,740,000 · Pacific Northwestern Region
Dec 31, 2018
$2,550,000
Fair Corp
William J Boyer JR
Warranty Deed
$1,657,500 · Gbc International Bank
Feb 28, 2014
$1,100,000
William J Boyer JR.
Boyer,william J SR & Yung J
Warranty Deed
related
$1,000,000 · William J SR Boyer
Feb 8, 1995
—
William Boyer
—
Grant Deed
related
$682,500 · Key Bank Of Washington
Jan 12, 1995
—
Pierce County
Boyer,yung J & William
Quit Claim Deed
related
—
—
—
William Boyer
—
Deed Of Trust
related
$655,000 · Us Bancorp Home Loans
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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