Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    8502 Berkeley SW Ave Lakewood, WA 98498-2066
    Back to Search
    Property profile & analytics

    8502 Berkeley SW Ave Lakewood, WA 98498-2066

    View on Map
    • Apartment buildings
    • 2,376 SF
    • 0.22 lot acres
    Off-Market
    Last Sale Jan 21, 2026
    $670,000
    Property ID
    US90-1547476
    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.
    Value Estimations
    $500,000
    Show details
    Cap Rate Potential
    9.3%
    Apartment buildings
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 8502 Berkeley SW Ave

    Year built
    1959
    Construction
    BRICK
    Lot size
    0.22 lot acres
    Property size
    2,376 SF
    Zone code
    R3
    Property type
    Apartment buildings
    APN
    2200000150
    APU
    2200000150

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $310,000
      ML approach
      $375,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $480,000
      6.5%
      $440,000
      7%
      $410,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Pierce
    State
    Washington
    Longitude
    -122.56
    Latitude
    47.1209
    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
    $6,693
    $152,100
    $463,600
    $615,700
    -
    $152,100
    $463,600
    $615,700

    Comparable in this City

    • Value Estimation
      $815,000
      6,264 SF

      9818 Kenwood SW Dr

      APARTMENT HOUSE (5+ UNITS) • 6,264 SF
      9818 Kenwood SW Dr, Lakewood, WA 98498-1102
      View Details
    • Value Estimation
      $580,000
      3,536 SF

      7310 Nn SW St

      APARTMENT HOUSE (5+ UNITS) • 3,536 SF
      7310 Nn SW St, Lakewood, WA 98498
      View Details
    • Value Estimation
      $1,000,000
      6,720 SF

      8412 Steilacoom SW Blvd

      APARTMENT HOUSE (5+ UNITS) • 6,720 SF
      8412 Steilacoom SW Blvd, Tacoma, WA 98498-4701
      View Details
    • Value Estimation
      $1,785,000
      13,000 SF

      30 Thunderbird SW Pkwy

      APARTMENT HOUSE (5+ UNITS) • 13,000 SF
      30 Thunderbird SW Pkwy, Tacoma, WA 98498-6161
      View Details
    • Value Estimation
      $555,000
      3,788 SF

      10310 92nd SW St

      APARTMENT HOUSE (5+ UNITS) • 3,788 SF
      10310 92nd SW St, Tacoma, WA 98498-1949
      View Details
    • Value Estimation
      $770,000
      2,728 SF

      12020 Edgewood SW Ave

      APARTMENT HOUSE (5+ UNITS) • 2,728 SF
      12020 Edgewood SW Ave, Lakewood, WA 98498-1286
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      Pending

      Lost Lake Forest Apartments

      New apartment community near I-5 and Downtown Tacoma.
      7907 Washington Blvd SW, Tacoma, WA 98498
      View Details
    • Contact for pricing
      3,080 SF

      Lakewood Multifamily Investment Opportunity

      Eight-unit multifamily property near American Lake boat launch.
      15107 Boat St SW, Lakewood, WA 98498
      View Details
    • Contact for pricing
      79,453 SF

      Lakewood Multifamily Property for Sale

      Multifamily property in Lakewood, WA with significant square footage.
      7907 Washington Blvd SW, Lakewood, WA 98498
      View Details
    • Contact for pricing
      3,607 SF

      Lakewood Office with Highway Access

      Office space with convenient access to I-5, Hwy-512, and Hwy-16.
      3819 100Th Street Ct Southwest, Lakewood, WA 98498
      View Details
    • Contact for pricing
      3,607 SF

      Lakewood Office Condo For Sale

      Three-story office condo with two units, convenient location.
      3815 100Th Street Ct Southwest, Lakewood, WA 98498
      View Details
    • Contact for pricing

      Lakewood Land with I-5 Visibility

      Commercial land with I-5 visibility and development potential.
      15515 Maas Ln SW, Lakewood, WA 98498
      View Details

    Similar Nearby for Lease

    • $27 SF/Yr

      Retail Space For Lease

      1,313 SF retail suite with salon buildout available.
      8524 Steilacoom Blvd SW, Lakewood, WA 98498
      View Details
    • $0.40 SF/Yr

      Lakewood Warehouse with Rail Service

      Industrial space with rail service and multiple loading docks.
      4500 92Nd Street Ct SW, Lakewood, WA 98498
      View Details
    • Contact for pricing
      3,456 SF

      Retail Building Available for Lease

      Single tenant retail building in Lakewood, available November 2025.
      15404 Union Ave SW, Lakewood, WA 98498
      View Details
    • Contact for pricing
      1,014 SF

      Retail Space in Anchored Center

      Retail space available in Lakewood shopping center.
      8101 Steilacoom Blvd SW, Lakewood, WA 98498
      View Details
    • $27 SF/Yr

      Retail Space Near Interstate 5

      1,313 SF retail suite with easy access and parking.
      8524 Steilacoom Blvd SW, Lakewood, WA 98498
      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.
    8502 Berkeley SW Ave
    Lakewood, WA 98498-2066
    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

    Thank You for Inquiry
    8502 Berkeley SW Ave, Lakewood, WA, 98498
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!