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Property profile & analytics
FOR LEASE
Warehouses
8605 34Th Ave S Lakewood, WA 98499
Entity Owned
6-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-0928253
No photos on file
For Lease
$7,350,000
8605 34Th Ave S, Lakewood, WA 98499
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1963
Construction
WOOD FRAME
Total area
31,376 SF
Lot
9.8 ac (426,888 SF)
Zoning code
AC2
APN
320312068
UPID
US90-0928253
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
by Request
CAP Approach
CAP
$5.90M
Comparable Approach
Comparable
$7.48M
Blend (final)
Blend
$7.35M
Owner & transaction history
Northwest Leasing LLC · 6 yrs held
Northwest Leasing LLC
since 2020
5 recorded transactions
Zoning & alternative use
AC2 · Lakewood, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of Air Corridor 2 zoning districts is to promote land use and development that is compatible with the aircraft noise and accident potential associated with the proximity to Joint Base Lewis McChord aircraft flight operations
Zone name
Air Corridor 2
General category
UNKNOWN
Zone area
235.25 ac
Source
Realmo
Top alternative use upside
Apartment house (5+ units)
$12.2M
+154.3%
Auto repair, garage
$11.6M
+140.9%
Commercial (general)
$9.9M
+105.3%
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
by Request
CAP Approach
CAP Return
Estimation
6%
$6,385,000
6.5%
$5,895,000
7%
$5,475,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$4,805,000
Current use
APARTMENT HOUSE (5+ UNITS)
$12,220,000
Change: +154% · Conversion: Difficult
AUTO REPAIR, GARAGE
$11,575,000
Change: +141% · Conversion: Easy
COMMERCIAL (GENERAL)
$9,870,000
Change: +105% · Conversion: Difficult
MEDICAL BUILDING
$8,615,000
Change: +79% · Conversion: Difficult
Blend value · Realmo final
$7.35M
Range $6.62M – $8.09M · ±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
$234 / 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
$263,874
Tax year 2024
Assessed value
$23,409,400
Assessed 2024
Previous assessed
$6,497,300
+260.3% YoY
Effective rate
1.13%
On assessed value
Assessed land
$6,498,700
Assessed improvement
$16,910,700
Land market value
$6,498,700
Improvement market value
$16,910,700
Total market value
$23,409,400
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Year built
1963
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
31,376 SF
Lot
9.8 ac (426,888 SF)
Zoning code
AC2
APN
320312068
UPID
US90-0928253
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
AC2 · Lakewood, WAZoning AC2 · permitted uses
AC2 · Lakewood, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of Air Corridor 2 zoning districts is to promote land use and development that is compatible with the aircraft noise and accident potential associated with the proximity to Joint Base Lewis McChord aircraft flight operations
Zone name
Air Corridor 2
General category
UNKNOWN
Zone area
235.25 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$4.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$12.2M
AUTO REPAIR, GARAGE
Est. value
$11.6M
COMMERCIAL (GENERAL)
Est. value
$9.9M
MEDICAL BUILDING
Est. value
$8.6M
WAREHOUSE, STORAGE Current
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
1963
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
9.8 ac
Current owner
From public records · entity-resolved
Northwest Leasing LLC
Entity
Free & Clear · 6 yrs held
Mailing address
747 E SHIP CRK AVE, ANCHORAGE, AK 99501-1612
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
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
Aug 25, 2023
—
Northwest Leasing LLC
—
Deed
related
$18,000,000 · East West Bank
Aug 24, 2023
—
Northwest Leasing LLC
—
Deed
related
$18,000,000 · East West Bank
Feb 25, 2022
—
Northwest Leasing LLC
—
Deed
related
$1,000,000 · East West Bank
Jan 8, 2020
$3,672,976
Northwest Leasing LLC
Pk Sch District No 400 Clover
Warranty Deed
related
—
Dec 18, 2019
$3,672,976
Northwest Leasing LLC
Pk Sch District No 400 Clover
Warranty Deed
—
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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