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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    8605 Hipkins SW Rd Lakewood, WA 98498-4677

    • Apartment buildings
    • 13,444 SF
    • 1.36 lot acres
    OFF-MARKET
    Value Estimations
    $2,490,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0942340
    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 8605 Hipkins SW Rd

    Year built
    1960
    Construction
    WOOD FRAME
    Lot size
    1.36 lot acres
    Property size
    13,444 SF
    Zone code
    MF1
    Property type
    Apartment buildings
    APN
    3775000051
    APU
    3775000051

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,710,000
      6.5%
      $2,505,000
      7%
      $2,325,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,597,000
      Market price range: $786k - $2.82M

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Pierce
    State
    Washington
    Longitude
    -122.547
    Latitude
    47.179
    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
    $43,810
    $2,089,400
    $1,954,700
    $4,044,100
    -
    $2,089,400
    $1,954,700
    $4,044,100

    Comparable in this City

    • Value Estimation
      $885,000
      5,508 SF

      9917 Sales S Rd

      APARTMENT HOUSE (5+ UNITS) • 5,508 SF
      9917 Sales S Rd, Lakewood, WA 98498
      View Details
    • Value Estimation
      $1,690,000
      10,080 SF

      40 Thunderbird SW Pkwy

      APARTMENT HOUSE (5+ UNITS) • 10,080 SF
      40 Thunderbird SW Pkwy, Tacoma, WA 98498-6162
      View Details
    • Value Estimation
      $1,120,000
      9,120 SF

      7921 Veterans SW Dr

      APARTMENT HOUSE (5+ UNITS) • 9,120 SF
      7921 Veterans SW Dr, Tacoma, WA 98498-5241
      View Details
    • Value Estimation
      $525,000
      3,271 SF

      14405 Washington SW Ave

      APARTMENT HOUSE (5+ UNITS) • 3,271 SF
      14405 Washington SW Ave, Tacoma, WA 98498-2261
      View Details
    • Value Estimation by Request
      2,677 SF

      14402 Washington SW Ave

      APARTMENT HOUSE (5+ UNITS) • 2,677 SF
      14402 Washington SW Ave, Lakewood, WA 98498-2260
      View Details
    • Value Estimation
      $980,000
      4,752 SF

      10406th 116th SW St

      APARTMENT HOUSE (100+ UNITS) • 4,752 SF
      10406th 116th SW St, Lakewood, WA 98498
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      34,531 SF

      Lost Lake Forest Apartments

      Luxury Tacoma Apartments: 42 Units
      7907 Washington Blvd, Tacoma, WA 98498
      View Details
    • $680,000
      0.21 Acres

      Lakewood Restaurant - Turnkey Opportunity

      Established eatery, high traffic area, motivated seller.
      15029 Thorne Ln, Lakewood, WA 98498
      View Details
    • $650,000
      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
    • $1,400,000

      Lakewood Land with I-5 Visibility

      Commercial land with I-5 visibility and development potential.
      15515 Maas Ln SW, Lakewood, WA 98498
      View Details
    • $249,999

      Established Convenience Store Business Opportunity

      Turnkey convenience store business with prime location and growth potential.
      14822 Woodlawn St Sw, Lakewood, WA 98498
      View Details

    Similar Nearby for Lease

    • 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
    • $14 SF/Yr
      4,795 SF

      Retail Space in Anchored Center

      Retail space available in Lakewood shopping center.
      8101 Steilacoom Blvd SW, Lakewood, WA 98498
      View Details
    • $16 SF/Yr
      24,782 SF

      Oakbrook Plaza: Retail Space Available

      High-traffic retail center; spaces from 800-4795 sq ft.
      8123 Steilacoom Blvd, Lakewood, WA 98498
      View Details
    • $0.40 SF/Yr
      106,720 SF

      Lakewood Warehouse with Rail Service

      Industrial space in Lakewood with rail service and heavy power.
      4500 92Nd Street Ct SW, Lakewood, WA 98498
      View Details
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    8605 Hipkins SW Rd
    Lakewood, WA 98498-4677
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    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
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