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Property profile & analytics
OFF-MARKET
Estimated value
$4,865,000
Apartment buildings
8609 Locust E Ave Sumner, WA 98391-7003
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US90-1784737
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2020
Construction
WOOD FRAME
Total area
16,658 SF
Lot
0.94 ac (41,023 SF)
APN
5640000801
UPID
US90-1784737
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
-
NorthWest Terrace Apartments Apartment Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.47M
CAP Approach
CAP
$3.10M
Comparable Approach
Comparable
$4.32M
Blend (final)
Blend
$4.87M
Owner & transaction history
Fp Nw Terrace LLC · 3 yrs held
Fp Nw Terrace LLC
since 2023
Last sale
$5.8M
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$7.7M
+47.6%
Commercial (general)
$7.1M
+37.3%
Neighborhood: shopping center
$7.1M
+36.6%
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 Sumner submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Sumner 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
$4,820,000
ML approach
$5,470,000
CAP Approach
CAP Return
Estimation
6%
$3,360,000
6.5%
$3,100,000
7%
$2,880,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$5,200,000
Current use
RESTAURANT
$7,675,000
Change: +48% · Conversion: Difficult
COMMERCIAL (GENERAL)
$7,135,000
Change: +37% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$7,100,000
Change: +37% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$7,030,000
Change: +35% · Conversion: Difficult
AUTO REPAIR, GARAGE
$6,120,000
Change: +18% · Conversion: Difficult
RETAIL STORES
$5,100,000
Change: -2% · Conversion: Difficult
WAREHOUSE, STORAGE
$4,970,000
Change: -4% · Conversion: Difficult
Blend value · Realmo final
$4.87M
Range $4.38M – $5.35M · ±10% · vs last sale $5.75M (May 23 2023)
Last sale anchor
$5.75M
May 23 2023
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
$292 / 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
$49,016
Tax year 2024
Assessed value
$4,829,700
Assessed 2024
Previous assessed
$4,829,700
+0.0% YoY
Effective rate
1.01%
On assessed value
Assessed land
$1,023,600
Assessed improvement
$3,806,100
Land market value
$1,023,600
Improvement market value
$3,806,100
Total market value
$4,829,700
Applied tax rate
35.0000
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 (5+ UNITS)
Status
Off-Market
Year built
2020
Construction
WOOD FRAME
Heating
ELECTRIC
Stories
3
Units
18
Total area
16,658 SF
Lot
0.94 ac (41,023 SF)
APN
5640000801
UPID
US90-1784737
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$5.2M
RESTAURANT
Est. value
$7.7M
COMMERCIAL (GENERAL)
Est. value
$7.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$7.1M
INDUSTRIAL (GENERAL)
Est. value
$7.0M
AUTO REPAIR, GARAGE
Est. value
$6.1M
RETAIL STORES
Est. value
$5.1M
WAREHOUSE, STORAGE
Est. value
$5.0M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
INDUSTRIAL (GENERAL)
AUTO REPAIR, GARAGE
RETAIL STORES
WAREHOUSE, STORAGE
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
2020
Construction
WOOD FRAME
Heating
ELECTRIC
Stories
3
Units
18
Lot
0.94 ac
Current owner
From public records · entity-resolved
Fp Nw Terrace LLC
Entity
Mailing address
5608 17TH AVE NW #992, SEATTLE, WA 98107-5232
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 23, 2023
$5,750,000
Fp Nw Terrace LLC
Northwest Terrace LLC
Warranty Deed
$3,400,000 · Protective Life Insurance Co
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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