Back to Search
Property profile & analytics
FOR LEASE
Medical Office Space
921 40 Ave SW Puyallup, WA 98373
Entity Owned
~
Est. High Equity
Property ID
US90-1360036
No photos on file
For Lease
$8,780/Mo
921 40 Ave SW, Puyallup, WA 98373
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1978
Construction
WOOD FRAME
Total area
2,734 SF
Lot
0.36 ac (15,682 SF)
Zoning code
NC
APN
419096017
UPID
US90-1360036
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
$450k
CAP Approach
CAP
$595k
Comparable Approach
Comparable
$542k
Blend (final)
Blend
$530k
Owner & transaction history
Monbeg I LLC
Monbeg I LLC
since 2026
7 recorded transactions
Zoning & alternative use
NC · Puyallup, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$850,000
+13.2%
Commercial (general)
$795,000
+6.0%
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 Puyallup submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Puyallup 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
$450,000
CAP Approach
CAP Return
Estimation
6%
$645,000
6.5%
$595,000
7%
$555,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$750,000
Current use
RETAIL STORES
$850,000
Change: +13% · Conversion: Difficult
COMMERCIAL (GENERAL)
$795,000
Change: +6% · Conversion: Easy
WAREHOUSE, STORAGE
$695,000
Change: -8% · Conversion: Difficult
Blend value · Realmo final
$530k
Range $477k – $583k · ±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
$194 / 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
$14,401
Tax year 2024
Assessed value
$1,365,500
Assessed 2024
Previous assessed
$1,365,500
+0.0% YoY
Effective rate
1.05%
On assessed value
Assessed land
$586,700
Assessed improvement
$778,800
Land market value
$586,700
Improvement market value
$778,800
Total market value
$1,365,500
Applied tax rate
96.0000
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
1978
Construction
WOOD FRAME
Heating
HEAT PUMP
Stories
1
Units
1
Total area
2,734 SF
Lot
0.36 ac (15,682 SF)
Zoning code
NC
APN
419096017
UPID
US90-1360036
Jurisdiction
PIERCE
Metro division
TACOMA, WA METROPOLITAN DIVISION
Zoning & alternative use
NC · Puyallup, WAZoning NC · permitted uses
NC · Puyallup, WA
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
MEDICAL BUILDING Current
Est. value
$750,000
RETAIL STORES
Est. value
$850,000
COMMERCIAL (GENERAL)
Est. value
$795,000
WAREHOUSE, STORAGE
Est. value
$695,000
MEDICAL BUILDING Current
RETAIL STORES
COMMERCIAL (GENERAL)
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
1978
Construction
WOOD FRAME
Heating
HEAT PUMP
Stories
1
Units
1
Lot
0.36 ac
Current owner
From public records · entity-resolved
Monbeg I LLC
Entity
Mailing address
921 40TH AVE SW, PUYALLUP, WA 98373-6500
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 7, 2026
$1,639,500
Monbeg I LLC
Steele Investments LLC
Warranty Deed
—
Nov 7, 2019
$750,000
Steele Investments LLC
Sound Real Estate Associates LLC
Warranty Deed
$637,500 · First Citizens Bank & Trust Co
Sep 26, 2007
$1,150,000
Sound Real Estate Assocs LLC
Apple Estate LLC
Warranty Deed
$775,000 · Valley Bank
Oct 15, 1999
$475,000
Apple Real Estate LLC
Kaukl,douglas J & Ramona L
Grant Deed
$243,050 · Bank Of America
—
—
Sound Real Estate Assocs LLC
—
Deed Of Trust
related
$862,500 · Columbian Mutual Life Ins
—
—
Sound Real Estate Assocs LLC
—
Deed Of Trust
related
$766,122 · Heritage Bank
—
—
Apple Real Estate LLC
—
Deed Of Trust
related
$202,000 · Evergreen Community Dev Assn
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
