Office Condominium with Private
For Sale
$179,950
1-7403 Lakewood Dr W, Lakewood, WA 98499
Efficient professional suite includes reception, waiting, kitchen, and private restroom areas.
Property Size1,076 SF
Price / SF$167.24
Days on Market25
Property Features for 1-7403 Lakewood Dr W
General Information
Standard status
Active
Size
1,076 SF
Taxes and HOA fees
Annual Taxes
$2,629
Listing Agency:
Century 21 Blue Chip
(253) 444-3108
Listed By:
Greg Pubols
(253) 444-3108
Source:
Exprealty
Added: Jul 20
Changed: Aug 13
Last Checked: Aug 13 at 4:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Blue Chip
Investment Insights
Based on property information with market context.
This 1,076 sq. ft. office condominium offers a practical layout for professional operations, with three enclosed offices, a designated reception area, a waiting space, kitchen, and private restroom. A reception desk is already part of the configuration, supporting a polished arrival experience for clients and visitors.
The flexible interior can accommodate office-based practices and services including medical, counseling, real estate, accounting, and legal operations. Its Lakewood location provides a convenient setting for an owner-user or investor seeking a professionally configured commercial condominium.
The flexible interior can accommodate office-based practices and services including medical, counseling, real estate, accounting, and legal operations. Its Lakewood location provides a convenient setting for an owner-user or investor seeking a professionally configured commercial condominium.
Key Highlights
- 1,076 sq. ft. office condominium
- Three private offices with dedicated reception area
- Waiting area and reception desk included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,257
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$305,140
$305.1K
Cap Rate 7%
$217,957
$218.0K
Cap Rate 9%
$169,522
$169.5K
Market Conditions
NOI Build-Up for 1,076 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.6K $27.48/SF
− Vacancy
−$4.1K −$3.85/SF
EGI
$25.4K $23.63/SF
− OpEx
−$10.2K −$9.45/SF
NOI
$15.3K $14.18/SF
Area
Pierce County, WA
Vacancy
14.00%
Lease Rate
$27.48 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$305,140
Cap Rate 7%
$217,957
Cap Rate 9%
$169,522
Alternative Uses
Best Use
Healthcare Medical
$218.0K
$190.7K – $254.3K
NOI $15,257 @ 7.0% cap · market cap 8.48%
Second Best
Office B
$217.7K
$190.5K – $254.0K
NOI $15,241 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$290.6K
$254.3K – $339.1K
NOI $20,343 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
255
Businesses Nearby
Explore this area
Business Placement
Demographics for 98499, WA
33,188
Population
14,683
Households
2.3
Avg Household Size
35
Median Age
19%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
3,771
Density / Sq Mi
$65,000
Median Household Income
$41,345
Median Earnings
$1,445
Median Rent
$370,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Efficient professional suite includes reception, waiting, kitchen, and private restroom areas.
Where is this office units located?
The property is located at 1-7403 Lakewood Dr W Lakewood, WA.
What is the asking price?
The asking price for this property is $179,950.
What are key features of this property?
This property features: 1,076 sq. ft. office condominium; Three private offices with dedicated reception area; Waiting area and reception desk included
