Office Building with
New
For Sale
Contact for pricing
101 E 26th St, Tacoma, WA 98421
Full-building commercial space supports office, showroom, light industrial, creative, and service-oriented uses.
Property Size14,239 SF
Price / SF$205.42
Days on Market6
Property Features for 101 E 26th St
General Information
Standard status
Active
Size
14,239 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Amenities
building signage
Building Details
Buildings
1
Listing Agency:
Lee & Associates Commercial Real Estate Services
(253) 238-0044
Listed By:
Harrison Laird
(253) 238-0044
Source:
Moodyscre
Added: Aug 12
Changed: Aug 16
Last Checked: Aug 17 at 5:05AM
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 Lee & Associates Commercial Real Estate Services
Investment Insights
Based on property information with market context.
The Armour Building is a 14,239-square-foot office property offered for sale as a full-building opportunity. Its commercial layout can accommodate office, showroom, light industrial, creative, and service-oriented operations, providing a dedicated facility for a single occupant or business operation. On-site parking and building signage are also part of the property’s features.
The property is located at 101 E 26th St in Tacoma, Washington, with access to major transportation routes and visibility from I-705. The combination of adaptable commercial space, parking, and prominent signage supports a range of business formats within one building.
The property is located at 101 E 26th St in Tacoma, Washington, with access to major transportation routes and visibility from I-705. The combination of adaptable commercial space, parking, and prominent signage supports a range of business formats within one building.
Key Highlights
- 14,239‑square‑foot office building
- Full‑building sale opportunity
- Space supports office, showroom, light industrial, creative, and service‑oriented uses
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
$230,672
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
7.89%
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%
$4,613,440
$4.6M
Cap Rate 7%
$3,295,314
$3.3M
Cap Rate 9%
$2,563,022
$2.6M
Market Conditions
NOI Build-Up for 14,239 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
$384.5K $27.00/SF
− Vacancy
−$76.9K −$5.40/SF
EGI
$307.6K $21.60/SF
− OpEx
−$76.9K −$5.40/SF
NOI
$230.7K $16.20/SF
Area
Tacoma, WA
Vacancy
20.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
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%
$4,613,440
Cap Rate 7%
$3,295,314
Cap Rate 9%
$2,563,022
Alternative Uses
Best Use
Office B
$3.30M
$2.88M – $3.84M
NOI $230,672 @ 7.0% cap · market cap 7.89%
Second Best
Flex RnD
$2.19M
$1.92M – $2.55M
NOI $153,269 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$4.38M
$3.83M – $5.11M
NOI $306,366 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,296
Businesses Nearby
Explore this area
Business Placement
Demographics for 98421, WA
1,239
Population
78
Households
15.9
Avg Household Size
34
Median Age
25%
College-Educated
98%
High-School Grad
6.5 sq mi
ZIP Area
191
Density / Sq Mi
$1,273
Median Rent
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Full-building commercial space supports office, showroom, light industrial, creative, and service-oriented uses.
Where is this office building located?
The property is located at 101 E 26th St Tacoma, WA.
What is the asking price?
The asking price for this property is $2,925,000.
What are key features of this property?
This property features: 14,239‑square‑foot office building; Full‑building sale opportunity; Space supports office, showroom, light industrial, creative, and service‑oriented uses
