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    Iconic University Place Cafe Building

    2912 27th St W University Place, WA 98466

    2912 27th St W, University Place, WA, 98466
    $1,295,000
    For Sale
    Claim this Listing
    $1,295,000

    Prime retail property near Chambers Bay with development potential.

    Property Size7,263 SF
    Price / SF$178.30
    AddedApr 24, 2025
    Days on Market448
    Last RefreshMay 11 at 12:02 am

    Property Features for 2912 27th St W

    General Information

    Standard status
    Active
    Size
    7,263 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1953

    Listing office BETTER PROPERTIES REAL ESTATE

    Listing date Apr 24, 2025

    Source Corcoran

    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 BETTER PROPERTIES REAL ESTATE

    Investment Insights

    Based on property information with market context.

    The iconic Pine Cone Cafe building is located in the heart of University Place near Chambers Bay. A Phase I and II environmental report noted "no additional investigation..." and the reports are available for review. Newer upgrades include 3 mini splits and a TPO membrane roof installed in 2020. Heating is provided by a commercial gas/electric rooftop package unit and wall-mounted electrical heaters. There is a 120 square foot space with a bathroom, currently used as storage, that could be developed. All other units are rented. The property includes 40 parking spaces and has high walkability. Check with the city of University Place regarding proposed apartments to be built nearby, which could generate a sizable uptick in visitors to the building's businesses. The property size is 7263 square feet. This is a great opportunity to own a sweet part of University Place history. The property is suitable for coffee shops, restaurants, retail properties, storefront properties, and individual retail properties.

    Key Highlights

    • High walkability and 40 parking spaces.
    • All units currently rented (see Rent Roll).
    • Located in the heart of University Place near Chambers Bay.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $104.6k $14.40
    − Vacancy −$7.7k −$1.07
    EGI $96.8k $13.33
    − OpEx −$24.2k −$3.33
    NOI $72.6k $10.00
    7,263 SF · lease $14.40/SF/yr · vacancy 7.40% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $1.04M
    $908.0K – $1.21M (±1% cap)
    NOI $72,636 @ 7.0% cap · market cap 5.61%
    Second Best
    Retail
    $899.4K
    $787.0K – $1.05M (±1% cap)
    NOI $62,961 @ 7.0% cap · market cap 4.86%
    Theoretical Best
    Office A
    $1.96M
    $1.72M – $2.29M (±1% cap)
    NOI $137,316 @ 7.0% cap · market cap 10.60%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Coffee shops

    Suggested Use

    HVAC Service Auto Parts Store Big Box & Wholesale Store (Bike/Boat/Book/etc) Store Storage Facility Grocery & Convenience Store Computer & Electronic Repair (Bike/Boat/Book/etc) Store Grocery & Convenience Store (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

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    Similar Off Market Nearby

    • Cutters Point Coffee Co. — 2700 Bridgeport Way W G, University Place, WA 98466
    • Teaspoon — 2610 Sunset Dr W, Tacoma, WA 98466

    FAQs

    What type of property is this?
    Coffee shop - Prime retail property near Chambers Bay with development potential.
    Where is this coffee shop located?
    The property is located at 2912 27th St W University Place, WA.
    What is the asking price?
    The asking price for this property is $1,295,000.
    What are key features of this property?
    This property features: High walkability and 40 parking spaces.; All units currently rented (see Rent Roll).; Located in the heart of University Place near Chambers Bay.
    Contact an agent
    (253) 589-2680
    We can help!
    Contact an agent
    MARK HULEN
    MARK HULEN
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