Versatile Commercial Building in New
For Sale
$514,286
Pending
1219 Earnest S Brazill St, Tacoma, WA 98405
2800sf commercial building with 5+ offices and NCX zoning.
Property Size2,800 SF
Days on Market855
Property Features for 1219 Earnest S Brazill St
General Information
Standard status
Pending
Size
2,800 SF
Property subtype
Commercial
Building Details
Year Built
1959
Listing Agency:
BLUE EMERALD REAL ESTATE COMPANY
(253) 250-0400
Listed By:
DALE FLATEN
Source:
Corcoran
Added: Apr 18, 2024
Changed: Jul 6
Last Checked: Jul 23 at 8:41AM
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 BLUE EMERALD REAL ESTATE COMPANY
Investment Insights
Based on property information with market context.
This commercial building, located in New Tacoma, offers 2800 square feet of space. The property is zoned NCX, allowing for a variety of uses. The building currently features 5 or more offices, 3 bathrooms, 2 conference rooms, and a kitchen. A lobby with a waiting room is available for greeting clients. The property has 2 separate entrances, allowing it to be split into 2 distinct businesses. The NCX zoning allows for the potential to rebuild up to 5 stories high. The building is located 2 blocks from MLK Jr Way and the Tacoma Light Link Rail, providing access to the New Tacoma and Tacoma business district.
Key Highlights
- Versatile 2800sf commercial building.
- NCX zoning allows for a variety of uses and the potential to rebuild up to 5 stories.
- Two separate entrances enable splitting the building into two distinct businesses for additional income.
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
$45,360
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
8.82%
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%
$907,200
$907.2K
Cap Rate 7%
$648,000
$648.0K
Cap Rate 9%
$504,000
$504.0K
Market Conditions
NOI Build-Up for 2,800 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
$75.6K $27.00/SF
− Vacancy
−$15.1K −$5.40/SF
EGI
$60.5K $21.60/SF
− OpEx
−$15.1K −$5.40/SF
NOI
$45.4K $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%
$907,200
Cap Rate 7%
$648,000
Cap Rate 9%
$504,000
Alternative Uses
Best Use
Office B
$648.0K
$567.0K – $756.0K
NOI $45,360 @ 7.0% cap · market cap 8.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$860.6K
$753.1K – $1.00M
NOI $60,245 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,660
Businesses Nearby
Explore this area
Business Placement
Demographics for 98405, WA
24,617
Population
11,645
Households
2.1
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
4.1 sq mi
ZIP Area
6,004
Density / Sq Mi
$80,024
Median Household Income
$51,028
Median Earnings
$1,480
Median Rent
$443,800
Median Home Value
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 - 2800sf commercial building with 5+ offices and NCX zoning.
Where is this office building located?
The property is located at 1219 Earnest S Brazill St Tacoma, WA.
What is the asking price?
The asking price for this property is $514,286.
What are key features of this property?
This property features: Versatile 2800sf commercial building.; NCX zoning allows for a variety of uses and the potential to rebuild up to 5 stories.; Two separate entrances enable splitting the building into two distinct businesses for additional income.
