Building Details

Year Built 1959

Listing Agency: BLUE EMERALD REAL ESTATE COMPANY

Listed By: DALE FLATEN Show Phone

Source: Corcoran

Added: Apr 18, 2024 Changed: Oct 25 Last Checked: Nov 6 at 8:01AM

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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 / Yr

$45,360

Cap Rate

8.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$907,200 $907.2K

Cap Rate 7%

$648,000 $648.0K

Cap Rate 9%

$504,000 $504.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,800 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $60,245 @ 7.0% cap · market cap 11.71%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Confidential Associates, LLC Crisis Center Elizabeth Johnson, MA Crisis Center Eric K. Miller Crisis Center Greg Scea, MA Crisis Center Clinicians Assistant Medical Clinic

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Pet Grooming Service Clothing & Fashion Store Pet Store & Service Restaurant Mobile Phone Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Average Price Trend$/SF for Office buildings in Tacoma, WA

$201 Jul

$203 Aug

$227 Sep

$227 Oct

Properties on Market for Office buildings in Tacoma

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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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.