Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    625 Commerce St Tacoma, WA 98402

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $30 SF/Yr

    Renovated historic building offering restaurant, retail, and office spaces.

    Property size:
    10,460 SF
    Lot size:
    0.39 Acres

    Property Features for 625 Commerce St

    General Information

    Size
    10,460 SF
    Lot size
    0.39 Acres

    We can help!

    Listing Contact
    John Bauder, CCIM
    Source: Moodyscre

    Listing Agency: Lee & Associates Commercial Real Estate Services Listing Agent: John Bauder, CCIM

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Historic Building with Flexible Spaces

    This iconic building is undergoing a complete historic renovation slated for completion in 2025. It offers a variety of spaces suitable for different uses. Restaurant or food vendor spaces range from 700 to 1,400 square feet, accommodating up to three unique dining concepts. Retail spaces are available from 540 to 2,000 square feet, with an additional street-level cafe or vendor opportunity to capture building and light rail customers. Office spaces range from 150 to 9,532 square feet, offering flexible layouts to fit the needs of innovative and growing businesses. The property is located at the Old City Hall stop on Tacoma's Link Light Rail, providing seamless connectivity to every major downtown market in the Pacific Northwest. It is adjacent to dining, shopping, and McMenamins Elk Temple.
    Location Intelligence

    Current Use by Public Records

    Old City Hall ... Coworking Space Pastoral Therapy Associates Family Counselor Clock Tower Historical Place

    Suggested Use

    Realty agency Restaurant Dental Office Law Firm Spa & Massage Hair Salon Nail Salon Building Supply Auto Repair Shop Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.4400039
    Latitude
    47.2574999

    Nearby Similar for Lease

    • $14 SF/Yr
      927 SF

      Prime Tacoma Professional Office Space

      Professional office spaces for lease in central Tacoma location.
      15 Oregon Ave, Tacoma, WA 98409
      View Details
    • Contact for pricing

      Versatile Space in Prime Location

      Adaptable space suitable for office, retail, or mixed-use ventures.
      1145 Broadway, Tacoma, WA 98402
      View Details
    • $19 SF/Yr
      157,833 SF

      Downtown Tacoma Office Campus

      157,883 SF office campus with amenities and flexible terms.
      950 Market St, Tacoma, WA 98402
      View Details
    • $24 SF/Yr
      46,800 SF

      Renovated Office Space in Brewery Blocks

      Office suites in renovated building near transit and amenities.
      2106-2114 Pacific Ave, Tacoma, WA 98402
      View Details
    • $23 SF/Yr
      12,000 SF

      Downtown Tacoma Building with Parking

      12,005 SF building available for lease in downtown Tacoma.
      2111 Pacific Ave, Tacoma, WA 98402
      View Details
    • Contact for pricing

      Modern Office Space in Tacoma

      Premier office building in Tacoma, WA with modern amenities.
      Tacoma, WA 98421
      View Details
    • Contact for pricing
      52,116 SF

      Industrial Facility with Rail Access

      Prime manufacturing/distribution facility in the Port of Tacoma with rail access.
      1510 St. Paul Ave, Tacoma, WA 98421
      View Details
    • $12 SF/Yr
      21,000 SF

      Tacoma Brewery District Flex Space

      High-visibility flex space in Tacoma's Brewery District, ideal for various uses.
      2323 Commerce St, Tacoma, WA 98402
      View Details
    • $20 SF/Yr
      1,071 SF

      Tacoma Office or Retail Space

      Open-concept space on Pacific Ave, ideal for diverse businesses.
      12202 Pacific Ave S, Tacoma, WA 98444
      View Details
    • $14 SF/Yr
      29,200 SF

      Spanaway Industrial Park: Tacoma, WA

      Versatile Tacoma Industrial Space: Multiple Suites Available
      15413 1St Avenue Ct, Tacoma, WA 98445
      View Details
    • $20 SF/Yr
      4,395 SF

      Retail Space Near Stadium Thriftway

      4,300 SF retail space with high visibility and great co-tenants.
      118 N Tacoma Ave, Tacoma, WA 98403
      View Details
    • Contact for pricing
      52,116 SF

      Port of Tacoma Manufacturing Facility

      Manufacturing facility with rail access in the Port of Tacoma.
      1510 St Paul Ave, Tacoma, WA 98421
      View Details

    FAQs

    What type of property is this?
    Office space - Renovated historic building offering restaurant, retail, and office spaces.
    Where is this office space located?
    The property is located at 625 Commerce St Tacoma, WA.
    What is the lease rate?
    The lease rate is $30 SF/Yr.
    What are key features of this property?
    This property features: - Complete Historic Renovation (2025); - Direct access to Tacoma's Link Light Rail (Old City Hall stop); - Flexible spaces suitable for restaurant, retail, and office use
    (253) 820-5822
    Request Owner's contact information
    625 Commerce St Tacoma, WA 98402
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    625 Commerce St
    Tacoma, WA 98402
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    625 Commerce St Tacoma, WA 98402
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    John Bauder, CCIM
    (253) 820-5822
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.