Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    615 Commerce St Tacoma, WA 98402

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $22 SF/Yr

    Class B office space with natural light and convenient location.

    Type:OFFICE
    Property size:
    2,400 SF
    Lot size:
    0.13 Acres
    Added:
    Mar 10, 2025
    Days on Market:
    388
    Last Refresh:
    Mar 25 at 8:24 pm

    Property Features for 615 Commerce St

    General Information

    Standard status
    Active
    Size
    2,400 SF
    Lot size
    0.13 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 615 Commerce St Contact us

    We can help!

    Listing Contact
    Kyle Prosser
    Kyle Prosser

    Listing agent Kyle Prosser

    Listing office Lee & Associates Commercial Real Estate Services

    Listing date Mar 10, 2025

    Source Moodyscre

    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

    Overview

    Downtown Tacoma Office Space Available

    This Class B office space is located in downtown Tacoma and features interior finishes and natural light. The property is conveniently situated at a light rail stop, providing connectivity throughout the Puget Sound region. It is located across from McMenamins Elks Temple and adjacent to the Old City Hall project, which is set to open in 2026. The immediate area offers a variety of dining options, museums, hotels, parks, and residential accommodations. The property has a size of 2400 square feet.
    Location Intelligence

    Current Use by Public Records

    Law Office of Sophia ... Law Firm Mark E. Bardwil, ... Law Firm Stacey Swenhaugen Law Firm Loran & Ritchie Law Firm Law Office of Erik ... Law Firm

    Suggested Use

    Real Estate Agency Restaurant Dental Office Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.44
    Latitude
    47.2579

    Nearby Similar for Lease

    • $26/mo

      Historic Office Space in Tacoma

      Classic office space with views, parking, and retail amenities.
      621 Pacific Avenue, Tacoma, WA 98402
      View Details
    • $23/mo

      Downtown Tacoma Building with Parking

      12,005 SF building available for lease in downtown Tacoma.
      2111 Pacific Ave, Tacoma, WA 98402
      View Details
    • $17/mo

      Former Bank Building with Mezzanine

      Former bank building featuring high ceilings and drive-through lanes.
      8801 South Tacoma Way, Tacoma, WA 98499
      View Details
    • Contact for pricing

      First Floor Office Space Available

      First floor office space with elevator access and ample parking.
      714 27th St, Tacoma, WA 98409
      View Details
    • Sponsored
      Contact for pricing

      Downtown Pacific Avenue

      1201 Pacific Ave, Unit 6TH, Tacoma, WA 98402
      View Details
    • Contact for pricing

      Downtown Tacoma Office Space Available

      Office space for lease in downtown Tacoma's Rhodes Center.
      950 Broadway, Tacoma, WA 98402
      View Details
    • Contact for pricing

      Tacoma Retail Space For Rent

      Retail space in high-traffic Tacoma corridor near landmarks.
      1944 Pacific Ave, Tacoma, WA 98402
      View Details
    • Contact for pricing

      Downtown Tacoma Class A Office

      Class A office space in the heart of Downtown Tacoma.
      909 A St, Tacoma, WA 98402
      View Details
    • Contact for pricing

      Downtown Tacoma Retail/Restaurant/Office Space

      High-profile corner location in Tacoma's Theatre District.
      305 9th St, Tacoma, WA 98402
      View Details
    • $26,150/mo

      Historic Building with Flexible Spaces

      Renovated historic building offering retail, restaurant, and office spaces.
      625 Commerce St, Tacoma, WA 98402
      View Details
    • Contact for pricing

      Historic Building with Flexible Spaces

      Renovated historic building offering restaurant, retail, and office spaces.
      625 Commerce St, Tacoma, WA 98402
      View Details
    • Contact for pricing

      Historic Building with Flexible Spaces

      Renovated historic building offering retail, restaurant, and office spaces.
      625 Commerce St, Tacoma, WA 98402
      View Details

    FAQs

    What type of property is this?
    Office units - Class B office space with natural light and convenient location.
    Where is this office units located?
    The property is located at 615 Commerce St Tacoma, WA.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: Convenient location at a light rail stop providing connectivity throughout the Puget Sound region.; Beautiful interior finishes and tons of natural light.; Located across from McMenamins Elks Temple.
    (253) 383-8382
    We can help!
    Listing Contact
    Kyle Prosser
    Kyle Prosser
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!