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

    2217 N Pearl St Tacoma, WA 98406

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $5,000,000

    22,336 SF single tenant Planet Fitness in Tacoma, Washington.

    Lot size:
    1.90 Acres

    Property Features for 2217 N Pearl St

    General Information

    Lot size
    1.90 Acres

    We can help!

    Listing Contact
    Tiffini Connell
    Source: Moodyscre

    Listing Agency: West Coast Commercial Realty, LLC Listing Agent: Tiffini Connell

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

    Learn more

    Overview

    Planet Fitness in Westgate South

    The property is a 22,336 SF single tenant Planet Fitness located within the Westgate South Shopping Center in Tacoma, Washington. It is 100% leased to an 80+ unit franchisee of Planet Fitness. The building has been significantly upgraded with new HVAC, upgraded electrical, plumbing and gas, and a new roof. Westgate South is a lifestyle center anchored by Planet Fitness and, upcoming, the Picklr Premium Indoor Pickleball Courts, in the Proctor District of Tacoma, Washington, known for its vibrant community atmosphere. The existing lease is well-positioned to provide for both stability and opportunity for the existing tenant, as well as stable income and a strong guarantor for the investor/landlord.
    Location Intelligence

    Current Use by Public Records

    Planet Fitness Gym

    Suggested Use

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

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

    Similar Places Nearby

    9Round Kickboxing Fitness, Beometry - Tacoma Personal Trainer, AGA Northwest Gig Harbor, LA Fitness, Edgeworks Climbing Tacoma

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.5141295
    Latitude
    47.2688387

    Nearby Similar for Sale

    • $895,000
      0.25 Acres

      Tacoma Fourplex with Garage Parking

      Well-maintained fourplex with garages near JBLM in Tacoma, WA.
      9405 S Ash St, Tacoma, WA 98444
      View Details
    • $3,449,000
      0.81 Acres

      Multifamily Opportunity in Tacoma, WA

      Value-add multifamily property with renovation and income growth potential.
      7603 Pacific Ave, Tacoma, WA 98408
      View Details
    • $1,849,000
      0.52 Acres

      Mixed-Use Multifamily Investment Opportunity

      Value-add mixed-use property with residential and commercial income potential.
      9618 Pacific Ave, Tacoma, WA 98444
      View Details
    • $3,300,000
      23,860 SF

      Mixed-Use Building with Parking

      Two-story office, retail, and warehouse building with parking lot.
      2209-2215 Pacific Ave, Tacoma, WA 98402
      View Details
    • $669,000
      2,445 SF

      Tacoma Commercial Building For Sale

      2,445 SF commercial building in Tacoma's Manitou neighborhood.
      3502 S 74Th St, Tacoma, WA 98409
      View Details
    • $2,689,000
      19,024 SF

      High-Visibility Mixed-Use Potential

      Exceptional property with high potential in a transforming urban core.
      1016 S 10Th St, Tacoma, WA 98405
      View Details
    • $2,200,000
      8,820 SF

      Downtown Tacoma Owner-User Opportunity

      Refreshed office/warehouse near I-5, I-705, SR 509 and Port of Tacoma.
      2306 A St, Tacoma, WA 98402
      View Details
    • $2,250,000
      10,550 SF

      Turnkey Restaurant and Brewery Building

      Two-story restaurant and brewery in Tacoma's Brewing District.
      2302 Fawcett Ave, Tacoma, WA 98402
      View Details
    • $1,995,000
      10,584 SF

      Former Bank Building on Tacoma Way

      Unique mid-century modern building suitable for retail, restaurant, or office.
      8801 South Tacoma Way, Tacoma, WA 98499
      View Details
    • $7,500,000

      84+ Acre Estate Investment Opportunity

      84+ acre estate with multiple venue business potential.
      Undisclosed, Tacoma, WA
      View Details
    • $2,925,000
      15,624 SF

      Pristine Office Building with Upside

      Well-kept 3-story office building near downtown and Tacoma Dome.
      101 E 26Th St, Tacoma, WA 98421
      View Details
    • $1,600,000
      9,296 SF

      Professional/Medical Office Building in Tacoma

      Two-story office building near I-5, ideal for owner-user or investor.
      1720 S 72Nd St, Tacoma, WA 98408
      View Details

    FAQs

    What type of property is this?
    Fitness center & gym - 22,336 SF single tenant Planet Fitness in Tacoma, Washington.
    Where is this fitness center & gym located?
    The property is located at 2217 N Pearl St Tacoma, WA.
    What is the asking price?
    The asking price for this property is $5,000,000.
    What are key features of this property?
    This property features: - Newly renewed lease with a large Planet Fitness franchisee (80+ units), providing stable income and a strong guarantor.; - Located within the Westgate South Shopping Center, a prime lifestyle center.; - Significant building upgrades including new HVAC, upgraded electrical, plumbing and gas, and a new roof.
    (206) 283-5212
    Request Owner's contact information
    2217 N Pearl St Tacoma, WA 98406
    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.
    2217 N Pearl St
    Tacoma, WA 98406
    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
    2217 N Pearl St Tacoma, WA 98406
    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
    Tiffini Connell
    (206) 283-5212
    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.