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

    622 Tacoma Ave S Tacoma, WA 98402

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,450,000

    Two-story office building with mixed-use development potential.

    Lot size:
    0.22 Acres

    Property Features for 622 Tacoma Ave S

    General Information

    Lot size
    0.22 Acres

    We can help!

    Listing Contact
    Dan Foster
    Source: Moodyscre

    Listing Agency: ORION Commercial Partners, LLC Listing Agent: Dan Foster

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

    Learn more

    Overview

    Two-Story Office Building in Tacoma

    The property features an 8,277 square foot, two-story office building suitable for an owner-occupied company or for lease to the market. The ground floor offers a single 4,200 square foot space. The upper floor is divided into five spaces, ranging from 534 to 1,372 square feet. Currently, three of these suites are leased month-to-month to two tenants. One tenant is interested in expanding within the building. The entire 4,077 square foot second floor, or portions thereof, could be occupied by a single company. Spaces could be combined, or current tenants leveraged to optimize real estate returns. Initial planning has been conducted by Johnston Architects for a vertical mixed-use development, primarily apartments. These plans envision a seven-story project containing 79,122 gross square feet, including 46,140 square feet of residential space and 1,653 square feet of commercial space.
    Location Intelligence

    Current Use by Public Records

    Camp Fire Orca Youth Organization Ro Health, LLC Nursing Agency OMS Bail Bonds Service Regent Homes Home Builder Kathrine Price, PLLC Law Firm

    Suggested Use

    Realty agency Restaurant Dental Office Spa & Massage Hair Salon Law Firm Nail Salon Building Supply Clothing Store Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.4458721
    Latitude
    47.2570434

    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
    • New
      $1,849,000
      0.52 Acres

      Mixed-Use Multifamily Investment Opportunity

      Value-add mixed-use multifamily property with income and long-term flexibility.
      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
    • $5,000,000

      Planet Fitness in Westgate South

      22,336 SF single tenant Planet Fitness in Tacoma, Washington.
      2217 N Pearl St, Tacoma, WA 98406
      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

    FAQs

    What type of property is this?
    Office building - Two-story office building with mixed-use development potential.
    Where is this office building located?
    The property is located at 622 Tacoma Ave S Tacoma, WA.
    What is the asking price?
    The asking price for this property is $1,450,000.
    What are key features of this property?
    This property features: - 8,277 SF two-story office building ideal for owner occupancy or leasing.; - Explore the potential for vertical mixed-use development with preliminary plans for a 7-story project.; - The ground floor boasts a spacious 4,200 SF area.
    (425) 260-4260
    Request Owner's contact information
    622 Tacoma Ave S 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.
    622 Tacoma Ave S
    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
    622 Tacoma Ave S 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
    Dan Foster
    (425) 260-4260
    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.