Add Listing
    For Sale
    • 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

    1321 Martin Luther King Jr Way Tacoma, WA 98405

    View on Map
    New
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $4,500,000

    26,100 SF office/retail building near Hilltop light rail station.

    Property Features for 1321 Martin Luther King Jr Way

    General Information

    Standard status
    Active

    Building Details

    Year built
    1997

    We can help!

    Listing Contact
    Stuart Williams
    Stuart Williams
    Source: Corcoran

    Listing Agency: Lee & Associates Commercial Real Estate Services Listing Agent: Stuart Williams

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

    Learn more

    Overview

    Hilltop Tacoma Office/Retail Building

    The property at 1321 Martin Luther King Jr Way is a 26,100 SF two-story office and retail building with a lower level, situated in the Hilltop area of Tacoma. Suitable for an owner-user or investor, the building includes a fully built-out commercial-grade kitchen, multiple classrooms and boardrooms, and adaptable banquet space. It is located two blocks from the Hilltop light rail station, providing connectivity to employment centers, public institutions, and neighborhood amenities. The area has seen rapid development, with 1,860 units delivered within a 0.5-mile radius.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.4507642
    Latitude
    47.2491121

    Nearby Similar for Sale

    • $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
    • $3,449,000
      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
    • $499,000

      Standalone Commercial Building Near Highway

      Commercial building with flexible space, convenient location, and high visibility.
      3108 Union Ave, Tacoma, WA 98409
      View Details
    • $799,900

      Mixed-Use Property with Shop Space

      Flexible mixed-use property with shop and office/studio space.
      2102 S 12Th St, Tacoma, WA 98405
      View Details
    • $595,000
      2,850 SF

      Commercial Building on Corner Lot

      2,850 SF commercial building on a 6,840 SF lot.
      5902 Yakima Ave, Tacoma, WA 98408
      View Details
    • $399,000

      Pacific Professional Center Office Unit

      Commercial building with ample parking and modern amenities.
      7807 Pacific Ave, Tacoma, WA 98408
      View Details
    • $1,400,000
      3,096 SF

      Versatile Commercial Building in Tacoma

      3,096 SF commercial building with flexible layout in New Tacoma.
      223 K St, Tacoma, WA 98403
      View Details
    • $399,000
      2,400 SF

      Pacific Professional Center Office Space

      Commercial building with ample parking and modern amenities for sale.
      7807 Pacific Ave, Tacoma, WA 98408
      View Details
    • $675,000

      Downtown Tacoma Office/Retail Space

      2,630 SF office/retail space in Tacoma's vibrant downtown.
      732 Broadway, Tacoma, WA 98402
      View Details
    • $3,539,000

      Tacoma Retail Center For Sale

      9,424 SF retail center in Tacoma, WA for sale.
      11401 Steele St South, Tacoma, WA 98444
      View Details
    • $1,400,000

      Versatile Commercial Building Near Hospital

      3,096 SF commercial building near Tacoma General Hospital.
      223 N K St, Tacoma, WA 98403
      View Details
    • $950,000
      4,164 SF

      Updated Mixed-Use Building in Tacoma

      4,166 SF mixed-use building on a 10,650 SF lot.
      3599 G St, Tacoma, WA 98418
      View Details

    FAQs

    What type of property is this?
    Office building - 26,100 SF office/retail building near Hilltop light rail station.
    Where is this office building located?
    The property is located at 1321 Martin Luther King Jr Way Tacoma, WA.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: - Prime location: just two blocks from the Hilltop light rail station, offering excellent connectivity.; - High-potential investment: Benefit from rapid transformation in the surrounding area; 1,860 units delivered within a 0.5-mile radius.; - Versatile space: Features a fully built-out commercial-grade kitchen, numerous classrooms/boardrooms, and flexible banquet space.
    (425) 454-4242
    Request Owner's contact information
    1321 Martin Luther King Jr Way Tacoma, WA 98405
    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.
    1321 Martin Luther King Jr Way
    Tacoma, WA 98405
    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
    1321 Martin Luther King Jr Way Tacoma, WA 98405
    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
    Stuart Williams
    Stuart Williams
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!