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    15 Oregon Ave Tacoma, WA 98409

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    For Lease
    Contact for pricing

    Professional office spaces for lease in central Tacoma location.

    Property size:
    1,035 SF
    Lot size:
    1.22 Acres

    Property Features for 15 Oregon Ave

    General Information

    Size
    1,035 SF
    Lot size
    1.22 Acres

    We can help!

    Listing Contact
    Michael Armanious, Ccim
    Source: Moodyscre

    Listing Agency: Keller Williams Realty Tacoma Listing Agent: Michael Armanious, Ccim

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

    Learn more

    Property Insight Report

    Overview

    Prime Tacoma Professional Office Space

    Located just off the 38th Street corridor in central Tacoma, this well-maintained office building offers professional office spaces for lease. The property is situated near major retailers, including Costco, Lowe’s, and Tacoma Mall, and provides immediate access to I-5 and SR-16. The building, constructed in 1981 and refreshed in 2000, is a Class B asset with four stories and approximately 34,500 square feet. Typical floor plates are around 8,625 square feet with a ceiling height of approximately 9 feet. Available spaces include Suite 202 (~1,625 SF), Suite 308 (~2,475 SF), Suite 100 (~927 SF), Suite 105 (~436 SF), Suite L1 (~480 SF), and Suite L4A (~1,035 SF). All suites are offered at a competitive rate of $14-$18/SF/year NNN. Most units enjoy abundant daylight and views. The property has 106–107 surface parking spaces. It also features 24-hour access and signage. The property is located on a ~1.22-acre lot (~53,143 SF) zoned UCX‑STGPD, suitable for a range of professional and service-oriented tenants. The location offers unmatched access and visibility in the heart of Tacoma’s primary commercial corridor and is serviced by multiple Pierce Transit bus routes. The Urban Center Mixed-Use (UCX) zone is designed to support office, retail, medical, and service uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Thrifty Automobile Insurance Marketing & Advertising Sea Tac Distribution Home Appliance Store Jeffrey Scott McKenzie, ... Big Box & Wholesale Store Pinnacle Peak Institute ... Social Service Agency Bright Smile Dental Dental Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.4659824
    Latitude
    47.2240705

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    FAQs

    What type of property is this?
    Office units - Professional office spaces for lease in central Tacoma location.
    Where is this office units located?
    The property is located at 15 Oregon Ave Tacoma, WA.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: - Unmatched Accessibility: Immediate access to I-5 and SR-16, plus proximity to bus routes.; - High-Visibility Location: Situated near major retailers, offering excellent signage potential and exposure.; - Flexible Floorplans: A variety of suite sizes are available for various uses.
    (253) 460-8640 Call to check price and availability
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    15 Oregon Ave Tacoma, WA 98409
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    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
    15 Oregon Ave Tacoma, WA 98409
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    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael Armanious, Ccim
    (253) 460-8640 (253) 441-2254 (253) 988-6115
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