Ground-Floor Retail
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1515 Dock St, Tacoma, WA 98402
Waterfront condominium space suited for office or retail use within a residential community.
Property Size5,356 SF
Price / SF$177.37
Days on Market26
Property Features for 1515 Dock St
General Information
Standard status
Active
Size
5,356 SF
Property subtype
RETAIL
Listing Agency:
Lee & Associates Commercial Real Estate Services
(253) 383-8382
Listed By:
Kyle Prosser
(253) 444-3025
Source:
Moodyscre
Added: Aug 10
Changed: Sep 4
Last Checked: Sep 4 at 3:19PM
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
Investment Insights
Based on property information with market context.
This 5,356-square-foot, ground-floor condominium is configured for office or retail use. The property is located within a nine-story condominium community containing 162 units, placing the commercial space within an established residential setting.
Positioned along the Thea Foss Waterway at 1515 Dock St in Tacoma, the property is surrounded by residential communities and neighborhood retail. The space also includes views of Mt. Rainier, adding a distinct waterfront setting for an office or retail operation.
Positioned along the Thea Foss Waterway at 1515 Dock St in Tacoma, the property is surrounded by residential communities and neighborhood retail. The space also includes views of Mt. Rainier, adding a distinct waterfront setting for an office or retail operation.
Key Highlights
- 5,356‑square‑foot ground‑floor commercial condominium
- Office or retail use supported by the property description
- Located within a nine‑story, 162‑unit condominium community
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$86,767
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,735,340
$1.7M
Cap Rate 7%
$1,239,529
$1.2M
Cap Rate 9%
$964,078
$964.1K
Market Conditions
NOI Build-Up for 5,356 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$144.6K $27.00/SF
− Vacancy
−$28.9K −$5.40/SF
EGI
$115.7K $21.60/SF
− OpEx
−$28.9K −$5.40/SF
NOI
$86.8K $16.20/SF
Area
Tacoma, WA
Vacancy
20.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,735,340
Cap Rate 7%
$1,239,529
Cap Rate 9%
$964,078
Alternative Uses
Best Use
Office B
$1.24M
$1.08M – $1.45M
NOI $86,767 @ 7.0% cap · market cap 9.13%
Second Best
Retail
$920.7K
$805.6K – $1.07M
NOI $64,449 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,240 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,998
Businesses Nearby
Explore this area
Business Placement
Demographics for 98402, WA
8,053
Population
4,788
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
1.2 sq mi
ZIP Area
6,711
Density / Sq Mi
$54,712
Median Household Income
$43,145
Median Earnings
$1,478
Median Rent
$558,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Waterfront condominium space suited for office or retail use within a residential community.
Where is this retail space located?
The property is located at 1515 Dock St Tacoma, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 5,356‑square‑foot ground‑floor commercial condominium; Office or retail use supported by the property description; Located within a nine‑story, 162‑unit condominium community
