Listing Agency: Lee & Associates Commercial Real Estate Services Show Phone

Listed By: Kyle Prosser Show Phone

Source: Moodyscre

Added: Aug 10 Changed: Oct 9 Last Checked: Oct 23 at 11:14AM

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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.

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 / Yr

$86,767

Cap Rate

9.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,735,340 $1.7M

Cap Rate 7%

$1,239,529 $1.2M

Cap Rate 9%

$964,078 $964.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,356 SF

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 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 (±1% cap)

NOI $86,767 @ 7.0% cap · market cap 9.13%

Second Best

Retail

$920.7K

$805.6K – $1.07M (±1% cap)

NOI $64,449 @ 7.0% cap · market cap 6.78%

Theoretical Best

Office A

$1.65M

$1.44M – $1.92M (±1% cap)

NOI $115,240 @ 7.0% cap · market cap 12.13%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Republic Parking Parking Lot & Garage The Esplanade Condominium Complex Eslanade Hotel & Motel London's Salon Hair Salon Experience Marketing Group ... Advertising Agency

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Tanning Salon Restaurant Clothing & Fashion Store Veterinary Clinic Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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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