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    Allenmore B Medical Office Building Title is generated by Realmo AI

    1901 Union Ave, Tacoma, WA 98405

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    Class A medical office space for lease in Tacoma, WA.

    Type:Commercial
    Property size:
    3,283 SF
    Added:
    May 20, 2026
    Days on Market:
    8
    Last Refresh:
    May 21 at 8:44 am

    Property Features for 1901 Union Ave

    General Information

    Standard status
    Active
    Size
    3,283 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1977

    We can help!

    Listing Contact
    DREW FRAME

    Listing agent DREW FRAME License #130281

    Listing office KIDDER MATHEWS

    Listing date May 20, 2026

    Source Corcoran

    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 KIDDER MATHEWS

    HighLights

    • Class A medical office space for lease on the Allenmore Hospital campus
    • Recently renovated with upgrades to lobbies, lighting, ceilings, common areas, and restrooms
    • Suites available from 1,206 SF to 2,082 SF, including contiguous full‑floor opportunities
    • Ideal for medical practices, healthcare providers, and professional office users
    • Located within minutes of multiple major hospitals (Tacoma General, Mary Bridge, St. Joseph)
    • Excellent regional access to Highway 705, I‑5, and Highway 16

    Overview

    The Allenmore B Medical Office Building, located at 1901 S Union Ave, Tacoma, WA 98405, offers Class A medical office space for lease. This recently renovated 92,000 SF medical office building features suites ranging from 1,206 SF to 2,082 SF. Contiguous full-floor opportunities are available, making it ideal for medical practices, healthcare providers, and professional office users seeking medical office space near Tacoma hospitals. The property is located within minutes of Tacoma General Hospital, Mary Bridge Children’s Hospital, St. Joseph Medical Center, Downtown Tacoma, Highway 705, I-5, and Highway 16, providing excellent regional access and healthcare connectivity. Recent renovations include upgraded lobbies, lighting, ceilings, common areas, and restrooms. The property is located on the Allenmore Hospital campus.
    Location Intelligence

    Current Use by Public Records

    Dr. Jurgen H. ... Dental Office David C. Brose, ... Physician Cascade Internal Medicine Medical Clinic Smiles 4 Kids Dental Office Allenmore Anticoagulation Clinic Medical Clinic

    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.

    Similar Places Nearby

    • The Humane Society for Tacoma & Pierce County — 2608 Center St, Tacoma, WA 98409
    • William Gazecki Animal Shelter — 2608 Center St, Tacoma, WA 98409

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.4835707
    Latitude
    47.2665896

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    FAQs

    What type of property is this?
    Medical Office Space - Class A medical office space for lease in Tacoma, WA.
    Where is this medical office space located?
    The property is located at 1901 Union Ave Tacoma, WA.
    What are key features of this property?
    This property features: Class A medical office space for lease on the Allenmore Hospital campus; Recently renovated with upgrades to lobbies, lighting, ceilings, common areas, and restrooms; Suites available from 1,206 SF to 2,082 SF, including contiguous full‑floor opportunities
    (253) 722-1433
    We can help!
    Listing Contact
    DREW FRAME
    Real Estate License ID: 130281
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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.

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