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    Historic Tacoma Building with Parking Title is generated by Realmo AI

    2111 Pacific Ave, Tacoma, WA 98402

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    For Lease
    $23,010 SF/Yr $23,019,587/Mo (calc)

    Renovated historic building in downtown Tacoma with freeway access.

    Type:Commercial
    Property size:
    12,005 SF
    Added:
    Jan 21, 2026
    Days on Market:
    136
    Last Refresh:
    Apr 5 at 11:18 pm

    Property Features for 2111 Pacific Ave

    General Information

    Standard status
    Active
    Size
    12,005 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1917

    We can help!

    Listing Contact
    JOHN BAUDER, CCIM
    JOHN BAUDER, CCIM

    Listing agent JOHN BAUDER, CCIM

    Listing office LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES

    Listing date Jan 21, 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 LEE & ASSOCIATES COMMERCIAL REAL ESTATE SERVICES

    HighLights

    • Prime downtown Tacoma location with parking and immediate freeway access
    • Potential to divide the building into approximately 3,000 SF of retail/office space
    • Historic building (Bone Dry Shoe Building) on the Tacoma Register of Historic Places
    • Completely renovated in 2000 with significant upgrades
    • Features exposed board‑form concrete exterior walls and old‑growth heavy‑timber beams and columns
    • Includes accessible elevator and seismic retrofit

    Overview

    This property, originally built in 1917 and completely renovated in 2000, is located in downtown Tacoma and offers immediate freeway access. The Bone Dry Shoe Building is on the Tacoma Register of Historic Places. The building can be easily divided to provide approximately 3,000 square feet of retail or office space fronting Pacific Avenue. The exposed structure features board-form concrete exterior walls and old-growth heavy-timber beams and columns. Renovations included the addition of an accessible elevator and a seismic retrofit, as well as updated HVAC, electrical, security, and plumbing systems. New envelope elements consist of an insulated single-ply roof membrane assembly and new energy-efficient wood/aluminum windows throughout. The property provides flexibility for owner-use and includes parking. The property is suitable for commercial real estate, office units, office properties and spaces, retail space, and retail properties and spaces. The property size is 12005 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    McGranahan Architects Architect

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.436
    Latitude
    47.2426

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    FAQs

    What type of property is this?
    Office units - Renovated historic building in downtown Tacoma with freeway access.
    Where is this office units located?
    The property is located at 2111 Pacific Ave Tacoma, WA.
    What is the lease rate?
    The lease rate is $23,010.
    What are key features of this property?
    This property features: Prime downtown Tacoma location with parking and immediate freeway access; Potential to divide the building into approximately 3,000 SF of retail/office space; Historic building (Bone Dry Shoe Building) on the Tacoma Register of Historic Places
    (253) 238-0043
    We can help!
    Listing Contact
    JOHN BAUDER, CCIM
    JOHN BAUDER, CCIM
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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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