Well-Maintained Office Near
For Sale
$695,000
Pending
215 Tacoma Ave S, Tacoma, WA 98402
Office space with easy parking near restaurants and botanical conservatory.
Property Size2,162 SF
Days on Market846
Property Features for 215 Tacoma Ave S
General Information
Standard status
Pending
Size
2,162 SF
Property subtype
Commercial
Site & Location
Neighborhood
New Tacoma
Building Details
Year Built
1900
Listing Agency:
COMMERCIAL ADVANTAGE REAL ESTATE
Listed By:
RICHARD CLAUSON
(253) 225-2352
Source:
Corcoran
Added: Jul 2, 2024
Changed: Oct 11
Last Checked: Oct 24 at 6:20PM
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 COMMERCIAL ADVANTAGE REAL ESTATE
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Investment Insights
Based on property information with market context.
This well-maintained property, previously used as a law office, offers 2,162 square feet of space. It features easy parking and is located within walking distance of nearby restaurants and the Seymour Botanical Conservatory. The property can be used as an office or converted back to a home.
Key Highlights
- Convert back to home or use as office.
- Easy parking.
- Walk to nearby restaurants.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,024
Cap Rate
5.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$700,480
$700.5K
Cap Rate 7%
$500,343
$500.3K
Cap Rate 9%
$389,156
$389.2K
Market Conditions
NOI Build-Up for 2,162 SF
Gross rent
$58.4K $27.00/SF
− Vacancy
−$11.7K −$5.40/SF
EGI
$46.7K $21.60/SF
− OpEx
−$11.7K −$5.40/SF
NOI
$35.0K $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%
$700,480
Cap Rate 7%
$500,343
Cap Rate 9%
$389,156
Alternative Uses
Best Use
Office B
$500.3K
$437.8K – $583.7K
NOI $35,024 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$664.5K
$581.5K – $775.3K
NOI $46,518 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
4,003
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office unit - Office space with easy parking near restaurants and botanical conservatory.
Where is this office unit located?
The property is located at 215 Tacoma Ave S Tacoma, WA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Convert back to home or use as office.; Easy parking.; Walk to nearby restaurants.
