Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Tacoma Investment Property Opportunity Title is generated by Realmo AI

    2222 96th St SW, Lakewood, WA 98444

    View on Map
    Claim this Listing
    For Sale
    $2,300,000

    3.4-acre site with income and development potential in Tacoma.

    Type:Commercial
    Property size:
    9,086 SF
    Price / SF:
    $253/SF
    Added:
    Jun 6, 2025
    Days on Market:
    366
    Last Refresh:
    May 10 at 11:00 pm

    Property Features for 2222 96th St SW

    General Information

    Standard status
    Active
    Size
    9,086 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1935

    We can help!

    Listing Contact
    BENJAMIN NORBE

    Listing agent BENJAMIN NORBE

    Listing office KIDDER MATHEWS

    Listing date Jun 6, 2025

    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

    • 3.4‑acre site in Tacoma's expanding south end offers long‑term development potential.
    • Generates approximately $259,000 in gross annual income.
    • In‑place cash flow provides immediate income.
    • Flexible zoning allows for strategic redevelopment.
    • Average rent of $2.01 per square foot (RSF) is competitive for the location and condition.
    • Nine buildings consisting of Class C rental units are currently on the property.

    Overview

    Located in Tacoma's south end, this 3.4-acre investment property at 2222 96th St S offers immediate income and long-term development potential. The property includes nine buildings with older, Class C rental units, generating a gross annual income of approximately $259,000. The units have an average rent of $2.01 per square foot. The property contains 9,086 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Pierce
    State
    Washington
    Longitude
    -122.474
    Latitude
    47.1699

    Nearby Similar for Sale

    • $715,000
      3,072 SF

      Retail Building Near I-5 Ramp

      3,072 SF retail building with existing tenant near I-5.
      11726 Pacific Hwy SW, Lakewood, WA 98499
      View Details
    • $1,409,950
      1,260 SF

      Lakewood Industrial Property with Versatile Buildings

      Paved, fenced property with two buildings in Lakewood's industrial area.
      3819 94th Street SW, Lakewood, WA 98499
      View Details
    • $1,799,950
      2,410 SF

      Versatile Industrial Property in Lakewood

      Paved, fenced property with three buildings in Lakewood's industrial area.
      3817 3819 94th Street SW, Lakewood, WA 98499
      View Details
    • $685,000
      3,607 SF

      Lakewood Office Building For Sale

      Office building with 3,607 square feet available for purchase.
      3819 100th St SW, Lakewood, WA 98499
      View Details
    • $529,000
      2,160 SF

      Updated Office Building with Suites

      Centrally located office building with income potential and flexible layout.
      14718 Union Ave SW, Lakewood, WA
      View Details
    • $8,690,000

      Lakewood Square Retail Center

      Multi-tenant shopping center anchored by Goodwill in Lakewood, Washington.
      6000 Mt Tacoma Dr SW, Lakewood, WA 98499
      View Details
    • $675,000
      3,607 SF

      Lakewood Office Condo For Sale

      Three-story office condo with two units, convenient location.
      3815 100th Street Southwest, Lakewood, WA
      View Details
    • $975,000
      264 SF

      Lakewood Retail Space For Sale

      Retail space with frontage in established Lakewood retail corridor.
      7214 Bridgeport Way W, Lakewood, WA 98499
      View Details
    • $4,100,000
      2,700 SF

      Office/Retail Building with Ample Parking

      Office/retail building with strong demographics and excellent traffic.
      8510-8534 S Tacoma Way, Lakewood, WA
      View Details
    • $1,025,000
      2,916 SF

      Retail Property Near I-5

      Income property with excellent potential and long-term NNN tenants.
      12134 Pacific Hwy SW, Lakewood, WA 98499
      View Details
    • $1,995,000
      10,660 SF

      Former Bank Building with Drive-Through

      Unique mid-century modern building suitable for retail, restaurant, or office.
      8801 Tacoma Way, Lakewood, WA 98499
      View Details
    • $975,000

      Lakewood Retail Property on Bridgeport

      Retail space with frontage in established Lakewood retail corridor.
      7214 Bridgeport Way W, Lakewood, WA 98499
      View Details

    FAQs

    What type of property is this?
    Apartment building - 3.4-acre site with income and development potential in Tacoma.
    Where is this apartment building located?
    The property is located at 2222 96th St SW Lakewood, WA.
    What is the asking price?
    The asking price for this property is $2,300,000.
    What are key features of this property?
    This property features: 3.4‑acre site in Tacoma's expanding south end offers long‑term development potential.; Generates approximately $259,000 in gross annual income.; In‑place cash flow provides immediate income.
    We can help!
    Listing Contact
    BENJAMIN NORBE
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2222 96th St SW, Lakewood, WA 98444
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!