Versatile Commercial Building Near
223 N K Street Tacoma, WA 98403
223 N K Street, Tacoma, WA, 98403
$1,400,000
For Sale
$1,400,000
3,096 SF commercial building near Tacoma General Hospital.
Property Size3,096 SF
Lot Size0.16 Acres
Price / SF$452.20
Days on Market183
Property Features for 223 N K Street
General Information
- Standard status
- Active
- Size
- 3,096 SF
- Lot size
- 0.16 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1978
Listing Agency
BERKSHIRE HATHAWAY HS NW
(206) 932-4500
Listed by
JACOB MENASHE
Source
Corcoran
Added: Jan 19 Updated: Jul 10 at 3:47 pm Checked: Jul 20 at 3:34 am
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 BERKSHIRE HATHAWAY HS NW
Investment Insights
Based on property information with market context.
This 3,096 SF commercial building is located in New Tacoma, near Tacoma General Hospital. The property features 8+ offices, most equipped with sinks, including four oversized treatment rooms, along with lab space, ample storage, and four bathrooms. A sauna is included. The layout includes two spacious reception areas/lobbies, and two open front desk spaces. The property has multiple separate entrances, allowing the potential to split the building into at least two distinct businesses. The corner lot provides 10+ on-site parking spaces. The property is surrounded by medical, professional, and urban amenities. TAC zoning allows for a variety of commercial uses and offers future redevelopment potential, including the ability to build upward (buyer to verify). It is suited for medical, wellness, or specialty practices.
Key Highlights
- Prime location near Tacoma General Hospital with key medical, professional, and urban amenities.
- Versatile 3,096 SF building with 8+ offices, including four oversized treatment rooms.
- Multiple separate entrances allow splitting the building into at least two distinct businesses.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $83.6k | $27.00 |
| − Vacancy | −$16.7k | −$5.40 |
| EGI | $66.9k | $21.60 |
| − OpEx | −$16.7k | −$5.40 |
| NOI | $50.2k | $16.20 |
3,096 SF · lease $27.00/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$716.5K
$626.9K – $835.9K
NOI $50,155 @ 7.0% cap · market cap 3.58%
Second Best
Healthcare Medical
$632.3K
$553.3K – $737.7K
NOI $44,260 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$951.6K
$832.7K – $1.11M
NOI $66,614 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Jose Garcia
Physician
Medical Aesthetics and Olaf ...
Medical Clinic
Similar For Sale Nearby
Similar Off Market Nearby
- Metropolitan Veterinary Hospital — 401 Fawcett Ave, Tacoma, WA 98402
- Barrett Vet Care — 12 N Tacoma Ave, Tacoma, WA 98403
FAQs
What type of property is this?
Medical Office Space - 3,096 SF commercial building near Tacoma General Hospital.
Where is this medical office space located?
The property is located at 223 N K Street Tacoma, WA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Prime location near Tacoma General Hospital with key medical, professional, and urban amenities.; Versatile 3,096 SF building with 8+ offices, including four oversized treatment rooms.; Multiple separate entrances allow splitting the building into at least two distinct businesses.
