Prime Corner Property with Redevelopment
2621 N Proctor St Tacoma, WA 98407
2621 N Proctor St, Tacoma, WA, 98407
Contact for pricing
For Sale
Contact for pricing
Two parcels with redevelopment potential in a mixed-use district.
Property Size21,000 SF
Lot Size0.48 Acres
Price / SF$202.38
Days on Market1979
Property Features for 2621 N Proctor St
General Information
- Standard status
- Active
- Size
- 21,000 SF
- Lot size
- 0.48 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1924
Listing Agency
Johnson Commercial - Lakewood
(253) 444-7801
Listed by
Margot Johnson · License #21028742
Source
Crexi
Added: Feb 16, 2021 Checked: Jul 17 at 2:18 pm
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 Johnson Commercial - Lakewood
Investment Insights
Based on property information with market context.
This property consists of two parcels situated on the corner of Proctor and 27th. One parcel encompasses 14,900 square feet and features a fully tenanted 10,415-square-foot building. The other parcel is a vacant lot measuring 6,100 square feet. The total land area for both parcels is 21,000 square feet. The location offers significant redevelopment potential due to its zoning as Neighborhood Commercial Mixed-Use District (NCX), which permits a combination of residential, retail, and commercial uses.
Key Highlights
- Prime corner location at Proctor and 27th.
- Significant redevelopment potential.
- NCX zoning allows mixed‑use development (residential, retail, commercial).
Local Financial Insights For Retail
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 | $378.0k | $18.00 |
| − Vacancy | −$17.0k | −$0.81 |
| EGI | $361.0k | $17.19 |
| − OpEx | −$108.3k | −$5.16 |
| NOI | $252.7k | $12.03 |
21,000 SF · lease $18.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.61M
$3.16M – $4.21M
NOI $252,693 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.45M
$5.65M – $7.53M
NOI $451,836 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
New Era Cleaners ...
(Bike/Boat/Book/etc) Store
Tacoma Glass Gallery ...
Art Gallery
Fuzzy Wuzzy Rug ...
Car Wash
Multicare Mental Health ...
Medical Clinic
Graffiti Busters
Painting Service
Similar For Sale Nearby
Similar Off Market Nearby
- Coinstar Kiosk | Bitcoin ATM — 2411 N Proctor St Safeway, Tacoma, WA 98406
FAQs
What type of property is this?
Shopping center - Two parcels with redevelopment potential in a mixed-use district.
Where is this shopping center located?
The property is located at 2621 N Proctor St Tacoma, WA.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Prime corner location at Proctor and 27th.; Significant redevelopment potential.; NCX zoning allows mixed‑use development (residential, retail, commercial).
