Prime Corner Property with Redevelopment
For Sale
Contact for pricing
2621 N Proctor St, Tacoma, WA 98407
Two parcels with redevelopment potential in a mixed-use district.
Property Size21,000 SF
Lot Size0.48 Acres
Price / SF$202.38
Days on Market2024
Property Features for 2621 N Proctor St
General Information
Standard status
Active
Size
21,000 SF
Lot size
0.48 Acres
Property subtype
Retail
Zoning
NCX
Occupancy
100%
Lease Type
NNN
Investment Type
Redevelopment
Building Details
Year Built
1924
Year Renovated
1992
Buildings
1
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
Johnson Commercial - Lakewood
Listed By:
Margot Johnson · License #21028742
Source:
Crexi
Added: Feb 16, 2021
Changed: Aug 14
Last Checked: Sep 1 at 10:51PM
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).
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$252,693
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,053,860
$5.1M
Cap Rate 7%
$3,609,900
$3.6M
Cap Rate 9%
$2,807,700
$2.8M
Market Conditions
NOI Build-Up for 21,000 SF
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.
Gross rent
$378.0K $18.00/SF
− Vacancy
−$17.0K −$0.81/SF
EGI
$361.0K $17.19/SF
− OpEx
−$108.3K −$5.16/SF
NOI
$252.7K $12.03/SF
Area
Tacoma, WA
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,053,860
Cap Rate 7%
$3,609,900
Cap Rate 9%
$2,807,700
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
704
Businesses Nearby
58k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 71%
Shops & Services 26%
Dining 3%
Safeway
Groceries
41,051 visits/mo
0.2 miles
76
Shops & Services
6,299 visits/mo
0.3 miles
The UPS Store
Shops & Services
4,486 visits/mo
0.1 miles
U.S. Bank
Shops & Services
4,271 visits/mo
0.1 miles
Domino's Pizza
Dining
1,913 visits/mo
0.4 miles
Demographics for 98407, WA
21,931
Population
10,545
Households
2.1
Avg Household Size
45
Median Age
50%
College-Educated
96%
High-School Grad
5.4 sq mi
ZIP Area
4,061
Density / Sq Mi
$108,905
Median Household Income
$70,157
Median Earnings
$1,847
Median Rent
$613,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Coinstar Kiosk | Bitcoin ATM — 2411 N Proctor St Safeway, Tacoma, WA 98406
Frequently Asked Questions
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).
