Iconic University Place Cafe
For Sale
$1,295,000
Pending
2912 27th St W, University Place, WA 98466
Prime retail property near Chambers Bay with development potential.
Property Size7,263 SF
Days on Market541
Property Features for 2912 27th St W
General Information
Standard status
Pending
Size
7,263 SF
Property subtype
Commercial
Building Details
Year Built
1953
Listing Agency:
BETTER PROPERTIES NORTH PROCTOR
Listed By:
MARK HULEN · License #50093
(253) 589-2680
Source:
Corcoran
Added: Apr 24, 2025
Changed: Oct 13
Last Checked: Oct 14 at 11:47PM
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 BETTER PROPERTIES NORTH PROCTOR
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Investment Insights
Based on property information with market context.
The iconic Pine Cone Cafe building is located in the heart of University Place near Chambers Bay. A Phase I and II environmental report noted "no additional investigation..." and the reports are available for review. Newer upgrades include 3 mini splits and a TPO membrane roof installed in 2020. Heating is provided by a commercial gas/electric rooftop package unit and wall-mounted electrical heaters. There is a 120 square foot space with a bathroom, currently used as storage, that could be developed. All other units are rented. The property includes 40 parking spaces and has high walkability. Check with the city of University Place regarding proposed apartments to be built nearby, which could generate a sizable uptick in visitors to the building's businesses. The property size is 7263 square feet. This is a great opportunity to own a sweet part of University Place history. The property is suitable for coffee shops, restaurants, retail properties, storefront properties, and individual retail properties.
Key Highlights
- High walkability and 40 parking spaces.
- All units currently rented (see Rent Roll).
- Located in the heart of University Place near Chambers Bay.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,636
Cap Rate
5.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,452,720
$1.5M
Cap Rate 7%
$1,037,657
$1.0M
Cap Rate 9%
$807,067
$807.1K
Market Conditions
NOI Build-Up for 7,263 SF
Gross rent
$104.6K $14.40/SF
− Vacancy
−$7.7K −$1.07/SF
EGI
$96.8K $13.33/SF
− OpEx
−$24.2K −$3.33/SF
NOI
$72.6K $10.00/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,452,720
Cap Rate 7%
$1,037,657
Cap Rate 9%
$807,067
Alternative Uses
Best Use
Specialty Retail
$1.04M
$908.0K – $1.21M
NOI $72,636 @ 7.0% cap · market cap 5.61%
Second Best
Retail
$899.4K
$787.0K – $1.05M
NOI $62,961 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$1.96M
$1.72M – $2.29M
NOI $137,316 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
263
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98466, WA
29,769
Population
12,773
Households
2.3
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
6.2 sq mi
ZIP Area
4,801
Density / Sq Mi
$94,598
Median Household Income
$53,823
Median Earnings
$1,724
Median Rent
$564,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Similar Off Market Nearby
- Eudora's Bakery — 8809 Colgate Dr W, University Place, WA 98466
- Teaspoon — 2610 Sunset Dr W, Tacoma, WA 98466
Frequently Asked Questions
What type of property is this?
Coffee shop - Prime retail property near Chambers Bay with development potential.
Where is this coffee shop located?
The property is located at 2912 27th St W University Place, WA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: High walkability and 40 parking spaces.; All units currently rented (see Rent Roll).; Located in the heart of University Place near Chambers Bay.
