Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Space Near Tacoma Mall Title is generated by Realmo AI

    2921 38th St, Tacoma, WA 98409

    View on Map
    Claim this Listing
    For Lease
    $5,250/Mo $21 SF/Yr (calc)

    Retail space available near Tacoma Mall with excellent parking.

    Type:Commercial
    Property size:
    3,000 SF
    Added:
    Mar 11, 2026
    Days on Market:
    82
    Last Refresh:
    Apr 1 at 8:53 pm

    Property Features for 2921 38th St

    General Information

    Standard status
    Active
    Size
    3,000 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1967

    We can help!

    Listing Contact
    RAY VELKERS

    Listing agent RAY VELKERS

    Listing office FIRST WESTERN PROPERTIES - TACOMA, INC.

    Listing date Mar 11, 2026

    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 FIRST WESTERN PROPERTIES - TACOMA, INC.

    HighLights

    • Prime retail location close to the Tacoma Mall
    • High traffic count: 44,000 on South 38th Street
    • Excellent parking for customers
    • Moments from I‑5 access
    • Public transportation next to center
    • Year Built: 1967

    Overview

    This retail space is located in close proximity to the Tacoma Mall. The location provides convenient access to I-5, with public transportation options available next to the center. The property benefits from a traffic count of 44,000 on South 38th Street. Excellent parking is available for customers. The property has a size of 3,000 square feet.
    Location Intelligence

    Current Use by Public Records

    UPS Access Point ... Courier Service Michaels (Bike/Boat/Book/etc) Store Michaels Custom Framing (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.4752296
    Latitude
    47.2245011

    Nearby Similar for Lease

    • Sponsored
      $129-$6,733/Mo
      11-1,292 SF

      Downtown Pacific Avenue

      1201 Pacific Ave, Unit 6TH, Tacoma, WA 98402
      View Details
    • $2,647/Mo
      1,444 SF

      Retail/Office Space in Town Center

      1444 SF retail/office space in renovated town center.
      1000 Town Center NE, Tacoma, WA 98422
      View Details
    • $23 SF/Yr
      12,000 SF

      Downtown Tacoma Building with Parking

      12,005 SF building available for lease in downtown Tacoma.
      2111 Pacific Ave, Tacoma, WA 98402
      View Details
    • $26 SF/Yr
      6,560 SF

      Historic Office Space in Tacoma

      Classic office space with views, parking, and retail amenities.
      621 Pacific Avenue, Tacoma, WA 98402
      View Details
    • $17 SF/Yr
      6,284 SF

      Former Bank Building with Mezzanine

      Former bank building featuring high ceilings and drive-through lanes.
      8801 South Tacoma Way, Tacoma, WA 98499
      View Details
    • $2,704/Mo
      1,475 SF

      Downtown Tacoma Turnkey Retail/Office Space

      Turnkey retail/office space in downtown Tacoma with great natural light.
      1122 Broadway, Tacoma, WA 98402
      View Details
    • $30 SF/Yr
      1,946 SF

      Tacoma CBD Office Space Available

      Office space in Tacoma CBD with updated amenities and parking.
      950 Pacific Ave, Tacoma, WA
      View Details
    • $15,217/Mo
      8,300 SF

      First Floor Office Space Available

      First floor office space with elevator access and ample parking.
      714 27th St, Tacoma, WA 98409
      View Details
    • $1,093/Mo
      437 SF

      Tacoma CBD Retail/Office Space

      Located in the heart of Tacoma CBD with many amenities.
      950 Pacific Ave, Tacoma, WA 98402
      View Details
    • $18 SF/Yr
      1,320 SF

      Retail Space on Pacific Avenue

      Retail space with high traffic and easy highway access.
      10427-10437 Pacific Ave S, Tacoma, WA 98444
      View Details
    • $8,278/Mo
      4,515 SF

      Downtown Tacoma Retail/Office Space

      Turn-key retail/office space in downtown Tacoma's restaurant row.
      1122 Broadway, Tacoma, WA 98402
      View Details
    • $4,010/Mo
      1,375 SF

      Downtown Tacoma Office Space Available

      Office space for lease in downtown Tacoma's Rhodes Center.
      950 Broadway, Tacoma, WA 98402
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available near Tacoma Mall with excellent parking.
    Where is this retail space located?
    The property is located at 2921 38th St Tacoma, WA.
    What is the lease rate?
    The lease rate is $5,250 /Mo.
    What are key features of this property?
    This property features: Prime retail location close to the Tacoma Mall; High traffic count: 44,000 on South 38th Street; Excellent parking for customers
    We can help!
    Listing Contact
    RAY VELKERS
    Learn More
    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
    2921 38th St, Tacoma, WA 98409
    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!