Former Bank
New
For Sale
$1,650,000
3607 6th Avenue, Tacoma, WA 98406
Previously operated as a bank in North Tacoma.
Property Size4,206 SF
Price / SF$392.30
Days on Market2
Property Features for 3607 6th Avenue
General Information
Standard status
Active
Size
4,206 SF
Property subtype
Retail
Listing Agency:
CBRE
Listed By:
Dan McGinnis
(206) 292-6092
Source:
Cbre
Added: Sep 16
Last Checked: Sep 16 at 3:01PM
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 CBRE
Investment Insights
Based on property information with market context.
This 4,206-square-foot commercial building previously operated as a bank. The property is located at 3607 6th Avenue in Tacoma, Washington, within the North Tacoma submarket.
Key Highlights
- 4,206‑square‑foot commercial building
- Previously operated as a bank
- Located at 3607 6th Avenue in Tacoma, WA 98406
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
$60,688
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
3.68%
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%
$1,213,760
$1.2M
Cap Rate 7%
$866,971
$867.0K
Cap Rate 9%
$674,311
$674.3K
Market Conditions
NOI Build-Up for 4,206 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
$84.3K $20.04/SF
− Vacancy
−$3.4K −$0.80/SF
EGI
$80.9K $19.24/SF
− OpEx
−$20.2K −$4.81/SF
NOI
$60.7K $14.43/SF
Area
Tacoma, WA
Vacancy
4.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,213,760
Cap Rate 7%
$866,971
Cap Rate 9%
$674,311
Alternative Uses
Best Use
Specialty Retail
$867.0K
$758.6K – $1.01M
NOI $60,688 @ 7.0% cap · market cap 3.68%
Second Best
Retail
$723.0K
$632.6K – $843.5K
NOI $50,611 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,496 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
Explore this area
Business Placement
Demographics for 98406, WA
22,768
Population
10,748
Households
2.1
Avg Household Size
42
Median Age
48%
College-Educated
96%
High-School Grad
4.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$104,761
Median Household Income
$59,659
Median Earnings
$1,677
Median Rent
$594,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Previously operated as a bank in North Tacoma.
Where is this bank located?
The property is located at 3607 6th Avenue Tacoma, WA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 4,206‑square‑foot commercial building; Previously operated as a bank; Located at 3607 6th Avenue in Tacoma, WA 98406
