Lakewood Center Plaza Professional
For Sale
Contact for pricing
3615 Steilacoom Blvd, Lakewood, WA 98499
Three-story office building in Lakewood's business district.
Property Size21,000 SF
Price / SF$207.14
Days on Market183
Property Features for 3615 Steilacoom Blvd
General Information
Standard status
Active
Size
21,000 SF
Property subtype
Industrial
Listing Agency:
CENTURY 21 Real Estate Center
Listed By:
Keun Ryu · License #WA
Source:
Crexi
Added: Feb 18
Changed: Aug 17
Last Checked: Aug 20 at 5:11AM
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 CENTURY 21 Real Estate Center
Investment Insights
Based on property information with market context.
The Center Plaza Professional Building, situated at 3615 Steilacoom Blvd SW in Lakewood, is a three-story office building with 21,000 square feet of space. It is located in the heart of Lakewood’s business district, at the intersection of Steilacoom Blvd and South Tacoma Way, providing visibility to 20,000–30,000 vehicles per day. The building is equipped with a modern elevator and a fire sprinkler system. A shared parking lot offers over 70 surface spaces. This building is designed for high-energy growth and professional synergy, and offers the infrastructure to back your vision.
Key Highlights
- High‑traffic location at the intersection of Steilacoom Blvd and South Tacoma Way, with 20,000–30,000 vehicles passing daily.
- 21,000 square feet of versatile office space** suitable for various business types.
- Shared parking lot with over 70 spaces for employees and clients.
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
$297,448
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
6.84%
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%
$5,948,960
$5.9M
Cap Rate 7%
$4,249,257
$4.2M
Cap Rate 9%
$3,304,978
$3.3M
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
$461.2K $21.96/SF
− Vacancy
−$64.6K −$3.07/SF
EGI
$396.6K $18.89/SF
− OpEx
−$99.1K −$4.72/SF
NOI
$297.4K $14.16/SF
Area
Pierce County, WA
Vacancy
14.00%
Lease Rate
$21.96 /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%
$5,948,960
Cap Rate 7%
$4,249,257
Cap Rate 9%
$3,304,978
Alternative Uses
Best Use
Office B
$4.25M
$3.72M – $4.96M
NOI $297,448 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.67M
$4.96M – $6.62M
NOI $397,031 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 98499, WA
33,188
Population
14,683
Households
2.3
Avg Household Size
35
Median Age
19%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
3,771
Density / Sq Mi
$65,000
Median Household Income
$41,345
Median Earnings
$1,445
Median Rent
$370,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story office building in Lakewood's business district.
Where is this office building located?
The property is located at 3615 Steilacoom Blvd Lakewood, WA.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: High‑traffic location at the intersection of Steilacoom Blvd and South Tacoma Way, with 20,000–30,000 vehicles passing daily.; 21,000 square feet of versatile office space** suitable for various business types.; Shared parking lot with over 70 spaces for employees and clients.
