Three-Story Office Condo For
For Sale
$675,000
Pending
3815 100th Street SW, Lakewood, WA 98499
Three-story office condo with two units, one leased.
Property Size3,607 SF
Days on Market489
Property Features for 3815 100th Street SW
General Information
Standard status
Pending
Size
3,607 SF
Property subtype
Commercial
Building Details
Year Built
1978
Listing Agency:
TS PROPERTY MANAGEMENT, INC.
(253) 249-8011
Listed By:
BRIAN SEUNG SHIN
Source:
Corcoran
Added: Apr 19, 2025
Changed: Jul 6
Last Checked: Jul 23 at 7:32AM
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 TS PROPERTY MANAGEMENT, INC.
Investment Insights
Based on property information with market context.
Century Plaza 3815 Suite 2 is a three-story office condo totaling 3,607 sq. ft. The property features two units. Unit 2A offers approximately 2,438 sq. ft. across three levels, including seven private offices, a large waiting area, a kitchen with a dishwasher, and skylights. Unit 2B is approximately 1,152 sq. ft. and is currently leased for $1,500/month. The property includes a heat pump for climate control. Monthly HOA dues are $1,150, covering water, sewer, garbage, and HVAC maintenance. The property offers convenient access to Hwy 512 and I-5.
Key Highlights
- Two units totaling 3,607 sq. ft., with one unit (1,152 sq. ft.) currently leased for $1,500/month providing immediate income.
- Owner financing available with 30% down and 6% interest, offering an accessible investment opportunity.
- Unit 2A (2,438 sq. ft.) features seven private offices, a large waiting area, a kitchen with dishwasher, and skylights.
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
$51,090
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
7.57%
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%
$1,021,800
$1.0M
Cap Rate 7%
$729,857
$729.9K
Cap Rate 9%
$567,667
$567.7K
Market Conditions
NOI Build-Up for 3,607 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
$79.2K $21.96/SF
− Vacancy
−$11.1K −$3.07/SF
EGI
$68.1K $18.89/SF
− OpEx
−$17.0K −$4.72/SF
NOI
$51.1K $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%
$1,021,800
Cap Rate 7%
$729,857
Cap Rate 9%
$567,667
Alternative Uses
Best Use
Office B
$729.9K
$638.6K – $851.5K
NOI $51,090 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$974.2K
$852.4K – $1.14M
NOI $68,195 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
977
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 units - Three-story office condo with two units, one leased.
Where is this office units located?
The property is located at 3815 100th Street SW Lakewood, WA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two units totaling 3,607 sq. ft., with one unit (1,152 sq. ft.) currently leased for $1,500/month providing immediate income.; Owner financing available with 30% down and 6% interest, offering an accessible investment opportunity.; Unit 2A (2,438 sq. ft.) features seven private offices, a large waiting area, a kitchen with dishwasher, and skylights.
