Lakewood Office Condo For
For Sale
$565,000
Pending
3819 100th Street SW, Lakewood, WA 98499
Office condominium complex with street exposure and professional presence.
Property Size3,607 SF
Days on Market489
Property Features for 3819 100th Street SW
General Information
Standard status
Pending
Size
3,607 SF
Property subtype
Commercial
Building Details
Year Built
1978
Listing Agency:
TIMOTHY JOHNSON COMMERCIAL PROPERTIES, LLC
(253) 209-9999
Listed By:
TIMOTHY JOHNSON
Source:
Corcoran
Added: Apr 12, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:43AM
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 TIMOTHY JOHNSON COMMERCIAL PROPERTIES, LLC
Investment Insights
Based on property information with market context.
Unit 8 at Century Plaza is available for purchase. This 3,607 square foot office condominium complex is located on 100th Street in Lakewood. The two-story building features manicured landscaping and provides street exposure. The property offers an end cap position within the plaza, ample lighted parking, and access to I-5 and SR-512. The condominium includes 3 fully-leased office suites with updated finishes, neutral colors, and natural light.
Key Highlights
- Fully‑leased office suites providing immediate rental income.
- Excellent street exposure and professional presence on 100th Street.
- End cap position in Century Plaza.
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
9.04%
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 9.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$974.2K
$852.4K – $1.14M
NOI $68,195 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
865
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 - Office condominium complex with street exposure and professional presence.
Where is this office units located?
The property is located at 3819 100th Street SW Lakewood, WA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Fully‑leased office suites providing immediate rental income.; Excellent street exposure and professional presence on 100th Street.; End cap position in Century Plaza.
