Historic Office and Penthouse
For Sale
$2,995,000
401 Broadway, Tacoma, WA 98402
Landmark building with executive office suites, shared amenities, and a top-floor penthouse apartment setup for short-term rentals.
Property Size8,742 SF
Price / SF$342.60
Days on Market208
Property Features for 401 Broadway
General Information
Standard status
Active
Size
8,742 SF
Property subtype
Commercial
Occupancy
99%
Site & Location
Neighborhood
New Tacoma
Additional Details
Business Included
Yes
Building Details
Year Built
1889
Tenancy
Multi
Listing Agency:
Keller Williams Downtown Sea
Listed By:
Nicholas T. Vilvandre · License #107068
(206) 612-7883
Source:
Century21northhomes
Added: Apr 13
Changed: Nov 5
Last Checked: Nov 4 at 5:28PM
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 Keller Williams Downtown Sea
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Investment Insights
Based on property information with market context.
This landmark Blackwell Mansion totals 8,742 SF and features executive office suites with reception areas, kitchenettes, and shared conference rooms, supported by elegant common spaces. The property also includes a top-floor penthouse apartment that was operated as an Airbnb. Interior craftsmanship includes a grand staircase, radius leaded and stained-glass windows, and woodwork in white oak, mahogany, and fir. Recent updates include high-speed internet, mini-split A/C and heat, electronic locks, and security cameras and an alarm system.
Located in the heart of Tacoma, the building offers views of the Port of Tacoma, Commencement Bay, and Mt. Rainier. It is within walking distance of the Stadium District, with access to Light Rail and Downtown Tacoma.
With the property currently described as 99% leased, it presents an owner-user path through the prime remaining library suite, while also supporting tenant operations needing furnished-style shared conferencing and reception-ready common areas. The buyer should verify zoning, permitted uses, and any future multifamily or adaptive reuse potential.
Located in the heart of Tacoma, the building offers views of the Port of Tacoma, Commencement Bay, and Mt. Rainier. It is within walking distance of the Stadium District, with access to Light Rail and Downtown Tacoma.
With the property currently described as 99% leased, it presents an owner-user path through the prime remaining library suite, while also supporting tenant operations needing furnished-style shared conferencing and reception-ready common areas. The buyer should verify zoning, permitted uses, and any future multifamily or adaptive reuse potential.
Key Highlights
- 1889 Blackwell Mansion landmark building with 8,742 SF of historic space in Tacoma
- Currently 99% leased with executive office suites plus reception areas and kitchenettes
- Updated with high‑speed internet, mini‑split A/C and heat, electronic locks, and security cameras & alarm
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$141,620
Cap Rate
4.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,832,400
$2.8M
Cap Rate 7%
$2,023,143
$2.0M
Cap Rate 9%
$1,573,556
$1.6M
Market Conditions
NOI Build-Up for 8,742 SF
Gross rent
$236.0K $27.00/SF
− Vacancy
−$47.2K −$5.40/SF
EGI
$188.8K $21.60/SF
− OpEx
−$47.2K −$5.40/SF
NOI
$141.6K $16.20/SF
Area
Tacoma, WA
Vacancy
20.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,832,400
Cap Rate 7%
$2,023,143
Cap Rate 9%
$1,573,556
Alternative Uses
Best Use
Office B
$2.02M
$1.77M – $2.36M
NOI $141,620 @ 7.0% cap · market cap 4.73%
Second Best
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,095 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$2.69M
$2.35M – $3.13M
NOI $188,093 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
99%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5,623
Businesses Nearby
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Business Placement
Demographics for 98402, WA
8,053
Population
4,788
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
1.2 sq mi
ZIP Area
6,711
Density / Sq Mi
$54,712
Median Household Income
$43,145
Median Earnings
$1,478
Median Rent
$558,100
Median Home Value
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Market
Average Price Trend$/SF for Office Units in Tacoma, WA
Properties on Market for Office Units in Tacoma
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office unit - Landmark building with executive office suites, shared amenities, and a top-floor penthouse apartment setup for short-term rentals.
Where is this office unit located?
The property is located at 401 Broadway Tacoma, WA.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: 1889 Blackwell Mansion landmark building with 8,742 SF of historic space in Tacoma; Currently 99% leased with executive office suites plus reception areas and kitchenettes; Updated with high‑speed internet, mini‑split A/C and heat, electronic locks, and security cameras & alarm
