Standalone Flex Building For
For Sale
$4,750,000
4901 Center St, Tacoma, WA 98409
Flex building with heavy power, prominent signage, and convenient location.
Property Size23,654 SF
Price / SF$200.81
Days on Market203
Property Features for 4901 Center St
General Information
Standard status
Active
Size
23,654 SF
Class
C
Property subtype
Office
Building Details
Building Size
23,654 SF
Year Built
1968
Listing Agency:
Lee & Associates Commercial Real Estate Services
(253) 238-0043
Listed By:
John Bauder, CCIM
Source:
Lee-associates
Added: Jan 26
Changed: Aug 16
Last Checked: Aug 17 at 5:56AM
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 Lee & Associates Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This standalone flex building is available for sale. The zoning permits a variety of uses, including office, retail, drive-thru, self-storage, and personal services. The property benefits from heavy power and prominent signage. It is conveniently located with close access to Hwy 16, near Home Depot and other retail and amenities. The building has a size of 23654 square feet.
Key Highlights
- Standalone flex building suitable for diverse uses including office, retail, drive‑thru, self‑storage, and personal services.
- Benefit from the heavy power capacity.
- Prominent signage opportunity available.
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
$383,195
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
8.07%
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%
$7,663,900
$7.7M
Cap Rate 7%
$5,474,214
$5.5M
Cap Rate 9%
$4,257,722
$4.3M
Market Conditions
NOI Build-Up for 23,654 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
$638.7K $27.00/SF
− Vacancy
−$127.7K −$5.40/SF
EGI
$510.9K $21.60/SF
− OpEx
−$127.7K −$5.40/SF
NOI
$383.2K $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 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%
$7,663,900
Cap Rate 7%
$5,474,214
Cap Rate 9%
$4,257,722
Alternative Uses
Best Use
Office B
$5.47M
$4.79M – $6.39M
NOI $383,195 @ 7.0% cap · market cap 8.07%
Second Best
Retail
$4.07M
$3.56M – $4.74M
NOI $284,629 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$7.27M
$6.36M – $8.48M
NOI $508,939 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
341
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98409, WA
27,840
Population
12,136
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
3,921
Density / Sq Mi
$71,649
Median Household Income
$43,652
Median Earnings
$1,579
Median Rent
$363,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex building with heavy power, prominent signage, and convenient location.
Where is this flex space located?
The property is located at 4901 Center St Tacoma, WA.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Standalone flex building suitable for diverse uses including office, retail, drive‑thru, self‑storage, and personal services.; Benefit from the heavy power capacity.; Prominent signage opportunity available.
