Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Parkland Commercial Building and Lot Title is generated by Realmo AI

    502 112th St S, Tacoma, WA 98444

    View on Map
    Claim this Listing
    For Sale
    $2,250,000

    20,000 SF building with adjacent vacant lot for sale.

    Type:Commercial
    Property size:
    20,224 SF
    Lot size:
    0.50 Acres
    Price / SF:
    $111/SF
    Added:
    Oct 19, 2025
    Days on Market:
    229
    Last Refresh:
    Apr 5 at 8:24 pm

    Property Features for 502 112th St S

    General Information

    Standard status
    Active
    Size
    20,224 SF
    Lot size
    0.50 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1959

    We can help!

    Listing Contact
    MARK HULEN
    MARK HULEN

    Listing agent MARK HULEN

    Listing office BETTER PROPERTIES REAL ESTATE

    Listing date Oct 19, 2025

    Source Corcoran

    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 BETTER PROPERTIES REAL ESTATE

    HighLights

    • Large 20,000 sq ft commercial building with a mix of tenants and low vacancy.
    • Includes an adjacent 1/2 acre vacant lot (Parcel #031909‑2‑059).
    • Zoned Urban Corridor (UCOR) allowing for high‑density development (up to 60 units per acre and 55 ft height).
    • 76 parking spaces.
    • First time on the market in over 50 years.
    • Vacant lot valued at $600,000.

    Overview

    Available for purchase is a commercial building with approximately 20,000 square feet of space, located in Parkland. This is the first time the property has been on the market in over 50 years. The building has a mix of tenants and a low vacancy rate. Included in the sale is an adjacent vacant lot of approximately 1/2 acre (Parcel #031909-2-059). The property is located within an Urban Corridor (UCOR), which allows for a maximum density of 60 housing units per acre and a maximum height of 55 feet. There are 76 parking spaces available. The vacant lot is valued at $600,000. Buyer is advised to verify all information.
    Location Intelligence

    Current Use by Public Records

    Afro hair braiding ... Hair Salon

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Park Plaza Shopping Center — 502-512 112th St S, Parkland, WA 98444
    • Coin Cloud Bitcoin ATM — 11810 pacific ave s, parkland, wa 98444
    • Hi-Tech Carstar Parkland — unnamed road, tacoma, wa 98444
    • Uniquee Booths — 416 112th St E Suite C, Tacoma, WA 98445
    • Coinstar Kiosk - Bitcoin ATM — Kroger - Quality Food Stores, 11104 Pacific Ave S, Tacoma, WA 98444

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.438
    Latitude
    47.155

    Nearby Similar for Sale

    • $1,799,000

      Mixed-Use Multifamily Investment Opportunity

      Value-add mixed-use multifamily property with income and upside potential.
      9618 Pacific Avenue, Tacoma, WA 98444
      View Details
    • $3,399,000

      Multifamily Opportunity in Tacoma

      Value-add multifamily property with renovation and income growth potential.
      7603 Pacific Avenue, Tacoma, WA 98408
      View Details
    • $2,885,000
      8,640 SF

      Tacoma Warehouse with Secured Yard

      Warehouse with secured yard, close to major highways and port.
      10324 Portland Ave E, Tacoma, WA 98445
      View Details
    • $675,000
      2,630 SF

      Downtown Tacoma Office/Retail Space

      2,630 SF office/retail space in Tacoma's vibrant downtown.
      732 Broadway Ste 102, Tacoma, WA 98402
      View Details
    • $499,000
      2,605 SF

      Standalone Commercial Building Near Highway

      Commercial building with flexible space, convenient location, and high visibility.
      3108 Union Ave, Tacoma, WA 98409
      View Details
    • $350,000

      Multifamily Land in South Tacoma

      2.81 acres for multifamily development in Tacoma, WA.
      6016 S Tyler Street, Tacoma, WA 98409
      View Details
    • $1,400,000
      3,096 SF

      Versatile Commercial Building Near Hospital

      3,096 SF commercial building near Tacoma General Hospital.
      223 N K Street, Tacoma, WA 98403
      View Details
    • $3,539,000
      9,424 SF

      Tacoma Retail Center For Sale

      9,424 SF retail center in Tacoma, WA for sale.
      11401 Steele Street South, Tacoma, WA, 98444
      View Details
    • $10,000
      4,960 SF

      South Tacoma Way Retail Warehouse

      4,960 SF retail warehouse with I-502 zoning and visibility.
      3201 South Tacoma Way, Tacoma, WA 98409
      View Details
    • $2,625,000
      12,000 SF

      Downtown Tacoma Investment Property

      Fully leased 12,000 SF building in downtown Tacoma for sale.
      102 Puyallup Avenue, Tacoma, WA 98421
      View Details
    • $1,450,000
      25,500 SF

      Tacoma Redevelopment Opportunity

      25,500 SF building on 9,184 SF site in downtown Tacoma.
      919 Market Street, Tacoma, WA 98402
      View Details
    • $2,625,000
      12,000 SF

      Tacoma Investment Property For Sale

      Fully leased 12,000 SF building in downtown Tacoma.
      102 Puyallup Avenue, Tacoma, WA 98421
      View Details

    FAQs

    What type of property is this?
    Shopping center - 20,000 SF building with adjacent vacant lot for sale.
    Where is this shopping center located?
    The property is located at 502 112th St S Tacoma, WA.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: Large 20,000 sq ft commercial building with a mix of tenants and low vacancy.; Includes an adjacent 1/2 acre vacant lot (Parcel #031909‑2‑059).; Zoned Urban Corridor (UCOR) allowing for high‑density development (up to 60 units per acre and 55 ft height).
    (253) 589-2680
    We can help!
    Listing Contact
    MARK HULEN
    MARK HULEN
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    502 112th St S, Tacoma, WA 98444
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!