Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    516 S 38Th St Tacoma, WA 98418

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,600,000

    Commercial property with long-term tenants and expansion potential.

    Building Details

    Year built
    1979

    We can help!

    Listing Contact
    Matthew Dosier
    Source: Corcoran

    Listing Agent: Matthew Dosier

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Income-Generating Commercial Investment Property

    This commercial investment property offers the opportunity to acquire an income-generating asset with long-term tenants and upside potential. The property is located in a high-traffic area with visibility and access. It is anchored by an urgent care center, a convenience store, and a church. The property also features a vacant retail space that offers room for expansion or increased income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Similar Places Nearby

    Lucky Supermarket, East Asia Market, Hong Kong Supermarket, Safeway

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.4385172
    Latitude
    47.2228844

    Nearby Similar for Sale

    • New
      $895,000
      0.25 Acres

      Tacoma Fourplex with Garage Parking

      Well-maintained fourplex with garages near JBLM in Tacoma, WA.
      9405 S Ash St, Tacoma, WA 98444
      View Details
    • New
      $3,449,000
      0.81 Acres

      Multifamily Opportunity in Tacoma, WA

      Value-add multifamily property with renovation and income growth potential.
      7603 Pacific Ave, Tacoma, WA 98408
      View Details
    • New
      $1,849,000
      0.52 Acres

      Mixed-Use Multifamily Investment Opportunity

      Value-add mixed-use property with residential and commercial income potential.
      9618 Pacific Ave, Tacoma, WA 98444
      View Details
    • $3,300,000
      23,860 SF

      Mixed-Use Building with Parking

      Two-story office, retail, and warehouse building with parking lot.
      2209-2215 Pacific Ave, Tacoma, WA 98402
      View Details
    • $1,995,000
      10,584 SF

      Former Bank Building on Tacoma Way

      Unique mid-century modern building suitable for retail, restaurant, or office.
      8801 South Tacoma Way, Tacoma, WA 98499
      View Details
    • $7,500,000

      84+ Acre Estate Investment Opportunity

      84+ acre estate with multiple venue business potential.
      Undisclosed, Tacoma, WA
      View Details
    • $1,600,000
      9,296 SF

      Professional/Medical Office Building in Tacoma

      Two-story office building near I-5, ideal for owner-user or investor.
      1720 S 72Nd St, Tacoma, WA 98408
      View Details
    • $13,000,000
      153 SF

      Tacoma Avenue Office Building For Sale

      Office building near transit with redevelopment potential in Tacoma, Washington.
      1301-1305 Tacoma Ave S | Tacoma, Tacoma, WA 98402
      View Details
    • $600,000
      3,748 SF

      Stand-Alone Mixed-Use Building For Sale

      3,748 SF mixed-use building with rental and apartment space.
      14416 Pacific Ave S, Tacoma, WA 98444
      View Details
    • Contact for pricing
      66 SF

      Tacoma Industrial Buildings with Fenced Yards

      Two industrial buildings totaling 66,645 SF with fenced yards.
      2007 Lincoln Ave, Tacoma, WA 98421
      View Details
    • Contact for pricing
      66,645 SF

      Industrial Buildings with Fenced Yard

      Two industrial buildings totaling 66,745 SF on 5.05 acres.
      2007 Stewart St, Tacoma, WA 98421
      View Details
    • $1,269,000

      Tacoma Mixed-Use Redevelopment Opportunity

      Mixed-use property in Tacoma's Lincoln District with redevelopment potential.
      809 S 38Th St, Tacoma, WA 98418
      View Details

    FAQs

    What type of property is this?
    Grocery and convenience store - Commercial property with long-term tenants and expansion potential.
    Where is this grocery and convenience store located?
    The property is located at 516 S 38Th St Tacoma, WA.
    What is the asking price?
    The asking price for this property is $2,600,000.
    What are key features of this property?
    This property features: - Fully functional, income-generating commercial property with long-term tenants.; - Located in a high-traffic area with excellent visibility and access.; - Anchored by an urgent care center, convenience store, and church.
    Request Owner's contact information
    516 S 38Th St Tacoma, WA 98418
    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.
    516 S 38Th St
    Tacoma, WA 98418
    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
    516 S 38Th St Tacoma, WA 98418
    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

    We can help!
    Listing Contact
    Matthew Dosier
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.