Two-Story Building with
For Sale
Contact for pricing
5315 57th St NW, Gig Harbor, WA 98335
Two-story building with parking, ideal for owner-user or investment.
Property Size3,872 SF
Lot Size0.78 Acres
Price / SF$384.81
Days on Market1656
Property Features for 5315 57th St NW
General Information
Standard status
Active
Size
3,872 SF
Class
C
Lot size
0.78 Acres
Property subtype
Office
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1990
Year Renovated
1995
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Pacific Commercial Brokers
Listed By:
Tom O'Brien · License #WA
(253) 988-0080
Source:
Crexi
Added: Feb 22, 2022
Changed: Aug 13
Last Checked: Sep 1 at 7:59AM
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 Pacific Commercial Brokers
Investment Insights
Based on property information with market context.
This two-story building includes parking and is situated along Wollochet, featuring over 200 feet of frontage. It is located within minutes of Highway 16. The versatile floor plan is configured to accommodate one to four tenants. Currently, three spaces are leased for a combined total of $5,950 per month. Approximately 750 square feet is available at $20 per square foot per year, plus NNN. The sale includes 2 lots totaling 33,976 square feet of land. This property is ideal for an owner-user or as an investment property. The building has a size of 3,872 square feet.
Key Highlights
- Over 200 feet of frontage along Wollochet.
- Income producing property with $5,950/mo. in existing leases.
- Versatile floor plan accommodating one to four tenants.
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
$54,844
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
3.68%
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%
$1,096,880
$1.1M
Cap Rate 7%
$783,486
$783.5K
Cap Rate 9%
$609,378
$609.4K
Market Conditions
NOI Build-Up for 3,872 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
$85.0K $21.96/SF
− Vacancy
−$11.9K −$3.07/SF
EGI
$73.1K $18.89/SF
− OpEx
−$18.3K −$4.72/SF
NOI
$54.8K $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%
$1,096,880
Cap Rate 7%
$783,486
Cap Rate 9%
$609,378
Alternative Uses
Best Use
Office B
$783.5K
$685.6K – $914.1K
NOI $54,844 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$915.1K – $1.22M
NOI $73,205 @ 7.0% cap · market cap 4.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Explore this area
Business Placement
Demographics for 98335, WA
27,307
Population
11,457
Households
2.4
Avg Household Size
47
Median Age
52%
College-Educated
97%
High-School Grad
22.1 sq mi
ZIP Area
1,236
Density / Sq Mi
$130,304
Median Household Income
$65,089
Median Earnings
$1,971
Median Rent
$736,400
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 building - Two-story building with parking, ideal for owner-user or investment.
Where is this office building located?
The property is located at 5315 57th St NW Gig Harbor, WA.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Over 200 feet of frontage along Wollochet.; Income producing property with $5,950/mo. in existing leases.; Versatile floor plan accommodating one to four tenants.
