Soundview Drive Office
For Sale
$800,000
5800 Soundview Drive, Gig Harbor, WA 98335
Well-maintained 2,380 SF office building with 6 units.
Property Size2,380 SF
Price / SF$336.13
Days on Market272
Property Features for 5800 Soundview Drive
General Information
Standard status
Active
Size
2,380 SF
Class
B
Property subtype
Office
Building Details
Building Size
2,380 SF
Year Built
1987
Listing Agency:
Capstone Commercial Real Estate Advisors
(206) 965-5859
Listed By:
David Dynes · License #WA #112381
Source:
Sperrycga
Added: Nov 21, 2025
Changed: Aug 19
Last Checked: Aug 20 at 5:42AM
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 Capstone Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
Located in Gig Harbor, WA, the property at 5800 Soundview Drive presents an investment opportunity with a well-maintained 2,380 SF building featuring 6 units, suitable for office or office building investors. Constructed in 1987 and renovated in 2002, this property is zoned B-2. The property is situated within a growing business community, offering convenient access to amenities and attractions, including the historic Gig Harbor waterfront, dining venues, and boutique shops. Proximity to Highway 16 facilitates commuting to Tacoma and Seattle, making it suitable for professional tenants seeking office space. The property offers a blend of coastal atmosphere and business opportunities.
Key Highlights
- Strategic location in the thriving Gig Harbor area with easy access to Highway 16 for commuting to Tacoma and Seattle.
- 2,380 SF building with 6 units, offering flexible tenancy options for office or office building investors.
- Zoned B‑2, allowing for versatile commercial use.
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
$33,711
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
4.21%
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%
$674,220
$674.2K
Cap Rate 7%
$481,586
$481.6K
Cap Rate 9%
$374,567
$374.6K
Market Conditions
NOI Build-Up for 2,380 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
$52.3K $21.96/SF
− Vacancy
−$7.3K −$3.07/SF
EGI
$44.9K $18.89/SF
− OpEx
−$11.2K −$4.72/SF
NOI
$33.7K $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%
$674,220
Cap Rate 7%
$481,586
Cap Rate 9%
$374,567
Alternative Uses
Best Use
Office B
$481.6K
$421.4K – $561.9K
NOI $33,711 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$642.8K
$562.5K – $750.0K
NOI $44,997 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,569
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 - Well-maintained 2,380 SF office building with 6 units.
Where is this office building located?
The property is located at 5800 Soundview Drive Gig Harbor, WA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Strategic location in the thriving Gig Harbor area with easy access to Highway 16 for commuting to Tacoma and Seattle.; 2,380 SF building with 6 units, offering flexible tenancy options for office or office building investors.; Zoned B‑2, allowing for versatile commercial use.
