Quality Office Building For
6403 Lakewood Drive W University Place, WA 98467
For Sale
$1,549,500
Prime location office building with recent renovations and ample parking.
Property Size6,104 SF
Price / SF$253.85
Days on Market778
Property Features for 6403 Lakewood Drive W
General Information
Standard status
Active
Size
6,104 SF
Property subtype
Commercial
Building Details
Year Built
1986
Listing Agency:
KIDDER MATHEWS
(253) 779-9292
Listed By:
JEROME O'LEARY · License #9685
Source:
Corcoran
Added: Jun 13, 2024
Changed: Jul 6
Last Checked: Jul 29 at 9:17AM
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 KIDDER MATHEWS
Investment Insights
Based on property information with market context.
This quality office building is situated in a prime location bordering Tacoma and University Place, occupying a corner lot across from Meadow Park Golf Course. The building, totaling 6104 square feet, is in excellent condition and features several private offices, conference rooms, and a breakroom area. A reception area provides space for cubicles and a work area. The property benefits from abundant parking and high-quality landscaping. A new roof was installed in 2023, and an interior renovation was completed in 2022.
Key Highlights
- Prime location bordering Tacoma and University Place, across from Meadow Park Golf Course.
- Recent renovations include a new roof (2023) and interior renovation (2022).
- Well‑maintained building in excellent condition.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $134.0k | $21.96 |
| − Vacancy | −$18.8k | −$3.07 |
| EGI | $115.3k | $18.89 |
| − OpEx | −$28.8k | −$4.72 |
| NOI | $86.5k | $14.16 |
6,104 SF · lease $21.96/SF/yr · vacancy 14.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.24M
$1.08M – $1.44M
NOI $86,458 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,404 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Prime location office building with recent renovations and ample parking.
Where is this office building located?
The property is located at 6403 Lakewood Drive W University Place, WA.
What is the asking price?
The asking price for this property is $1,549,500.
What are key features of this property?
This property features: Prime location bordering Tacoma and University Place, across from Meadow Park Golf Course.; Recent renovations include a new roof (2023) and interior renovation (2022).; Well‑maintained building in excellent condition.
