Corner Office Building with
For Sale
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6403 Lakewood Drive West, University Place, WA 98467
Fully leased office building with private offices, conference rooms, and a reception area plus abundant on-site parking.
Property Size6,104 SF
Price / SF$253.85
Days on Market877
Property Features for 6403 Lakewood Drive West
General Information
Standard status
Active
Size
6,104 SF
Property subtype
OFFICE
Occupancy
100%
Amenities
private offices
conference rooms
breakroom area
reception area
cubicles
work area
landscaping
Building Details
Year Renovated
2022
Listing Agency:
Kidder Mathews
(253) 722-1400
Listed By:
Jerome O'Leary · License #9685
(253) 779-9292
Source:
Moodyscre
Added: Jun 13, 2024
Changed: Nov 6
Last Checked: Nov 4 at 12:06PM
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
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Investment Insights
Based on property information with market context.
Fully leased office building in excellent condition with a layout that supports multiple work styles. The interior includes several private offices, conference rooms, a breakroom area, and a reception area with room for cubicles and a dedicated work area.
The property is a corner location bordering Tacoma and University Place, across from Meadow Park Golf Course. Abundant parking and high-quality landscaping help support daily tenant and visitor access.
Recent building updates include a new roof in 2023 and interior renovation completed in 2022. With the combination of established office space and covered improvements, the building is well suited for an owner or tenant seeking an operational office environment.
The property is a corner location bordering Tacoma and University Place, across from Meadow Park Golf Course. Abundant parking and high-quality landscaping help support daily tenant and visitor access.
Recent building updates include a new roof in 2023 and interior renovation completed in 2022. With the combination of established office space and covered improvements, the building is well suited for an owner or tenant seeking an operational office environment.
Key Highlights
- 6,104 SF fully leased office building
- Corner location across from Meadow Park Golf Course
- Several private offices plus conference rooms and breakroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$86,458
Cap Rate
5.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,729,160
$1.7M
Cap Rate 7%
$1,235,114
$1.2M
Cap Rate 9%
$960,644
$960.6K
Market Conditions
NOI Build-Up for 6,104 SF
Gross rent
$134.0K $21.96/SF
− Vacancy
−$18.8K −$3.07/SF
EGI
$115.3K $18.89/SF
− OpEx
−$28.8K −$4.72/SF
NOI
$86.5K $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 Rate 5%
$1,729,160
Cap Rate 7%
$1,235,114
Cap Rate 9%
$960,644
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.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Explore this area
Business Placement
Demographics for 98467, WA
16,512
Population
6,718
Households
2.5
Avg Household Size
39
Median Age
42%
College-Educated
95%
High-School Grad
4.8 sq mi
ZIP Area
3,440
Density / Sq Mi
$90,586
Median Household Income
$48,802
Median Earnings
$1,566
Median Rent
$580,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Pierce County, WA
Properties on Market for Office buildings in Pierce County
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Fully leased office building with private offices, conference rooms, and a reception area plus abundant on-site parking.
Where is this office building located?
The property is located at 6403 Lakewood Drive West 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: 6,104 SF fully leased office building; Corner location across from Meadow Park Golf Course; Several private offices plus conference rooms and breakroom
