Two-Story Office Condo
For Sale
Contact for pricing
6923 Lakewood Dr W, Tacoma, WA 98467
Two-story office condo includes four private offices, a conference room, and a reception/break area.
Property Size2,224 SF
Price / SF$247.30
Days on Market589
Property Features for 6923 Lakewood Dr W
General Information
Standard status
Active
Size
2,224 SF
Property subtype
OFFICE
Additional Details
Road Access
Yes
Building Details
Stories
2
Listing Agency:
Kidder Mathews
(253) 722-1400
Listed By:
Joel Shabel · License #72923
(253) 722-1406
Source:
Moodyscre
Added: Jan 22, 2025
Changed: Sep 3
Last Checked: Sep 2 at 12:53AM
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.
Unit B-2 is a two-story commercial office condo with approximately 2,224 square feet. The layout includes four private offices and a conference room, plus a break area behind a reception/work desk. Built-in file cabinets help maximize usable space. The roof has been recently replaced.
The office condo is located within a fully fenced park with ingress and egress off Lakewood Drive West and 70th Street West.
This well maintained suite presents an owner-user opportunity with a strong professional mix of tenants/owners in place.
The office condo is located within a fully fenced park with ingress and egress off Lakewood Drive West and 70th Street West.
This well maintained suite presents an owner-user opportunity with a strong professional mix of tenants/owners in place.
Key Highlights
- Two‑story commercial office condo (Unit B‑2) with approximately 2,224 SF
- Layout includes four private offices, a conference room, and a reception/work desk with break area
- Custom built‑in file cabinets help maximize usable space
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
$36,029
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
6.55%
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%
$720,580
$720.6K
Cap Rate 7%
$514,700
$514.7K
Cap Rate 9%
$400,322
$400.3K
Market Conditions
NOI Build-Up for 2,224 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
$60.0K $27.00/SF
− Vacancy
−$12.0K −$5.40/SF
EGI
$48.0K $21.60/SF
− OpEx
−$12.0K −$5.40/SF
NOI
$36.0K $16.20/SF
Area
Tacoma, WA
Vacancy
20.00%
Lease Rate
$27.00 /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%
$720,580
Cap Rate 7%
$514,700
Cap Rate 9%
$400,322
Alternative Uses
Best Use
Office B
$514.7K
$450.4K – $600.5K
NOI $36,029 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$683.6K
$598.2K – $797.5K
NOI $47,852 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
611
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Two-story office condo includes four private offices, a conference room, and a reception/break area.
Where is this office units located?
The property is located at 6923 Lakewood Dr W Tacoma, WA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑story commercial office condo (Unit B‑2) with approximately 2,224 SF; Layout includes four private offices, a conference room, and a reception/work desk with break area; Custom built‑in file cabinets help maximize usable space
