Building Details

Stories 2

Listing Agency: Kidder Mathews Show Phone

Listed By: Joel Shabel · License #72923 Show Phone

Source: Moodyscre

Added: Jan 22, 2025 Changed: Oct 5 Last Checked: Oct 16 at 8:25AM

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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.

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.

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 / Yr

$36,029

Cap Rate

6.55%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$720,580 $720.6K

Cap Rate 7%

$514,700 $514.7K

Cap Rate 9%

$400,322 $400.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,224 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $47,852 @ 7.0% cap · market cap 8.70%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Amalgamated Transit Union ... Advocacy Group Paine Kilpatrick Coleman ... Law Firm HealthSource Chiropractic of South ... Alternative Medicine Practice James Frandanisa, D.C. Alternative Medicine Practice Coleman Jeanette M Law Firm

Suggested Use

Top Pick Real Estate Agency Big Box & Wholesale Store Restaurant Building Supply Pharmacy Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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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