Downtown Tacoma Office
For Sale
$250,000
Pending
705 9th St, Tacoma, WA 98405
Professional office condo in downtown Tacoma near courthouse.
Property Size1,180 SF
Days on Market791
Property Features for 705 9th St
General Information
Standard status
Pending
Size
1,180 SF
Property subtype
Commercial
Building Details
Year Built
2000
Listing Agency:
TERRY WISE & ASSOCIATES
(253) 312-8360
Listed By:
TERRY WISE
Source:
Corcoran
Added: Jun 14, 2024
Changed: Aug 8
Last Checked: Aug 8 at 11:57AM
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 TERRY WISE & ASSOCIATES
Investment Insights
Based on property information with market context.
Located in the Atrium Office Condominium Complex, suite #301 offers 1180 square feet of office space. The layout includes a reception area, three offices, and a conference room that can serve as a fourth office. It also features two restrooms and a kitchenette. Ownership includes access to seven private conference rooms and two parking spots in the covered, gated parking garage. Off-street parking is available for clients and guests. The office condo is centrally located in downtown Tacoma, near the Pierce County Superior Courthouse.
Key Highlights
- Prime downtown Tacoma location, steps from the Pierce County Superior Courthouse.
- Attractive owner financing terms available.
- Includes 2 parking spots in a covered and gated parking garage.
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
$19,116
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
7.65%
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%
$382,320
$382.3K
Cap Rate 7%
$273,086
$273.1K
Cap Rate 9%
$212,400
$212.4K
Market Conditions
NOI Build-Up for 1,180 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
$31.9K $27.00/SF
− Vacancy
−$6.4K −$5.40/SF
EGI
$25.5K $21.60/SF
− OpEx
−$6.4K −$5.40/SF
NOI
$19.1K $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%
$382,320
Cap Rate 7%
$273,086
Cap Rate 9%
$212,400
Alternative Uses
Best Use
Office B
$273.1K
$239.0K – $318.6K
NOI $19,116 @ 7.0% cap · market cap 7.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$362.7K
$317.4K – $423.2K
NOI $25,389 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,677
Businesses Nearby
Explore this area
Business Placement
Demographics for 98405, WA
24,617
Population
11,645
Households
2.1
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
4.1 sq mi
ZIP Area
6,004
Density / Sq Mi
$80,024
Median Household Income
$51,028
Median Earnings
$1,480
Median Rent
$443,800
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 units - Professional office condo in downtown Tacoma near courthouse.
Where is this office units located?
The property is located at 705 9th St Tacoma, WA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Prime downtown Tacoma location, steps from the Pierce County Superior Courthouse.; Attractive owner financing terms available.; Includes 2 parking spots in a covered and gated parking garage.
