728 Broadway, Tacoma, WA 98402

Building Details

Year Built 1917 More

Listing Agency: TIMOTHY JOHNSON COMMERCIAL PROPERTIES, LLC

Listed By: TIMOTHY JOHNSON Show Phone

Source: Corcoran

Added: Dec 10, 2024 Changed: Oct 26 Last Checked: Nov 8 at 5:24AM

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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 TIMOTHY JOHNSON COMMERCIAL PROPERTIES, LLC

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Investment Insights

Based on property information with market context.

Located within the historic 728 Broadway Building, a Tacoma landmark since 1917, this 2,342 square foot first-floor condominium, Suite 1A, offers a blend of office and retail features. Originally a mixed-use space, the unit features an open floor plan, high ceilings, and storefront windows. The property benefits from a secure common entry on Broadway.

Key Highlights

• Spacious 2,342sf first‑floor condominium.
• Located in the historic 728 Broadway Building (est. 1917).
• Open floor plan.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,285

Cap Rate

6.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$785,700 $785.7K

Cap Rate 7%

$561,214 $561.2K

Cap Rate 9%

$436,500 $436.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,425 SF

Gross rent

$65.5K $27.00/SF

− Vacancy

−$13.1K −$5.40/SF

EGI

$52.4K $21.60/SF

− OpEx

−$13.1K −$5.40/SF

NOI

$39.3K $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%

$785,700

Cap Rate 7%

$561,214

Cap Rate 9%

$436,500

Alternative Uses

Best Use

Office B

$561.2K

$491.1K – $654.8K (±1% cap)

NOI $39,285 @ 7.0% cap · market cap 6.49%

Second Best

Retail

$416.9K

$364.8K – $486.3K (±1% cap)

NOI $29,180 @ 7.0% cap · market cap 4.82%

Theoretical Best

Office A

$745.4K

$652.2K – $869.6K (±1% cap)

NOI $52,176 @ 7.0% cap · market cap 8.62%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Full Moon Flea ... (Bike/Boat/Book/etc) Store Studio 42 Art Studio Trina Jones Photographer ... Photography Service The Local Babe Bar Spa & Massage Center S.I.P.S. (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Auto Parts Store Pet Grooming Service Tanning Salon Veterinary Clinic Furniture & Home Goods

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

Location Intelligence

Trade Area within ½ mile

4,596

Businesses Nearby

Explore this area Business Placement

Demographics for 98402, WA

8,053

Population

4,788

Households

1.7

Avg Household Size

37

Median Age

44%

College-Educated

91%

High-School Grad

1.2 sq mi

ZIP Area

6,711

Density / Sq Mi

$54,712

Median Household Income

$43,145

Median Earnings

$1,478

Median Rent

$558,100

Median Home Value

Market

Average Price Trend$/SF for Retail space in Tacoma, WA

$232 Jul

$238 Aug

$243 Sep

$238 Oct

Properties on Market for Retail space in Tacoma

Jul

Aug

Sep

Oct

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?

Retail space - 2,342 SF first-floor condo in historic Tacoma building.

Where is this retail space located?

The property is located at 728 Broadway Tacoma, WA.

What is the asking price?

The asking price for this property is $605,522.

What are key features of this property?

This property features: Spacious 2,342sf first‑floor condominium.; Located in the historic 728 Broadway Building (est. 1917).; Open floor plan.